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Wheels Up Stands 13% Higher in First Day of Trading on NYSE

Aviation services company Wheels Up, which calls itself the “Uber of the Sky,” rose 13% in its first day of trading on the NYSE.
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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.

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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%.