Wheels Up Experience Inc (NYSE:UP) shares are surging despite a lack of company announcements from the session. The company last week announced a new streamline product portfolio in connection with Delta Air Lines Inc (NYSE:DAL), a strategic partner of the on-demand private aviation company.
What Happened: Wheels Up said it worked with Delta Air Lines to be able provide a new product model that offers even greater levels of flexibility for travelers.
“We are introducing the marketplace to a new way of flying private, one that further delivers choice to customers and adds to the value of Wheels Up’s premium travel experience by capitalizing on our global aviation network, competitive pricing model, and unique capacity to offer guaranteed availability and recovery to our members in areas where they travel most,” said George Mattson, CEO of Wheels Up.
Wheels Up said its partnership with Delta better allows it to provide the right aircraft for the right mission. Fliers with predictable annual spend can now take part in the Wheels Up Membership which for a small annual fee that guarantees availability with increased flexibility.
The membership comes with capped member costs on high-demand days and reduced rates during non-peak travel times. Members will be eligible to earn Diamond Medallion Status with Delta based on Wheels Up spend. Members will also be eligible for a 20% discount on certain Delta fares.
For those who want to pay as they go, Wheels Up has introduced Wheels Up Charter, which allows customers to book trips with no upfront costs. Fliers can expect to earn rewards for each flight and can become eligible for Diamond Medallion Status with Delta based on spending. Wheels Up said its new comprehensive program aims to reward and incentivize frequent charter bookings.
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UP Price Action: Wheels Up shares were up 42.3% at $3.16 at the time of publication, according to Benzinga Pro.
Photo: Mark Olsen from Unsplash.
