Wheels Up Experience Inc. (UP): Schedule 13G/A — Whitebox Advisors LLC and Whitebox General Partner LLC reported beneficial ownership of 28,365,086 shares of Class A common stock, representing 3.9% of the class as of September 30, 2025. The percentage is based on 720,346,459 shares outstanding as of the same date, as reported in the company’s Form 10-Q filed on November 5, 2025.
The filers report shared voting power over 8,905,292 shares and shared dispositive power over 28,365,086 shares, with no sole voting or dispositive power. Voting rights for clients who are not “citizens of the United States” are collectively limited to 1% of all shares entitled to vote.
The filing notes the Reporting Persons may be deemed to have formed a “group” with Kore Fund Ltd. and Kore Advisors LP effective September 13, 2024, which may be deemed to beneficially own an aggregate 45,371,593 shares, or approximately 6.3%, while expressly disclaiming beneficial ownership of Kore’s shares. The certification states the securities were not acquired for the purpose of changing or influencing control.
Positive
None.
Negative
None.
Insights
Passive 13G/A shows a 3.9% stake with limited voting power.
Whitebox Advisors LLC and an affiliate report beneficial ownership of 28,365,086 Wheels Up shares, or 3.9%, as of September 30, 2025. They hold shared voting power over 8,905,292 shares and shared dispositive power over 28,365,086 shares, with no sole powers.
The filing includes a certification consistent with passive ownership under Schedule 13G. It also notes a potential “group” with Kore entities effective September 13, 2024, which may be deemed to hold 45,371,593 shares, or 6.3%, while the Reporting Persons disclaim beneficial ownership of Kore’s shares.
Key dependencies include the large outstanding share count (720,346,459 as of September 30, 2025) and the clause limiting voting rights for certain non‑U.S. citizen clients to 1% of all votes. Actual market impact depends on holder decisions and future ownership updates.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 2)
Wheels Up Experience Inc.
(Name of Issuer)
Class A Common Stock, par value $0.0001 per share
(Title of Class of Securities)
96328L205
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
96328L205
1
Names of Reporting Persons
WHITEBOX ADVISORS LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,905,292.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
28,365,086.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
28,365,086.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.9 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
CUSIP No.
96328L205
1
Names of Reporting Persons
WHITEBOX GENERAL PARTNER LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,905,292.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
28,365,086.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
28,365,086.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.9 %
12
Type of Reporting Person (See Instructions)
OO
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Wheels Up Experience Inc.
(b)
Address of issuer's principal executive offices:
2135 American Way, Chamblee, Georgia, 30341
Item 2.
(a)
Name of person filing:
This statement is filed by:
(i) Whitebox Advisors LLC, a Delaware limited liability company ("WA"); and
(ii) Whitebox General Partner LLC, a Delaware limited liability company ("WGP" and, together with WA, the "Reporting Persons").
(b)
Address or principal business office or, if none, residence:
The address of the business office of WA and WGP is:
3033 Excelsior Boulevard
Suite 500
Minneapolis, MN 55416
(c)
Citizenship:
WA and WGP are organized under the laws of the State of Delaware.
(d)
Title of class of securities:
Class A Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
96328L205
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of September 30, 2025, each of WA and WGP is deemed to be the beneficial owner of 28,365,086 shares of Class A Common Stock, as a result of WA's clients' ownership of 28,365,086 shares of Class A Common Stock.
The voting rights over the shares of Class A Common Stock owned by clients of WA that are not "citizens of the United States" (as defined in 49 USC section 40102(a)(15)(C)) are limited to, collectively, 1% of all shares of Class A Common Stock entitled to vote at a meeting of the Issuer's stockholders.
(b)
Percent of class:
As of September 30, 2025, each of WA and WGP is deemed to beneficially own approximately 3.9% of the shares of Class A Common Stock outstanding.
Percent of class is calculated based on 720,346,459 shares of Class A Common Stock outstanding as of September 30, 2025, as reported in the Issuer's quarterly report on Form 10-Q filed on November 5, 2025.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
WA and WGP: 0
(ii) Shared power to vote or to direct the vote:
WA and WGP: 8,905,292
(iii) Sole power to dispose or to direct the disposition of:
WA and WGP: 0
(iv) Shared power to dispose or to direct the disposition of:
WA and WGP: 28,365,086
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
WA's clients are known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the shares of Class A Common Stock covered by this Statement that may be deemed to be beneficially owned by the Reporting Persons.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group.
Effective September 13, 2024, the Reporting Persons may be deemed to have formed a "group", within the meaning of Section 13(d)(3) of the Securities Exchange Act of 1934, as amended, with each of Kore Fund Ltd. and Kore Advisors LP (together, "Kore"). The group formed thereby may be deemed to beneficially own, in the aggregate, 45,371,593 shares of Class A Common Stock, representing approximately 6.3% of the shares of Class A Common Stock outstanding. It is the understanding of the Reporting Persons that Kore will be filing a separate Schedule 13G pursuant to Rule 13d-1(k)(2). The Reporting Persons expressly disclaim beneficial ownership over any shares of Class A Common Stock that Kore may be deemed to beneficially own.
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
WHITEBOX ADVISORS LLC
Signature:
/s/ Gina Scianni
Name/Title:
Gina Scianni, Associate General Counsel & Deputy Chief Compliance Officer
Date:
11/14/2025
WHITEBOX GENERAL PARTNER LLC
Signature:
/s/ Gina Scianni
Name/Title:
Gina Scianni, Authorized Signatory
Date:
11/14/2025
Exhibit Information
Exhibit A - Joint Filing Agreement, dated November 14, 2025, by and among the Reporting Persons
They reported beneficial ownership of 28,365,086 shares, or 3.9% of Class A common stock as of September 30, 2025.
What share count was used to calculate Whitebox’s ownership percentage in UP?
The calculation used 720,346,459 shares outstanding as of September 30, 2025, per the Form 10-Q filed on November 5, 2025.
What voting and dispositive powers did Whitebox report?
They reported shared voting power: 8,905,292 shares and shared dispositive power: 28,365,086 shares, with no sole powers.
Is there any limitation on voting rights noted in the filing?
Yes. Voting rights for clients who are not U.S. citizens are collectively limited to 1% of all shares entitled to vote.
Did Whitebox disclose a group with other investors in UP?
The filing states they may be deemed part of a group with Kore Fund Ltd. and Kore Advisors LP effective September 13, 2024, aggregating 6.3%, while disclaiming beneficial ownership of Kore’s shares.
Does the filing indicate an intent to influence control of Wheels Up?
No. The certification states the securities were not acquired and are not held to change or influence control.
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