Thu, Jun 27, 8:07 PM (72 days ago)
Spree Acquisition Corp. 1 Limited reported its financial results for the quarter ending June 30, 2023. The company, a blank check entity, is focused on completing an initial business combination. Key financial metrics include total assets of $45.05 million, primarily held in a trust account, down significantly from $207.20 million at the end of 2022 due to shareholder redemptions. The trust account balance decreased to $44.88 million from $206.83 million. Operating expenses for the quarter were $1.19 million, resulting in a net income of $3.16 million, largely driven by interest income from the trust account. The company extended its deadline to complete a business combination to December 20, 2024, following shareholder approval. The previously agreed business combination with WHC Worldwide, LLC was terminated in August 2023. Spree faces liquidity concerns, relying on sponsor loans to meet its obligations. The company also experienced a delisting from the NYSE in February 2024, which could impact the liquidity and market price of its securities.