Inspirato Announces $10 Million Capital Infusion by One Planet Group, Appoints Payam Zamani as CEO and Chairman
Inspirato (NASDAQ: ISPO), a luxury travel club, has secured a $10 million equity financing from One Planet Group. The deal includes issuing approximately 2.9 million new shares of Inspirato Class A Common Stock and an equivalent number of warrants at $3.43 per share. As part of the transaction, Payam Zamani has been appointed as CEO and Chairman, with One Planet Group naming three new Directors to Inspirato's Board.
The company plans to implement cost-saving measures, including a 15% workforce reduction and termination of underperforming leases, aiming to reduce annualized costs by approximately $25 million. The transaction will be completed in two tranches, with the first closing on August 13, 2024, for $4.6 million, and the second expected in September 2024, subject to shareholder approval, for $5.4 million.
Inspirato (NASDAQ: ISPO), un club di viaggi di lusso, ha ottenuto un finanziamento in capitale di $10 milioni da One Planet Group. L'accordo prevede l'emissione di circa 2,9 milioni di nuove azioni delle azioni comuni di Classe A di Inspirato e un numero equivalente di warrant a $3,43 per azione. Come parte della transazione, Payam Zamani è stato nominato CEO e Presidente, mentre One Planet Group ha designato tre nuovi Direttori nel Consiglio di Amministrazione di Inspirato.
L'azienda prevede di attuare misure di riduzione dei costi, tra cui una riduzione del personale del 15% e la cessazione di contratti di locazione non redditizi, mirando a ridurre i costi annualizzati di circa $25 milioni. La transazione sarà completata in due tranche, con la prima chiusura prevista per il 13 agosto 2024, per un importo di $4,6 milioni, e la seconda attesa per settembre 2024, soggetta all'approvazione degli azionisti, per $5,4 milioni.
Inspirato (NASDAQ: ISPO), un club de viajes de lujo, ha asegurado un financiamiento de capital de $10 millones de One Planet Group. El acuerdo incluye la emisión de aproximadamente 2.9 millones de nuevas acciones de acciones ordinarias de Clase A de Inspirato y un número equivalente de opciones a $3.43 por acción. Como parte de la transacción, Payam Zamani ha sido nombrado como CEO y Presidente, y One Planet Group ha nombrado a tres nuevos Directores en la Junta de Inspirato.
La empresa planea implementar medidas de ahorro de costos, incluyendo una reducción de la fuerza laboral del 15% y la terminación de contratos de arrendamiento de bajo rendimiento, con el objetivo de reducir los costos anuales en aproximadamente $25 millones. La transacción se completará en dos tramos, con el primer cierre previsto para el 13 de agosto de 2024, por $4.6 millones, y el segundo se espera en septiembre de 2024, sujeto a la aprobación de los accionistas, por $5.4 millones.
인스피라토 (NASDAQ: ISPO), 고급 여행 클럽이 One Planet Group으로부터 천만 달러의 자본 조달을 확보했습니다. 이 거래는 인스피라토 클래스 A 보통주 약 290만 주와 동일 수량의 워런트를 주당 $3.43에 발행하는 것을 포함합니다. 거래의 일환으로 Payam Zamani가 CEO이자 의장으로 임명되었고, One Planet Group은 인스피라토 이사회에 3명의 신규 이사를 임명했습니다.
회사는 연간 약 2500만 달러의 비용 절감을 목표로 인력 15% 감축 및 성과가 저조한 임대 계약 종료를 포함한 비용 절감 조치를 시행할 계획입니다. 이 거래는 두 단계로 완료될 예정이며, 첫 번째 단계는 2024년 8월 13일에 $460만 달러로 마감될 예정이고, 두 번째 단계는 2024년 9월에 주주 승인을 조건으로 $540만 달러로 예상됩니다.
Inspirato (NASDAQ: ISPO), un club de voyage de luxe, a sécurisé un financement en capitaux propres de $10 millions de la part de One Planet Group. L'accord comprend l'émission d'environ 2,9 millions de nouvelles actions d'Inspirato Class A Common Stock ainsi qu'un nombre équivalent de warrants à $3,43 par action. Dans le cadre de la transaction, Payam Zamani a été nommé PDG et Président, One Planet Group désignant trois nouveaux Administrateurs au Conseil d'Administration d'Inspirato.
