Aviation services company Wheels Up UP, which calls itself the “Uber of the Sky,” rose 13% to $11.20 at last check in its first day of trading on the New York Stock Exchange after a SPAC merger.
The merger came with special acquisition purpose company Aspirational Consumer Lifestyle Corp. The deal provided more than $650 million to Wheels Up, combining funds held in Aspirational Consumer Lifestyle's trust account and a concurrent PIPE financing.
The capital raised will accelerate investment in Wheels Up's technology and product offerings, the company said. In the first quarter of 2021, Wheels Up had record year-over-year revenue growth of 68% to $261.7 million and a 56% increase in active members, it said.
Wheels Up provides customers with on-demand private flights across all cabin categories, corporate solutions, aircraft management, whole aircraft sales, and commercial travel benefits through a strategic partnership with Delta Air Lines (DAL) - Get Delta Air Lines, Inc. Report.
Wheels Up is the first private aviation company to trade on the NYSE, according to Fox Business news.
In other airline news, United Airlines (UAL) - Get United Airlines Holdings, Inc. Report announced Tuesday that its venture fund and Mesa Air (MESA) - Get Mesa Air Group Inc Report are investing in Heart Aerospace, a Swedish company working on a 19-seat electric aircraft.
Two weeks ago, United confirmed plans to buy a total of 270 new planes from both Boeing (BA) - Get Boeing Company Report and Airbus (EADSY) - Get Airbus SE Report for $30 billion in the largest single aircraft deal in the carrier's history.
United will buy 50 Boeing 737 Max 8 jets and 150 Max 10s. United will also buy 70 Airbus A321 Neos.
United recently traded at $48.33, down 0.35%.