In a recent 8-K filing with the Securities and Exchange Commission, Inspirato Inc, a company specializing in blank check investments with a focus on real estate and construction, announced the completion of a significant unregistered sale of equity securities.
The Denver-based company, which operates under the trading symbols NASDAQ:ISPO and NASDAQ:ISPOW, disclosed the sale of equity securities to One Planet Group, LLC following shareholder approval.
The transaction, initially agreed upon on August 12, 2024, involved two tranches of Class A common stock sales. The first tranche comprised 1,335,271 shares sold at an aggregate purchase price of approximately $4.58 million. The second tranche, consisting of 1,580,180 shares, was sold for roughly $5.42 million. Additionally, One Planet Group was issued a warrant to purchase up to 2,915,451 shares of Class A common stock at $3.43 per share.
Furthermore, One Planet Group secured an option to purchase additional shares worth up to $2.5 million, with the per-share purchase price mirroring that of the initial tranche. The first tranche closed on August 13, 2024, while the second tranche's closure was contingent on stockholder approval, which was received during a special meeting on September 13, 2024.
The shares and warrant issued in the second tranche have not been registered under the Securities Act of 1933, as amended, and were offered in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act.
At the special meeting, approximately 54.17% of the outstanding shares were present in person or by proxy. The proposal to approve the equity issuance to One Planet Group was passed with 3,875,800 votes in favor, 461,541 against, and 2,975 abstentions.
This article is based on an SEC filing.
In other recent news, Inspirato Inc has been taking significant steps to address a recent 20% decrease in their second quarter revenue of 2024. CEO Payam Zamani has personally invested $10 million and guaranteed an additional $6.6 million for a lease termination agreement. In an effort to return to profitability, the company is executing cost-cutting initiatives, including a 15% reduction in staff, and the CEO taking a $1 salary.
The company has also expanded their luxury vacation offerings with the addition of two new high-end accommodations in Mexico and Spain.
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