Welcome to our dedicated page for Spree Acquisition 1 news (Ticker: SHAP), a resource for investors and traders seeking the latest updates and insights on Spree Acquisition 1 stock.
Spree Acquisition Corp. 1 Limited (NYSE: SHAP) is a special purpose acquisition company (SPAC) focused on identifying and merging with high-potential businesses. As a SPAC, Spree does not have significant operations of its own but aims to raise capital through an initial public offering (IPO) and use these funds to complete a business combination, often with a private company looking to go public.
The company recently made headlines when it mutually agreed with WHC Worldwide, LLC, doing business as zTrip®, to terminate their previously announced Business Combination Agreement. Despite the termination, Spree remains committed to finding an appropriate target for a successful merger. Further details on this development can be found in their Current Report on Form 8-K filed with the SEC.
Currently, Spree is preparing to call an extraordinary general meeting to seek a 12-month extension of its deadline for consummating a business combination transaction. This proposal comes as the company acknowledges the challenging market conditions that have delayed potential merger activities.
Spree’s financial condition remains stable, supported by monthly contributions from its sponsor to its trust account. These contributions, which began in June 2023, are used to extend the company’s timeframe to complete a business combination up to March 2024. However, with the proposed 12-month extension, the sponsor will redirect these funds toward optimizing efforts to secure a successful business combination.
Shareholders are given the option to continue holding their Class A ordinary shares, with the potential to participate in a combined company following a merger, or to redeem their shares for a pro rata portion of the funds in Spree’s trust account. This flexibility ensures that shareholders can make informed decisions based on their individual investment strategies.
Spree’s management team, led by Chairman Steve Greenfield and CFO Shay Kronfeld, features seasoned professionals with a strong track record in identifying and executing successful business combinations. The company remains dedicated to its mission of delivering value to its shareholders by meticulously vetting potential targets and navigating the complexities of the current market environment.
WHC Worldwide, LLC (operating as zTrip) and Spree Acquisition Corp. 1 Limited (NYSE: SHAP) have announced a business combination agreement to take zTrip public on the NYSE. The merged entity, named WHC Worldwide, Inc., is expected to be listed under the ticker ZTRP. zTrip is the largest taxi fleet operator in the U.S., currently operating over 2,700 vehicles in 26 cities. The merger aims to enhance growth, leveraging zTrip's proven operational efficiencies and technology-based approach. The transaction is anticipated to close in the first half of 2023.
FAQ
What is the market cap of Spree Acquisition 1 (SHAP)?
What is Spree Acquisition Corp. 1 Limited?
What recent developments have taken place with Spree?
What is the purpose of the upcoming extraordinary general meeting?
How is Spree financially supported during this extension period?
Can shareholders redeem their shares?
Who are the key members of Spree’s management team?
What was the result of the termination with zTrip®?
What will happen to the monthly sponsor contributions under the new extension plan?
Where can I find more information about Spree's recent filings?
How can I contact Spree Acquisition Corp. 1 Limited?
