SPSA.P SP Strategic Aquisition Corp

SP Strategic Acquisition Corp. (the “Company”) (TSXV: SPSA.P) is pleased to announce that it has completed an initial public offering (the “Offering”) in British Columbia, Alberta and Ontario of 5,000,000 common shares in the capital of the Company (“Common Shares”) at a price of $0.10 per Common Share for gross proceeds of $500,000 pursuant to an amended and restated final prospectus dated February 1, 2023 (the “Prospectus”).

The net proceeds of the Offering, together with the proceeds from prior sales of Common Shares will be used by the Company to identify and evaluate assets or businesses for acquisition with a view to completing a “Qualifying Transaction” under the capital pool company program of the TSX Venture Exchange (“TSXV”).

Eight Capital (the “Agent”) acted as agent for the Offering. In connection with the Offering, the Company granted to the Agent options to acquire up to an aggregate of 500,000 Common Shares at a price of $0.10 per Common Share for a period of 24 months from the date the Common Shares are listed on the TSXV. In connection with the Offering, the Agent also received a cash commission of $50,000, representing 10% of the aggregate gross proceeds of the Offering.

Following the completion of the Offering, the Company has 10,100,000 Common Shares issued and outstanding, 5,100,000 of which are subject to escrow restrictions as disclosed in the Prospectus. The TSXV accepted the Company’s listing application and the Common Shares were listed on the TSXV at the close of business on March 30, 2023. The Company’s Common Shares will commence trading on the TSXV at the opening of business today, under the symbol “SPSA.P”.

About the Company

The Company is a capital pool company (“CPC”) within the meaning of the policies of the TSXV that has not commenced commercial operations and has no assets other than cash. The current directors and officers of the Company are: Brian Kabot (Chief Executive Officer), Avi Epstein (Chief Operating Officer and a Director), Jeff Elburn (Chief Financial Officer and a Director), Lauren Yeager (Corporate Secretary), Samuel Morasca Jr. (Chairman of the Board), Ancelmo Lopes (Director), Danny Zoller (Director) and Eric Klein (Director). Except as specifically contemplated in the CPC policies of the TSXV, until the completion of its “Qualifying Transaction”, the Company will not carry on business, other than the identification and evaluation of companies, business or assets with a view to completing a proposed “Qualifying Transaction”.

For further information please see the Prospectus, available under the Company’s profile on SEDAR at www.sedar.com or contact Brian Kabot, Chief Executive Officer at bkabot@sterlingops.com.

On Behalf of the Board of Directors of SP Strategic Acquisition Corp.

Brian KabotChief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release includes forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements.