Altitude Acquisition Corp. (NASDAQ:ALTU) announced this morning that it has postponed its special meeting to extend its timeline for an initial business combination.
The SPAC has 18 months to complete a business combination with a deadline of June 11, 2022 quickly approaching. The meeting, which was originally scheduled to occur at 12:00 p.m., Eastern time, on June 7, 2022, will now reconvene at 10:30 a.m., Eastern time, on June 10, 2022, in order to solicit additional proxies.
We’ve seen this situation before where the issue isn’t getting the extension approved, rather that not enough shareholders actually submit votes. Altitude’s vote threshold in order to secure an extension is the affirmative vote of 65% of the Company’s outstanding Class A common stock (the “public shares”) and Class B common stock (the “founder shares”, voting together as a single class.
Altitude is also extending the deadline for shareholders to exercise their right to redeem their shares, or to withdraw any previously delivered demand for redemption, to one day prior to the new extension meeting, 5:00 p.m., Eastern time, on June 9, 2022.
Altitude initially raised $261 million at IPO on December 8, 2020 and aims to combine with a travel technology business valued at a $1 billion or more connected to mobile solutions, fintech or the sharing economy. Altitude is led by CEO, President and Director Gary Teplis, CFO Farris Griggs and COO Kevin Schubert.
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