Altitude Acquisition Corp. Announces Pricing of $261 Million Initial Public Offering

Rhea-AI Summary

Altitude Acquisition Corp. has priced its initial public offering at $10.00 per unit, offering a total of 26,100,000 units on Nasdaq under the ticker symbol ALTUU. Each unit includes one share of Class A common stock and a half warrant, with whole warrants exercisable at $11.50 per share. The company targets travel-related businesses valued at over $1 billion. Cantor Fitzgerald is the sole book-runner, while Odeon Capital Group serves as the lead manager. The SEC has approved the registration statement for this offering, which will not constitute a sales offer until fully registered.

Positive

• Initial public offering priced at $10.00 per unit, indicating investor interest.
• Focus on high-value travel businesses with strong growth potential.
• Potential for additional units issuance through underwriters' overallotment option.

Negative

• No specific financial metrics provided, limiting the assessment of immediate financial health.
• Forward-looking statements carry inherent risks, with no guarantees of successful capital raising.

ATLANTA, Dec. 08, 2020 (GLOBE NEWSWIRE) -- Altitude Acquisition Corp. (the “Company”) today announced the pricing of its initial public offering of 26,100,000 units at a price of $10.00 per unit. The units will be listed on the Nasdaq Capital Market ( “Nasdaq”) and trade under the ticker symbol “ALTUU” beginning 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. is acting as the sole book-runner and Odeon Capital Group, LLC as the lead manager of the offering. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,915,000 units at the initial public offering price to cover over-allotments, if any.

The offering is being 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 U.S. Securities and Exchange Commission (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 offering discussed above will be completed on the terms described, or at all, or 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 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 is the price of Altitude Acquisition Corp's initial public offering?

The initial public offering is priced at $10.00 per unit.

When will Altitude Acquisition Corp start trading on Nasdaq?

Altitude Acquisition Corp. units will begin trading on Nasdaq on December 9, 2020.

What is the ticker symbol for Altitude Acquisition Corp?

The ticker symbol for Altitude Acquisition Corp is ALTUU.

What does each unit of Altitude Acquisition Corp consist of?

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

What type of businesses is Altitude Acquisition Corp targeting?

Altitude Acquisition Corp is targeting travel-related businesses with an enterprise value of $1 billion or more.