La société prévoit de mettre en œuvre des mesures de réduction des coûts, y compris une réduction de 15% de l'effectif et la résiliation de baux peu performants, visant à réduire les coûts annuels d'environ $25 millions. La transaction sera réalisée en deux tranches, avec une première clôture prévue le 13 août 2024, pour 4,6 millions de dollars, et la seconde attendue en septembre 2024, sous réserve de l'approbation des actionnaires, pour 5,4 millions de dollars.
Inspirato (NASDAQ: ISPO), ein Luxusreiseclub, hat sich eine Eigenkapitalfinanzierung in Höhe von $10 Millionen von One Planet Group gesichert. Der Deal umfasst die Emission von ungefähr 2,9 Millionen neuen Aktien der Inspirato Class A Stammaktien und eine entsprechende Anzahl von Optionen zu $3,43 pro Aktie. Im Rahmen der Transaktion wurde Payam Zamani zum CEO und Vorsitzenden ernannt, wobei One Planet Group drei neue Direktoren in den Vorstand von Inspirato berufen hat.
Das Unternehmen plant Kostensenkungsmaßnahmen, einschließlich einer Reduzierung der Belegschaft um 15% und der Beendigung von leistungsschwachen Mietverträgen, mit dem Ziel, die jährlichen Kosten um etwa $25 Millionen zu senken. Die Transaktion wird in zwei Tranchen abgeschlossen, wobei der erste Abschluss am 13. August 2024 über 4,6 Millionen US-Dollar erfolgen soll, und der zweite wird für September 2024, vorbehaltlich der Genehmigung durch die Aktionäre, mit 5,4 Millionen US-Dollar erwartet.
- $10 million equity financing secured from One Planet Group
- New CEO and Chairman appointed, bringing fresh perspective
- Expected cost reduction of $25 million annually through efficiency measures
- Option for additional $2.5 million investment from One Planet Group
- 15% workforce reduction
- Termination of previously impaired, poorly performing leases
- Potential shareholder dilution due to issuance of new shares and warrants
New CEO Focused on Profitable Growth, Remains Committed to Delivering Exceptional Service and World Class Experiences for its Members
Implementing Immediate Efficiencies to Reduce Annualized Costs by Approximately
DENVER, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Inspirato Incorporated (“Inspirato” or the “Company”) (NASDAQ: ISPO), the innovative luxury travel club, today announced it has entered into a definitive investment agreement with One Planet Group LLC (“One Planet Group”) on a comprehensive transaction (“the Transaction”) that includes
“I’m incredibly excited for what this transaction does for the future of Inspirato and our members,” said President, David Kallery. “Over the last several quarters, we’ve worked tirelessly with our members top of mind to improve our product offerings and optimize our portfolio. While the decision to reduce our workforce was not easy, I’m grateful for the hard work and dedication of the entire team and am confident that under Payam Zamani’s leadership, Inspirato will continue to provide a world-class travel experience to its members for years to come.”
Upon closing, One Planet Group will name three new Directors to the Inspirato Board of Directors, including Mr. Zamani as Chairman. The size of the Company’s Board is expected to remain at seven Directors. The Company also plans to implement initiatives expected to reduce costs by approximately
CEO and Chairman, Payam Zamani, commented, “This transaction, not only strengthens Inspirato’s liquidity and improves the Company’s capital structure with a large, supportive shareholder, but it injects our boardroom with a fresh perspective. I look forward to working with the team, meeting our members and taking Inspirato to new heights in a more sustainable and profitable manner.”
The purchase price for each share and warrant in the transaction is
About Inspirato
Inspirato (NASDAQ: ISPO) is a luxury travel company that provides exclusive access to a managed and controlled portfolio of curated vacation options, delivered through an innovative model designed to ensure the service, certainty, and value that discerning customers demand. The Inspirato portfolio includes branded luxury vacation homes, accommodations at five-star hotel and resort partners, and custom travel experiences. For more information, visit www.inspirato.com and follow @inspirato on Instagram, Facebook, X, and LinkedIn.
