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.
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...
FTAC Emerald (NASDAQ:EMLD) has entered into a definitive agreement to combine with crypto fintech firm Fold at an enterprise value of $381 million. Phoenix, Arizona-based Fold provides digital banking services backed by a treasury of Bitcoin that includes FDIC-secured checking accounts as well Bitcoin trading and awards. The combined company is expected to trade on...