Spree Acquisition 1 Limited (NYSE: SHAP) announced that it intends to call a shareholders meeting to seek a revised, 12-month extension of its deadline for completing a deal.
Spree’s current deadline is March 20. The SPAC said it does not believe that it will be able to complete a transaction by that time and will request from its shareholders an approximate 12-month extension from the date of its upcoming general meeting (until the three-year anniversary of its IPO) in order to do so.
Spree’s sponsor currently contributes, as a loan, $100,000 per month to Spree’s trust account. The contributions began June 20 and were scheduled to continue until March 20. In connection with the revised, proposed 12-month extension, the sponsor will no longer make those monthly contributions. Instead, Spree’s sponsor will utilize its cash towards optimizing its efforts towards a successful merger.
Spree raised $175 million in a December 2021 IPO. The SPAC in August called off a deal with taxi operator zTrip. Read more.
