Aspirational Consumer Lifestyle said in a press release its shareholders voted in favor if the business combination with private aviation company Wheels Up.
The SPAC said nearly 94 percent of the votes cast were in support of the deal, which values the combined company at $2.1 billion.
Aspirational in an 8-K filing said an aggregate of 13,366,429 shares were redeemed ahead of the vote. That created a $13.9 million shortfall, or about 2 percent less than the $120 million minimum cash requirement to seal the deal. The SPAC in the filing said Wheels Up agreed to waive the minimum cash condition so the transaction could go through.
Subject to the satisfaction of certain other closing conditions, the business combination is expected to close today, after which Wheels Up’s Class A common stock and warrants will list on the NYSE under UP and UP WS. The new company will be renamed Wheels Up Experience. Read more.
