Thu, Jul 18, 7:40 PM (51 days ago)
Spree Acquisition Corp. 1 Limited, a Cayman Islands exempted company, reported its financial results for the quarter ending March 31, 2024. The company, a blank check entity, is focused on completing a business combination. As of March 31, 2024, total assets were $20.72 million, primarily held in a trust account, down from $46.42 million at the end of 2023 due to redemptions. The company reported a net income of $13,000 for the quarter, a significant decrease from $1.71 million in the same period the previous year, primarily due to reduced interest income and increased operating expenses. Significant events included the conversion of 4,999,999 Class B ordinary shares to Class A ordinary shares by the sponsor, and the delisting of the company's securities from the NYSE due to non-compliance with listing standards. The company also terminated a letter of intent for a potential business combination in March 2024. The financials reflect substantial doubt about the company's ability to continue as a going concern due to its limited liquidity and the need for additional funding to complete a business combination by December 20, 2024.