Spree Acquisition Corp. 1 Ltd: directors' dealings · United States · SEC (Form 4)

About Spree Acquisition Corp. 1 Ltd

Spree Acquisition Corp. 1 Ltd is a US-listed SPAC traded on the NYSE in the United States, so it should be analyzed as a corporate shell and acquisition vehicle rather than as a conventional operating company. It was formed on August 6, 2021 as a Cayman Islands exempted company for the purpose of completing a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization, or similar business combination with one or more businesses. The company completed its IPO in December 2021 and, based on its filings, has not generated meaningful operating revenue to date. Its headquarters are in Atlanta, Georgia, United States, which is the key administrative base disclosed to investors. ([cstproxy.com](https://www.cstproxy.com/spree1/2025/proxy/images/Spree_Acquisition_Corp_1_Limited-EGMProxy2025.pdf)) From a competitive standpoint, Spree’s core asset is not a product portfolio but its public listing, sponsor structure, and management team’s ability to source and close an attractive acquisition target. That makes its market position highly event-driven: valuation depends on the credibility of the pipeline, the structure of the transaction, the redemption profile, and ultimately the quality of the business combination, rather than on recurring sales or margins. The company’s proxy and filing materials show that proceeds are held in a trust account in the United States and that those funds are used under SPAC rules while the company searches for and negotiates a deal. ([cstproxy.com](https://www.cstproxy.com/spree1/2025/proxy/images/Spree_Acquisition_Corp_1_Limited-EGMProxy2025.pdf)) Recent developments underscore that this remains a late-stage SPAC story. The company disclosed prior focus on a business combination with WHC, but that process terminated in August 2023, after which it continued discussions with other potential targets. More recently, filings indicate efforts to extend the deadline to complete an initial business combination to December 20, 2026, subject to shareholder approval and redemption mechanics. For international investors, especially in Europe, the key takeaway is that Spree is currently best viewed as a special situations equity: upside hinges on a successful deal close, while downside risks include delay, redemptions, listing compliance pressure, or eventual liquidation if no transaction is completed. ([cstproxy.com](https://www.cstproxy.com/spree1/2025/proxy/images/Spree_Acquisition_Corp_1_Limited-EGMProxy2025.pdf))