Spree Acquisition Corp. 1 (SHAP) Mutually Terminates zTrip Deal
by Marlena Haddad on 2023-08-23 at 5:40pm

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.

 

Spree Acquisition Corp. 1 (SHAP) Mutually Terminates zTrip Deal
Recent Posts
by Nicholas Alan Clayton on 2025-07-02 at 12:13pm

McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...

by Nicholas Alan Clayton on 2025-07-02 at 8:29am

At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....

by Nicholas Alan Clayton on 2025-07-02 at 6:28am

EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...

by Nicholas Alan Clayton on 2025-07-01 at 7:51pm

Vendome Acquisition Corporation I (NASDAQ:VNMEU) announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VNMEU”, Wednesday, July 2, 2025. The new SPAC plans to focus its search on target business in the consumer sector operating in North America, Southeast Asia, and Europe....

by Nicholas Alan Clayton on 2025-07-01 at 7:47pm

Origin Investment Corp. I (NASDAQ:ORIQU) announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “ORIQU”, Wednesday, July 2, 2025. The new SPAC aims to mount a broad search for a target with a strong management and both revenue and earnings growth potential....

logo

Copyright © 2025 SPACInsider, Inc. All Rights Reserved