Thu, Jun 27, 8:10 PM (116 days ago)
Spree Acquisition Corp. 1 Limited's Form 10-Q for the quarter ended September 30, 2023, highlights significant financial and operational updates. The company, a blank check entity, remains focused on identifying a business combination target. Key points include: 1. **Trust Account and Redemptions**: The trust account balance decreased significantly due to redemptions, from $204 million to $45.7 million post the initial extension meeting, and further to $20.4 million after the second extension meeting. 2. **Termination of WHC Business Combination**: The previously planned business combination with WHC Worldwide, LLC was terminated in August 2023. 3. **Extensions**: Shareholders approved two extensions, extending the deadline for the business combination to December 20, 2024. 4. **Financial Position**: As of September 30, 2023, the company had no cash outside the trust account and an accumulated deficit of $11.8 million. It relies heavily on sponsor loans for liquidity. 5. **NYSE Delisting**: The company’s securities were delisted from NYSE in March 2024 due to non-compliance with market capitalization requirements, impacting liquidity and market value. The company faces uncertainties regarding its ability to complete a business combination and maintain operations, raising substantial doubt about its ability to continue as a going concern.