I've this url:

world wide web.company1.com/level1/level2

I'd to rewrite Hyperlink to www.company1.com/level2

Is it feasible with URL-Spinning in Apache?

This rule must do it:

RewriteRule ^[^/]+/(.*) /$1 [L,R=301]

Should you not desire to use that rule within the .htaccess file within the document root directory however in the server or virtual host configuration, precede the pattern having a /:

RewriteRule ^/[^/]+/(.*) /$1 [L,R=301]