Earning (loss) Per Share

9 Months Ended

Sep. 30, 2023

NOTE 4 - EARNING (LOSS) PER SHARE:

Basic

As of September 30, 2023, the Company had two classes of ordinary shares, Class A ordinary shares subject to possible redemption and non-redeemable Class A ordinary shares and Class B ordinary shares.

Earnings or losses are shared pro rata (excluding the interest earned on marketable securities held in trust account) between the two classes of ordinary shares, based on the weighted average number of shares issued outstanding for the period ended September 30, 2023. Then, the accretion to redemption value of the Class A ordinary shares subject to possible redemption is fully allocated to the Class A ordinary shares subject to redemption.

The calculation is as follows:

	Nine months ended September 30,						Three months ended September 30,
	2023			2022			2023			2022
	U.S. dollars in thousands (Except share data)						U.S. dollars in thousands (Except share data)

Net income (loss) for the period		3,985			(253	)		827			259
Less- interest earned on marketable securities held in trust account		(4,891	)		(1,204	)		(541	)		(959	)
Net loss (income) excluding interest		(906	)		(1,457	)		286			(700	)

Class A ordinary shares subject to possible redemption:
Numerator:
Net loss (income) excluding interest		(631	)		(1,123	)		119			(540	)
Accretion on Class A ordinary shares subject to possible redemption to redemption amount (“Accretion”)		5,291			1,204			841			959
		4,660			81			960			(419	)
Denominator:
Weighted average number of shares		13,671,275			20,000,000			4,236,788			20,000,000

Basic and diluted earnings per Class A ordinary share subject to possible redemption		0.34			0.00			0.23			0.02

Non-redeemable Class A and Class B ordinary shares:
Numerator:
Net loss (income) excluding interest		(275	)		(334	)		167			(160	)
Accretion		(400	)		-			(300	)		-
		(675	)		(334	)		(133	)		(160	)
Denominator:
Weighted average number of shares		5,945,715			5,945,715			5,945,715			5,945,715

Basic and diluted loss per non-redeemable Class A and Class B ordinary shares		(0.11	)		(0.06	)		(0.02	)		(0.03	)

Diluted

The Company had outstanding warrants to purchase up to 10,472,858 class A shares. The weighted average of such shares was excluded from diluted net loss per share calculation since the exercise of the warrants is contingent on the occurrence of future events. As of September 30, 2023, the Company did not have any dilutive securities or any other contracts which could, potentially, be exercised or converted into ordinary shares and then share in the earnings of the Company.

Spree Acquisition Corp. 1 Ltd 10-Q