Altitude Acquisition Corp. (NASDAQ:ALTU) announced this afternoon that it has entered into a non-redemption agreement alongside certain shareholders who supported the recent proposal to extend the time ALTU has to complete its initial business combination.
As background, Altitude announced last week that it had 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.
Shareholders holding a total of 1,250,000 shares of Class A common stock, representing $12,500,000 of ALTUU’s trust account, agreed not to redeem their shares in connection with the extension and to vote in favor of the extension as well as the initial business combination, in exchange for a cash payment of $0.033 per share per month for the four-month extension. The cash payment will be made by ALTUU’s Chief Executive Officer, Gary Teplis.
The non-redemption agreements are intended to secure capital in ALTUU’s trust account so that the SPAC can continue to negotiate a potential business combination. Although Altitude has yet to make a deal announcement, it disclosed that it is currently in active discussions for a potential merger with a leading global travel technology business and intends to announce a definitive agreement in the coming weeks.
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.
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...
With the passage this weekend of $95 billion in funding for Ukraine, Israel and Taiwan by the House of Representatives, some focus has gone back towards the defense sector, which has generally had a good year as a whole. But, SPACs have not been as active in defense, despite the fact that companies in the...
At the SPAC of Dawn As April’s sleepy month for SPAC news continues, there is only one special meeting on the docket to consider a SPAC deal approval, that being today’s vote on Pegasus Digital Mobility‘s (NYSE:PGSS) combination with equipment manufacturer Schmid. Three more SPACs are facing extension votes this week, including Pyrophyte (NYSE:PHYT), whose...
Terms Tracker for the Week Ending April 19, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. Passover and school spring break starts next week, which most likely means a slowdown in SPAC filing activity. Although Churchill IX is now rumored to...