10:18 AM EDT, 08/13/2024 (MT Newswires) -- Inspirato ( ISPO ) said Tuesday it has signed an investment agreement with One Planet Group to exchange roughly 2.9 million of Inspirato's ( ISPO ) new class A common shares and an equal number of warrants for $10 million of equity funding from One Planet.

Inspirato ( ISPO ) said it also appointed One Planet's founder Payam Zamani as chairman and chief executive.

Each share and warrant's purchase price is $3.43. The first tranche of the equity financing will close Aug. 13 for consideration of roughly $4.6 million, while the second tranche is anticipated to close next month for consideration of about $5.4 million, the company said.

One Planet can invest an additional $2.5 million on the same terms after the second closing, Inspirato ( ISPO ) added.

Inspirato ( ISPO ) said it plans to reduce costs by about $25 million annually, cut its workforce by 15% and end its previously impaired leases.

Shares of Inspirato ( ISPO ) were up 2.5% in recent Tuesday trading.

Price: 3.52, Change: +0.09, Percent Change: +2.48