Astrea Acquisition Corp., HotelPlanner and Reservations.com Mutually Agree to Terminate Business Combination Agreement

Rhea-AI Summary

Astrea Acquisition Corp. (NASDAQ: ASAXU), HotelPlanner, and Reservations.com have mutually agreed to terminate their previously announced business combination agreement, effective immediately. The decision was made in the belief that this outcome is the best path forward for all involved. HotelPlanner and Reservations.com are established players in travel technology and online travel services, respectively, known for their innovative platforms and customer-centric approaches.

Positive

• Astrea Acquisition Corp. has the opportunity to explore other merger options after terminating the agreement.
• HotelPlanner and Reservations.com continue to operate as independent entities with strong business foundations.

Negative

• Termination of the business combination may lead to reduced market confidence in Astrea Acquisition Corp.
• Potential loss of synergies and benefits that could have arisen from the merger with HotelPlanner and Reservations.com.

KEY BISCAYNE, Fla.--(BUSINESS WIRE)-- Astrea Acquisition Corp. (NASDAQ: ASAXU), a publicly traded special purpose acquisition company, HotelPlanner, a leading travel technology platform, and Reservations.com, a premier online travel agency, announced today that the companies have mutually agreed to terminate their previously announced business combination agreement. The termination is effective immediately. All three companies believe that terminating the business combination is the best path forward for all parties.

About HotelPlanner

HotelPlanner is a leading travel technology company that combines proprietary artificial intelligence capabilities with a 24/7 global gig-based reservations and customer service network. HotelPlanner travel agents can customize all traveler hotel & accommodation needs from a single platform while providing localized advice. HotelPlanner is one of the leading providers of individual, group and corporate travel bookings, specializing in unique “Closed User Group” discounted rates offered in unpublished private sale environments. Founded in 2004, HotelPlanner has enduring partnerships with many of the world’s largest OTAs, well-known hotel chains, individual hotels, online wedding providers, ancillary lodging providers, corporations, professional and amateur sports teams and franchises, universities and government agencies.

For more information, please visit www.hotelplanner.com.

About Reservations.com

Reservations.com is an award-winning online travel company on a mission to bring the human touch back to travel. Founded in 2014 with a focus on helping consumers create memorable travel experiences, Reservations.com has experienced rapid growth. Reservations.com's user friendly website offers unparalleled visibility into hotels, including: descriptions, pricing information, and reviews of nearly 500,000 properties globally. The company is on a journey to enable customers to not only reserve hotels, but to create memories.

For more information, please visit www.reservations.com.

About Astrea Acquisition Corp.

Astrea Acquisition Corp. (NASDAQ: ASAXU, ASAX and ASAXW) is a blank check company organized for the purpose of effecting a merger, capital stock exchange, asset acquisition or other similar business combination with one or more businesses or entities.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220214005536/en/

Investors

For HotelPlanner: ICR – investors@hotelplanner.com

For Astrea Acquisition Corp.: info@astreaacquisitioncorp.com

Media

For HotelPlanner: ICR – media@hotelplanner.com

For Astrea Acquisition Corp.: info@astreaacquisitioncorp.com

Source: HotelPlanner

FAQ

Why did Astrea Acquisition Corp. terminate the business combination with HotelPlanner and Reservations.com?

Astrea Acquisition Corp. decided to terminate the agreement mutually with HotelPlanner and Reservations.com, believing it to be the best path forward for all parties involved.

What impact does the termination of the merger have on ASAX stock?

The termination may lead to reduced market confidence and speculation surrounding ASAX's future merger prospects.

What are HotelPlanner and Reservations.com known for?

HotelPlanner is known for its travel technology platform, while Reservations.com is renowned for its online travel services and customer-centric solutions.

What are the next steps for Astrea Acquisition Corp. after this termination?

Astrea Acquisition Corp. will likely seek new merger opportunities to enhance shareholder value.