Abu Hanifah
Taxi fleet operator WHC Worldwide, which does business as zTrip, is planning to go public through a merger with SPAC Spree Acquisition Corp. 1 (NYSE:SHAP) that values the company at a pre-merger equity valuation of $251M.
The deal is expected to close during the first half of 2023 and generate gross proceeds of at least $50M. Shares of the combined company will trade on NYSE under the symbol ZTRP. The combined company will be called WHC Worldwide, but do business as zTrip.
Established in 2018, zTrip bills itself as the largest taxi fleet operator in the US, operating in 26 cities. The company also offers services such as shuttle buses for airports, schools, hospital networks, businesses and local transportation authorities. Ztrip aims to build a taxi-based transportation network that can compete against app-based mobility providers such as Lyft and Uber.
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