New CEO Focused on Profitable Growth, Remains Committed to Delivering Exceptional Service and World Class Experiences for its Members Implementing Immediate Efficiencies to Reduce Annualized Costs by Approximately $25 Million DENVER, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Inspirato Incorporated ("Inspirato" or the "Company") (NASDAQ:ISPO), the innovative luxury travel club, today announced it has entered into a definitive investment agreement with One Planet Group LLC ("One Planet Group") on a comprehensive transaction ("the Transaction") that includes $10 million of equity financing in exchange for approximately 2.9 million new shares of Inspirato Class A Common Stock and an equivalent number of warrants.   "I'm incredibly excited for what this transaction does for the future of Inspirato and our members," said President, David Kallery. "Over the last several quarters, we've worked tirelessly with our members top of mind to improve our product offerings and optimize our portfolio. While the decision to reduce our workforce was not easy, I'm grateful for the hard work and dedication of the entire team and am confident that under Payam Zamani's leadership, Inspirato will continue to provide a world-class travel experience to its members for years to come."  Upon closing, One Planet Group will name three new Directors to the Inspirato Board of Directors, including Mr. Zamani as Chairman. The size of the Company's Board is expected to remain at seven Directors. The Company also plans to implement initiatives expected to reduce costs by approximately $25 million on an annualized basis. This includes a reduction in workforce of 15% and the termination of previously impaired, poorly performing leases.  CEO and Chairman, Payam Zamani, commented, "This transaction, not only strengthens Inspirato's liquidity and improves the Company's capital structure with a large, supportive shareholder, but it injects our boardroom with a fresh perspective. I look forward to working with the team, meeting our members and taking Inspirato to new heights in a more sustainable and profitable manner."  The purchase price for each share and warrant in the transaction is $3.43. The first tranche of the transaction will close August 13, 2024 for consideration of approximately $4.6 million; the second tranche is expected to close in September 2024, subject to shareholder approval, for consideration of approximately $5.4 million. Following the second closing, One Planet Group will have an option to invest an additional $2.5 million on the same terms. About Inspirato  Inspirato (NASDAQ: