Altitude Acquisition Corp. Announces Closing of $300 Million Initial Public Offering

Rhea-AI Summary

Altitude Acquisition Corp. (Nasdaq: ALTUU) has successfully closed its initial public offering (IPO), raising $300 million by offering 30 million units priced at $10.00 each. The offering included 3.9 million units from an over-allotment option exercised by underwriters. Each unit consists of one Class A common stock share and one-half of a redeemable warrant, which can be exercised at $11.50. The company aims to focus on travel and travel-related businesses with an enterprise value exceeding $1 billion. Funds raised are placed in trust pending business combination efforts.

Positive

• Raised $300 million from its IPO, strengthening financial position.
• Focus on travel-related businesses could tap into strong market demand.

Negative

• No assurance of successful business combination despite raised funds.

ATLANTA, Dec. 11, 2020 (GLOBE NEWSWIRE) -- Altitude Acquisition Corp. (Nasdaq: ALTUU) (the “Company”) today announced that it closed its initial public offering of 30,000,000 units, including 3,900,000 units issued pursuant to the exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $300,000,000.

The units are listed on the Nasdaq Capital Market (“Nasdaq”) and commenced trading under the ticker symbol “ALTUU” on December 9, 2020. Each unit consists of one share of Class A common stock and one-half of one redeemable warrant, with each whole warrant exercisable to purchase one share of Class A common stock at a price of $11.50 per share. Only whole warrants will be exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and warrants are expected to be listed on Nasdaq under the symbols “ALTU” and “ALTUW,” respectively.

Altitude Acquisition Corp. is a blank-check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. The Company intends to focus on travel, travel technology and travel-related businesses with an enterprise value of $1 billion or more with either business-to-business (“B2B”) or business-to-consumer (“B2C”) focuses, that have compelling growth opportunities with strong underlying demand drivers.

Cantor Fitzgerald & Co. acted as the sole book-runner and Odeon Capital Group, LLC as the lead manager of the offering.

Of the proceeds received from the consummation of the initial public offering and a simultaneous private placement of warrants, $300,000,000 (or $10.00 per unit sold in the public offering) was placed in trust. An audited balance sheet of the Company as of December 11, 2020 reflecting receipt of the proceeds upon consummation of the initial public offering and the private placement will be included as an exhibit to a Current Report on Form 8-K to be filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).

The offering was made only by means of a prospectus. When available, copies of the prospectus relating to this offering may be obtained from Cantor Fitzgerald & Co., Attention: Capital Markets, 499 Park Avenue, 5th Floor, New York, NY 10022 or emailing a request to prospectus@cantor.com.

A registration statement relating to these securities was declared effective by the SEC on December 8, 2020. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking-Statements
This press release contains statements that constitute “forward-looking statements,” including with respect to the initial public offering and search for an initial business combination. No assurance can be given that the proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus for the initial public offering filed with the SEC. Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Contact
Cody Slach
Gateway
ALTU@gatewayir.com  
949-574-3860

 

FAQ

What was the purpose of Altitude Acquisition Corp.'s IPO on December 11, 2020?

The purpose of the IPO was to raise funds for the company to pursue a merger or business combination with travel-related businesses.

How much money did Altitude Acquisition Corp. raise from the IPO?

Altitude Acquisition Corp. raised $300 million from its IPO.

What does each unit in Altitude Acquisition Corp.'s IPO consist of?

Each unit consists of one share of Class A common stock and one-half of a redeemable warrant.

What is the exercise price for the warrants issued by Altitude Acquisition Corp.?

The exercise price for the warrants is $11.50 per share.

When did Altitude Acquisition Corp. start trading on the Nasdaq?

Altitude Acquisition Corp. commenced trading on Nasdaq on December 9, 2020.