Spree Acquisition Corp. 1 Limited (NYSE:SHAP) announced this afternoon that it has mutually terminated its combination with taxi fleet operator zTrip, effective immediately.
The parties expressed that they decided to part ways due to challenging market conditions, concluding that pursuing the deal would not be the most effective route to fulfill zTrip’s long-term strategic goals. “Even high-growth and very profitable companies are finding the environment hard as a result of the present market conditions,” Chairman of Spree, Steve Greenfield, noted.
But, Spree disclosed that it still plans to continue its pursuit of successfully completing a business combination with an alternative target. It originally sought to acquire a mobility-related technology business with underexploited growth opportunities.
The SPAC announced the $251 million deal in October 2022. Spree initially brought an estimated $205.9 million from its trust into the deal, but saw this reduced to $44.72 million after redemptions removed 78.82% of the trust. It did not supplement this with a PIPE, but its original announcement indicated that the parties attempted to arrange one. Additionally, the transaction featured a $50 million minimum cash condition in order for the deal to close.
Kansas City-based zTrip operates taxi fleets in 26 US cities in the South and Midwest.
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