Item 4 — Purpose of Transaction
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: (a) and (b) As previously disclosed, the Reporting Persons have delivered to the Issuer a demand, pursuant to Section 220 of the Delaware General Corporation Law, to inspect certain books and records of the Issuer (the "220 Demand") to allow the Reporting Persons to investigate the actions of the Issuer's senior management and board of directors pertaining to the Issuer's proposed merger with Buyerlink, Inc. (the "Proposed Merger") and the related transactions described in the Issuer's preliminary proxy statement filed on July 25, 2025. As of the date hereof, the 220 Demand is still pending, and the Reporting Persons have not yet received substantive responsive materials. On August 29, 2025, the Issuer filed a definitive proxy statement related to the Proposed Merger (the "Proxy Statement"). After a careful review of the Proxy Statement, the Reporting Persons remain skeptical of the value of this combination for existing stockholders of the Issuer. The ISPO brand stands for luxury travel experiences all around the world for its members. We do not see how a business such as Buyerlink that is in a highly competitive industry that is facing a transformation in search engine based advertising provides any benefits for ISPO stockholders. The Reporting Persons have also reviewed the public presentation of the Issuer's largest minority stockholder (the "Stockholder Presentation") and have significant concerns with the issues that were flagged in such Stockholder Presentation. In particular, based on a review of the Proxy Statement and the Stockholder Presentation, we have significant concerns regarding the process conducted by lnspirato and its board of directors in agreeing to the Proposed Merger with an entity wholly-owned by Payam Zamani and whether such process was conducted in an appropriate manner to obtain the highest value for all stockholders of lnspirato. Given the current facts as presented in the Proxy Statement, we intend to vote against the Proposed Merger. In stating our opposition to this deal publicly, we mean only to attempt to educate other lnspirato investors, including holders of the approximately 66% of outstanding shares as of the record date not subject to a voting agreement, in the hope that they will agree with our analysis and vote against this deal as currently structured.