SCHEDULE: Kore Advisors & Fund Report 2.4% Wheels Up Stake

Kore Advisors LP and Kore Fund Ltd. reported beneficial ownership of 2.4% of Wheels Up Experience Inc.'s Class A Common Stock, forming a group with Whitebox Advisors LLC for a combined 6.3% stake.

Summary

• Kore Advisors LP and Kore Fund Ltd. beneficially own 17,006,507 shares of Wheels Up Experience Inc. Class A Common Stock.
• This represents approximately 2.4% of the outstanding Class A Common Stock as of September 30, 2025.
• The ownership is held by Kore Fund Ltd., with Kore Advisors LP acting as its client advisor.
• Effective September 13, 2024, Kore Advisors LP and Kore Fund Ltd. formed a group with Whitebox Advisors LLC and Whitebox General Partner LLC.
• The combined group beneficially owns 45,371,593 shares, representing approximately 6.3% of the Class A Common Stock outstanding.
• Kore Advisors LP and Kore Fund Ltd. disclaim beneficial ownership over Whitebox's shares.
• Kore Air LLC, a wholly owned subsidiary of Kore Fund Ltd., is the direct holder of the reported shares.

Sentiment

Score: 6

Explanation: The filing is primarily a factual disclosure of beneficial ownership. The formation of a group with Whitebox Advisors LLC, resulting in a combined 6.3% stake, suggests increased institutional interest and potential for collective shareholder engagement, which could be viewed as a moderately positive development for governance or strategic direction.

Positives

• Formation of a group with Whitebox Advisors LLC, potentially increasing collective influence with a 6.3% stake in Wheels Up Experience Inc.

Risks

• Potential for shareholder activism related to board nominations, as indicated by the certification statement regarding Rule 14a-11.

Future Outlook

NA

Industry Context

This Schedule 13G filing indicates a significant ownership position by institutional investors in Wheels Up Experience Inc., a company operating in the private aviation sector. Such disclosures are common for large investors and can signal their long-term interest or potential for engagement with company management, especially when a group is formed.

Stakeholder Impact

• Shareholders: Increased institutional ownership and the formation of a significant shareholder group could lead to greater oversight of management and potentially influence strategic decisions, especially concerning board nominations.
• Management: The presence of a 6.3% shareholder group, particularly with the mention of Rule 14a-11 nominations, suggests potential for increased scrutiny or engagement from these investors regarding company strategy and governance.

Next Steps

• Whitebox Advisors LLC and Whitebox General Partner LLC are expected to file an amendment to their previously filed Schedule 13G.

Key Dates

Keywords

Wheels Up Experience Inc., Class A Common Stock, Schedule 13G, Kore Advisors LP, Kore Fund Ltd., Whitebox Advisors LLC, beneficial ownership, shareholder group, private aviation, SEC filing