Spree Acquisition 1 and zTrip announced that they have mutually agreed to terminate their merger agreement, effective immediately.
Spree said it intends to continue to pursue a business combination with an appropriate target.
“We continue to recognize that zTrip is a great company with an exciting future ahead of them, but even high-growth and very profitable companies are finding the environment hard as a result of the present market conditions,” said Steve Greenfield, chairman of the Spree board.
Spree raised $175 million in a December 2021 IPO.
Spree is a taxi fleet operator. The deal was announced last October at an equity value of $251 million. Read more.
