Cover
Cover | Nov. 09, 2022 |
Entity Information [Line Items] | |
Document Type | 8-K/A |
Document Period End Date | Nov. 09, 2022 |
Entity Registrant Name | WHEELS UP EXPERIENCE INC. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-39541 |
Entity Tax Identification Number | 98-1617611 |
Entity Address, Address Line One | 601 West 26th Street |
Entity Address, Address Line Two | Suite 900 |
Entity Address, City or Town | New York |
Entity Address, State or Province | NY |
Entity Address, Postal Zip Code | 10001 |
City Area Code | 212 |
Local Phone Number | 257-5252 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001819516 |
Amendment Flag | true |
Amendment Description | On November 9, 2022, Wheels Up Experience Inc. (the “Company” or “Wheels Up”) filed a Current Report on Form 8-K (the “Original 3Q Filing”) with the U.S. Securities and Exchange Commission (the “SEC”) that furnished under Items 2.02 and 9.01 the Company’s press release announcing its unaudited financial results as of and for the three and nine months ended September 30, 2022 (the “Original 3Q Press Release”). The full text of the Original 3Q Press Release was furnished as Exhibit 99.1 to, and incorporated by reference into, the Original 3Q Filing. In addition, on March 9, 2023, Wheels Up filed a Current Report on Form 8-K (the “Original 4Q Filing” and, together with the Original 3Q Filing, the “Original Filings”) with the SEC that furnished under Items 2.02 and 9.01 the Company’s press release announcing its unaudited financial results as of and for the three months and year ended December 31, 2022 (the “Original 4Q Press Release” and, together with the Original 3Q Press Release, the “Original Press Releases”). The full text of the Original 4Q Press Release was furnished as Exhibit 99.1 to, and incorporated by reference into, the Original 4Q Filing.The purpose of this Current Report on Form 8-K/A (this “Amendment No. 1”) is to:i.reflect adjustments to certain financial information set forth in the Original Press Releases that were made by the Company while finalizing its audited financial statements for inclusion in its Annual Report on Form 10-K for the year ended December 31, 2022 (the “Annual Report on Form 10-K”), which include (a) recognizing a goodwill impairment charge of $62.0 million during the three and nine months ended September 30, 2022 and related adjustments that were not reflected in the Original 3Q Press Release for the three months and nine months ended September 30, 2022, and (b) adjustments related to, or derived from, a goodwill impairment charge of $118.0 million that should have been recognized by the Company during the three months ended December 31, 2022, which was disclosed as $132 million for the three months and year ended December 31, 2022 in the Original 4Q Press Release; and ii.disclose that the Company’s previously issued unaudited condensed consolidated financial statements as of and for the three months and nine months ended September 30, 2022 (the “Prior Financial Statements”) should no longer be relied upon and are expected to be imminently restated by the Company. |
Common Class A | |
Entity Information [Line Items] | |
Title of 12(b) Security | Class A common stock, par value $0.0001 per share |
Trading Symbol | UP |
Security Exchange Name | NYSE |
Warrant | |
Entity Information [Line Items] | |
Title of 12(b) Security | Redeemable warrants, each whole warrant exercisable for one share of Class A common stock at an exercise price of $11.50 |
Trading Symbol | UP WS |
Security Exchange Name | NYSE |