NextTrip recently completed the acquisition and integration of a scalable travel booking engine that, prior to the COVID-19 pandemic, had a 6 million + legacy customer data base and that generated over
- NextTrip’s strong strategic partnerships and proprietary technologies evidence its growth potential and the attractiveness of investment in the company. NextTrip has relationships with blue-chip travel organizations, as well as major industry suppliers for air, hotel and other travel and travel-related services.
- NextTrip management believes that the SPAC deal will be transformational for NextTrip, since, as a public company, it will provide NextTrip better access to additional capital on more favorable terms to fund strategic growth in terms of an expanded management team, as well as the ability to tap into adjacent markets and more efficiently scale existing operations. As a result, NextTrip anticipates that its cost of capital will be lowered and its ability to raise capital will be enhanced, thus augmenting growth and potentially enhancing overall returns for shareholders.
- Existing shareholders of NextTrip will exchange 100% of their equity holdings for equity in the SPAC in connection with the merger.
The transaction is expected to be completed in the second half of 2023, subject to regulatory and shareholder approvals and other customary closing conditions. As of the closing, the surviving entity, under the name
Following a period of strategic realignment, NextTrip's capital-raising initiatives are currently focused on driving the company's renewed growth agenda, exploring strategic M&A to drive revenue synergies through the expansion of product and travel consumer offerings, and continuing to invest in the development of innovative technologies to connect travel customers for discovery and booking domestic and international destinations.
Management Comments
Transaction Overview
The business combination provided for by the Merger Agreement, which has been approved by the Boards of Directors of both NextTrip and Genesis, is expected to close during the second half of 2023, subject to the approval of the shareholders of GGAA, regulatory approval and other customary closing conditions.
Additional information about the proposed transaction, including a copy of the Merger Agreement, this press release, and an investor presentation, will be provided in a Current Report on Form 8-K to be filed by Genesis with the
About
About NextTrip:
NextTrip is a technology-driven platform delivering innovative solutions for business and leisure travel. NextTrip Leisure provides individual and group travellers with vacations to the most popular and sought-after destinations in
ADDITIONAL INFORMATION AND WHERE TO FIND IT
For additional information on the proposed business combination and Merger Agreement, see Genesis’ Current Report on Form 8-K to be filed with the
FORWARD-LOOKING STATEMENTS
Certain statements in this press release may be considered "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "target," "believe," "expect," "will," "shall," "may," "anticipate," "estimate," "would," "positioned," "future," "forecast," "intend," "plan," "project" and other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. Examples of forward-looking statements include, among others, statements made in this press release regarding the proposed transactions contemplated by the Merger Agreement, integration plans, expected synergies and revenue opportunities, anticipated future financial and operating performance and results, including estimates for growth, the expected management and governance of the combined company and the expected timing of the business combination. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Genesis’ and NextTrip managements' current beliefs, expectations and assumptions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. Actual results and outcomes may differ materially from those indicated in the forward-looking statements. Therefore, you should not rely on any of these forward-looking statements. Important factors that could cause actual results and outcomes to differ materially from those indicated in the forward-looking statements include, among others, the following: (1) the occurrence of any event that could give rise to the termination of the Merger Agreement; (2) the outcome of any legal proceedings that may be instituted against Genesis, NextTrip, the combined company, or others following the announcement of the business combination and the Merger Agreement; (3) the inability to complete the business combination, including due to the failure to obtain approval of Genesis’ shareholders or to satisfy other conditions to closing in the Merger Agreement; (4) changes to the proposed structure of the business combination that may be required or appropriate as a result of applicable laws; (5) the ability to meet Nasdaq listing standards following the consummation of the business combination; (6) the risk that the business combination disrupts current plans and operations of NextTrip as a result of the announcement and consummation of the business combination; (7) the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of the combined company to grow and manage growth profitably, maintain relationships with third parties and partners and retain its management and key employees; (8) costs related to the business combination; (9) changes in applicable laws or regulations; (10) the possibility that NextTrip or the combined company may be adversely affected by other economic, business, regulatory, and/or competitive factors; (11) the availability of capital to support future operations and NextTrip’s estimates of expenses; (12) changes in the assumptions underlying NextTrip's expectations regarding its future business or business model; and (13) other risks and uncertainties that will be set forth in the proxy statement/prospectus to be filed by Genesis with the
A further list and description of risks and uncertainties can be found in Genesis’ periodic reports filed with the
No Offer or Solicitation
This press release shall not constitute a solicitation of a proxy, consent, or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, or an exemption therefrom.
Contacts
NextTrip
Tel: 954 734 8980
Email: bkerby@nexttrip.com
Tel: +41 78 607 99 01
Email: ep@genfunds.com
Source:
2023 GlobeNewswire, Inc., source