On Wednesday, July 14, Wheels Up became listed on the New York Stock Exchange (NYSE) after announcing that it has officially closed a “business combination” transaction with Aspirational Consumer Lifestyle Corp., a Cayman Islands exempted special purpose acquisition company. First day trading on the NYSE was strong for what is now known officially as Wheels Up Experience (NYSE: UP) when it saw volume of 6,953,356 shares changing hands. The stock opened at $11.08 and ranged from $9.32 to $15.00 before closing at $11.51.
Interest in UP was so intense on the first day of trading that the NYSE initiated two five-minute “Limit Up-Limit Down (LULD)” pauses because of the extreme volatility. A “LULD pause” is a Securities and Exchange Commission (SEC) rule that means trading of a stock is briefly halted by the electronic systems when it exceeds a predetermined price range determined by supply and demand parameters. It is not uncommon for newly-listed stocks to draw so much volume that such pauses occur. Incidentally, the LULD pauses coincided with an appearance on CNBC by Kenny Dichter, Wheels Up founder and CEO.
