Wheels Up Announces Completion of New York IPO through Business Combination with Aspirational Consumer Lifestyle Corp.

Wheels Up officially begins trading as the first private airline on the New York Stock Exchange under the symbol “UP”

Wheels Up will continue to democratize private aviation by further developing its technology-driven marketplace, expanding the addressable market and making private air travel accessible to millions of consumers

– Publicly traded company renamed Wheels Up Experience Inc.

– Common stock trades under the ticker symbol “UP” on the New York Stock Exchange

– Gross proceeds from Wheels Up total over $650 million, a combination of funds in the Aspirational Consumer Lifestyle trust account and concurrent PIPE funding

NEW YORK, July 14, 2021 /PRNewswire/ — Today, Wheels Up Experience Inc. (“Wheels Up” or the “Company”) (NYSE: UP) the first private aviation company to trade on the New York Stock Exchange (“NYSE”). The company has announced that it has officially closed its transaction with Aspirational Consumer Lifestyle Corp. (NYSE: ASPL), a special purpose acquisition company. The common stock will trade on the NYSE under the symbol “UP”. The business combination was approved by the shareholders of Aspirational Consumer Lifestyle Corp. on: July 12, 2021 and the transaction closed on July 13, 2021.

The company’s strategy is based on and focused on creating and expanding an accessible private aviation market, while enhancing the overall travel experience both in the air and on the ground. Today’s transaction uniquely positions Wheels Up as it continues to accelerate market development in response to growing global demand and adoption of private flying. The company will also invest in adjacent lifestyle and consumer services to complement its already robust membership offering. Over the past eight years, Wheels Up has delivered growth through customer acquisition, retention, strategic mergers and acquisitions, and organic demand. The company recently announced several key partnerships added to its custom member benefits platform with iconic lifestyle brands, including American Express, Porsche and Belmond.

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In the first quarter of 2021, Wheels Up had record year-over-year sales growth of 68% to $261.7M and a 56% increase in active members. Wheels Up is the only company in the industry to offer a comprehensive total aviation solution, including membership programs, on-demand private flights in all cabin categories, aircraft management, whole aircraft sales and business solutions. Members also have access to commercial airline travel benefits through Wheels Up’s strategic partnership with Delta Air Lines (NYSE: DAL).

The capital raised will accelerate investment in Wheels Up’s technology and product offerings, driving the company’s key global growth strategies and expanding the Wheels Up Marketplace to include membership and non-membership options.

“Today is a special milestone for Wheels Up,” said Kenny Poet, Founder and CEO at Wheels Up. “Since our launch in 2013, our mission has been to create a dynamic platform to democratize private aviation, enabling significantly more people to experience private flying. We are honored to be a publicly traded company on the NYSE and we look looking forward to our disruptive global market.”

“Aspirational’s goal has always been to support a premium brand that delivers an engaging vision and lifestyle experience to today’s consumers,” said Ravi Thakran, Chairman and CEO of Aspirational Consumer Lifestyle Corp., and newly appointed Wheels Up Board Member, said: “We are excited about Wheels Up as they expand globally with the innovative Wheels Up Marketplace.”

Commemorating the Completion of the Transaction, Founder and CEO of Wheels Up Kenny Poet, Ravi Thakran, and select members of the Wheels Up Founding and Leadership Teams will ring the closing bell at the NYSE on July 14, 2021 at 4:00 PM EDT. A livestream of the event and replay can be accessed by visiting https://www.nyse.com/bell.

Advisors
Connaught (UK) Limited acted as financial advisor, Credit Suisse Securities (USA) LLC acted as financial advisor, placement agent and capital market advisor, and Skadden, Arps, Slate, Meagher & Flom LLP acted as legal counsel to Aspirational Consumer Lifestyle Corp.

Goldman Sachs & Co. LLC, Jefferies LLC and Morgan Stanley & Co. LLC acted as joint lead financial advisors, and Arnold & Porter Kaye Scholer LLP acted as legal counsel to Wheels Up.

Robert W Baird & Co. Incorporated, BTIG, LLC, Raymond James & Associates, Inc. and UBS Investment Bank acted as capital market advisors to Wheels Up.

About Wheels Up
Wheels Up, the leading private aviation brand, is the only company in the industry to provide a total private aviation solution that includes world-class safety, service and flexibility through on-demand private flights across all cabin categories, membership programs, business solutions, aircraft management, sales of complete aircraft and benefits for commercial travel through a strategic partnership with Delta Air Lines. Founded and led by noted entrepreneur Kenny Dichter, Wheels Up is in a unique position to provide its customers and members access to more than 1,500 safety-monitored and verified aircraft.

Anyone can search, book and fly via the Wheels Up App. Wheels Up Connect, Core and Business plans offer enhancements such as flight sharing, empty leg hot flights, shuttle flights, flight sharing, signature Wheels Down events and exclusive member benefits from leading lifestyle brands. The company’s ongoing Wheels Up Cares program aligns with philanthropic organizations and initiatives that impact and matter to the company and its customers, members, stakeholders, families and friends. Wheels Up Cares’ fleet consists of five custom Beechcraft King Air 350i aircraft; each plane serves as a flying symbol for a specific cause.

About Aspirational Consumer Lifestyle Corp.
Launched in September 2020, Aspirational is a partnership of veteran consumer investors and former LVMH executives alongside l Catterton, the largest global consumer-focused private equity firm, as a minority partner. Aspirational identifies and invests in innovative, premium brands to provide consumers with experiences that meet their aspirations for a healthy, balanced and cosmopolitan lifestyle. For more information about Aspirational visit www.aspconsumer.com.

FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements are generally identified by the words “believe”, “project”, “expect”, “anticipate”, “estimate”, “plan”, “strategy”, “future”, “opportunity”, ” plan,” “may,” “would,” “will,” “would,” “will be,” “will continue,” “probably will result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: (i) the price of the company’s securities may be volatile due to a variety of factors, including changes in the competitive and highly regulated industries in which the Company operates, variations in business performance among competitors, and changes in laws and regulations affecting the Company’s operations, (ii) the ability to implement business plans, forecasts and other expectations and identify and realize additional opportunities, and (iii) the risk of downturn and a changing regulatory landscape in the highly competitive aviation industry. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in the “Risk Factors” section of the Company’s proxy statement/prospectus issued by the SEC. June 23, 2021 and other documents filed by the Company with the SEC from time to time. These filings identify and address other significant risks and uncertainties that could cause actual events and results to differ materially from those in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to place undue reliance on forward-looking statements, and the company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise. The company makes no guarantees that it will live up to its expectations.

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