Wheels Up Experience (UP) shares rose 1.9% in recent Tuesday trading after the company said it has reached a deal to sell three Challenger 300s and seven Phenom 300s aircraft to an institutional capital provider for about $105 million, and lease them back on a long-term basis.

The company said proceeds from the sale, which is expected to close before year-end, will be used to repay roughly $65 million in debt as well as boost its balance sheet.

The company said cash proceeds and additional borrowing capacity enabled by the sale are expected to support its planned 2026 acquisitions of additional Challenger and Phenom aircraft. In Q4, Wheels Up said it acquired or signed definitive agreements to purchase 10 Challenger and Phenom aircraft.

Additionally, Wheels Up said its first Phenom 300 equipped with the Gogo Galileo HDX satellite Wi-Fi system has been put into service.

The company said it expects to deliver its first HDX-equipped Challenger aircraft in early 2026 and convert its Phenom and Challenger fleets throughout the year.

Price: 0.64, Change: +0.01, Percent Change: +2.05

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