Inspirato Inc (NASDAQ: ISPO), formerly Thayer Ventures Acquisition Corp, has announced a mandatory exchange of units and an amendment to its investment agreement, according to a recent SEC filing.
The Denver-based company filed a Form 8-K on Tuesday detailing a mandatory exchange of all units in Inspirato LLC not held by the company. This exchange will occur before a "Continuing Member COC" event, triggered by One Planet Group LLC acquiring over 50% of the voting power of Inspirato’s common stock, set for Sept. 30, 2024. Members will exchange their common units for Class A common shares, canceling an equivalent number of Class V shares.
Inspirato also amended its Investment Agreement with One Planet, initially signed on Aug. 12, 2024. The amendment allows One Planet to buy up to 728,863 shares of Class A common stock and warrants for an additional 728,863 shares, with a total potential investment of $2.5 million. The option can be exercised between Nov. 29, 2024, and Dec. 29, 2024.
Inspirato's Class A common stock and related warrants are listed on Nasdaq under the symbols "ISPO" and "ISPOW."
The filing follows recent news of Inspirato's 20% decline in second-quarter revenue for 2024. In response, CEO Payam Zamani invested $10 million and guaranteed an additional $6.6 million for a lease termination agreement. The company is reducing costs, including a 15% staff cut and the CEO taking a $1 salary.
Inspirato has also added new properties in Mexico and Spain and appointed three new board members amid these changes.
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