About One Planet Group LLC
One Planet Group is a closely held private equity firm that owns a suite of technology and media businesses while also investing in early-stage companies. Owned and operated businesses span a variety of industries including ad tech, publishing, and media. One Planet Group’s mission is to support strong business ideas while building an ethos that helps improve society and give back to communities. The company’s investment portfolio includes a diverse group of innovative tech-enabled products and solutions. Investing primarily in high-growth early-stage entities, emphasizing companies that aspire to ‘Innovation + Intention.’ One Planet Group was founded by tech entrepreneur Payam Zamani in 2015. With offices and employees in over ten countries, its global headquarters is in Walnut Creek, California. For more information, visit www.oneplanetgroup.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act and Section 21E of the Exchange Act. Forward-looking statements generally relate to future events or the Company’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “believe,” “may,” “will,” “estimate,” “potential,” “continue,” “anticipate,” “intend,” “expect,” “could,” “would,” “project,” “forecast,” “plan,” “intend,” “target,” or the negative of these words or other similar expressions that concern the Company’s expectations, strategy, priorities, plans, or intentions. Forward-looking statements in this release include, but are not limited to, the Company’s ability to consummate the Transaction and satisfy applicable closing conditions, including stockholder approval, where applicable. The Company’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties, including changes in the Company’s plans or assumptions, that could cause actual results to differ materially from those projected. These risks include the risk of the Company’s stockholders not approving the Transaction, the occurrence of any event, change or other circumstances that could result in the investment agreement being terminated or the transactions not being completed on the terms reflected in the investment agreement, or at all, and uncertainties as to the timing of the consummation of the transactions; the ability of each party to consummate the transactions; and other risks detailed in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the Company’s Annual Report on Form 10-K filed with the SEC on March 12, 2024. All information provided in this press release is as of the date hereof, and the Company undertakes no duty to update this information unless required by law. These forward-looking statements should not be relied upon as representing the Company’s assessment as of any date subsequent to the date of this press release.
Additional Information and Where to Find It
The Company, its directors and certain executive officers are participants in the solicitation of proxies from stockholders in connection with a special meeting (the “Special Meeting”) to approve a proposal to issue a portion of the securities contemplated by the transactions described herein. The Company plans to file a proxy statement (the “Special Meeting Proxy Statement”) with the SEC in connection with the solicitation of proxies for the Special Meeting. Additional information regarding such participants, including their direct or indirect interests, by security holdings or otherwise, will be included in the Special Meeting Proxy Statement and other relevant documents to be filed with the SEC in connection with the Special Meeting. Information relating to the foregoing can also be found in the Company’s proxy statement for the 2024 annual meeting of stockholders as filed with the SEC (the “2024 Proxy Statement”). To the extent that such participants’ holdings of the Company’s securities have changed since the amounts set forth in the 2024 Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4s filed with the SEC.
Promptly after filing the definitive Special Meeting Proxy Statement with the SEC, the Company will mail the definitive Special Meeting Proxy Statement and related proxy card to each stockholder entitled to vote at the Special Meeting. STOCKHOLDERS ARE URGED TO READ THE SPECIAL MEETING PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS THAT THE COMPANY WILL FILE WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. Stockholders may obtain, free of charge, the preliminary and definitive versions of the Special Meeting Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by the Company with the SEC in connection with the Special Meeting at the SEC’s website (http://www.sec.gov). Copies of the Company’s definitive Special Meeting Proxy Statement, any amendments or supplements thereto, and any other relevant documents filed by the Company with the SEC in connection with the Special Meeting will also be available, free of charge, at the Company’s investor relations website (https://investor.inspirato.com/) or by writing to the Company at Inspirato Incorporated, 1544 Wazee Street, Denver, Colorado 80202, Attention: Investor Relations.
Contacts:
Investor Relations:
ir@inspirato.com
Media Relations:
Inspirato communications@inspirato.com
One Planet Group pr@oneplanetgroup.com
FAQ
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