Spree Acquisition Corp. 1 Limited announced a private placement of a non-convertible promissory note for proceeds of $900,000 on June 12, 2023. The transaction will include participation from new investor Spree Operandi, LP and returning investor Spree Operandi U.S. LP.

The note represents the company's obligation to repay amounts to be loaned by the investor to the company for deposit into the company's trust account during the extension period. For each one-month period during the extension period, the investor will loan an amount equal to the lesser of $0.04 per public share that remains outstanding and is not redeemed in connection with the meeting, or $100,000. The first such extension period loan will be funded by the investor on June 20, 2023, and additional such loans will be made by the investor on the 20th day of each subsequent calendar month of the extension period until (but excluding) March 20, 2024.

The transaction has been approved by the shareholders of the company.