Why Wheels Up Shares Are Sliding Today

Wheels Up Experience Inc UP shares are trading lower by 6% after it issued a statement following speculative public reports that it has retained new strategic advisors. 

Amid bankruptcy rumors, the company responded that it is progressing with redesigned programs to properly serve its members and customers to drive profitability. 

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Wheels Up disclosed it started working with several advisors and industry participants to secure new strategic investments, raise capital, and execute previously declared strategic divestitures.

This month, the company's Board of Directors approved a reverse stock split common share at a ratio of 1-for-10.

Price Action: UP shares are down 5.69% at $1.1694 on the last check Friday.