Spree Acquisition 1 in an 8-K today provided additional information on the non redemption agreement it entered earlier this month with several third-party investors. The SPAC said the participants will receive 70,000 founder shares for every 200,000 shares they do not redeem. The precise numbers of shares to be held was not disclosed.
Spree 1 plans a Dec. 21 meeting for shareholders to vote on an extension proposal that would give the company until December 2024 to find and close a deal.
The proposal does not include additional monthly contributions to the trust account. “Instead, the Sponsor will utilize its cash towards optimizing its efforts for a successful business combination for Spree,” the proxy states.
The SPAC in August called off a deal with taxi operator zTrip.
Spree has been focused on technology-based mobility businesses. The SPAC raised $175 million in an IPO two years ago. Read more.
