Altitude Acquisition Corp. Announces Intention to Merge with a Leading Global Medical
Device Manufacturer
Atlanta, GA October 4, 2022 Altitude Acquisition Corp. (Altitude) (NASDAQ:ALTU) a publicly traded special
purpose acquisition company, has entered into negotiations to merge with a leading global medical device manufacturer in a deal that pegs the enterprise value of the company at approximately $480 million. The proposed transaction calls for
the combined company to have at least $20 million in net cash at time of closing.
The target, a leader in its medical device field with a product
that is commercially available and approved for use in over 30 countries, seeks additional expansion in the U.S., globally and in new jurisdictions around the world. Altitude anticipates entering into a letter of intent on or around
October 31st and a definitive merger agreement as soon as practicable thereafter.
We believe the target is a market leader in its field and a
business combination would represent a tremendous opportunity for us and our shareholders. said Gary Teplis, President and Chief Executive Officer of Altitude.
I would also like to remind our stockholders that Altitude is seeking stockholder approval of an extension of time to complete our initial business
combination, from October 11, 2022, to April 11, 2023 (the Extension), continued Teplis. This Extension will give us time to progress towards a business combination with the target. If you are a stockholder of
record as of September 8, 2022, the record date for the stockholder meeting, I urge you to vote in favor of the Extension.
Stockholders who
wish to withdraw their previously submitted redemption request may do so prior to the stockholder meeting by requesting that our transfer agent return such shares. You may make such request by contacting our transfer agent, Continental Stock
Transfer & Trust Company, at 1 State Street, 30th Floor, New York, New York 10004, Attn: Mark Zimkind (e-mail:mzimkind@continentalstock.com).
You are encouraged to submit your vote for the Extension as soon as possible to ensure it is represented at the stockholder meeting. Please note that if your
shares are held at a brokerage firm or bank, your broker will not vote your shares for you. You must instruct your bank or broker to cast the vote. For assistance with voting your shares please contact Morrow Sodali LLC, toll free at 1-800-662-5200, collect at
1-203-658-9400 or by email to ALTU.info@investor.morrowsodali.com.
Completion of a business combination with the Target is subject to, among other matters, the completion of due diligence, the negotiation of a definitive
agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by our stockholders. There can be no assurance that a definitive agreement will be entered into or that the proposed
transaction will be consummated.
About Altitude Acquisition Corp.
Altitude Acquisition Corp. (Nasdaq: ALTUU, ALTU, ALTUW) is blank check company newly incorporated as a Delaware corporation for the purpose of effecting a
merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses or entities.
Additional Information and Where to Find It
Altitude has
filed a definitive proxy statement (the Extension Proxy Statement) to be used to approve the Extension. Altitude has mailed the Extension Proxy Statement to its stockholders of record as of September 8, 2022 in connection with the
Extension. Investors and security holders of Altitude are advised to read the Extension Proxy Statement and any amendments thereto, because these documents will contain important information about the Extension and Altitude. Stockholders will also
be able to obtain copies of the Extension Proxy Statement, without charge, at the SECs website at www.sec.gov or by directing a request to: Altitude Acquisition Corp., 400 Perimeter Center Terrace Suite 151, Atlanta, GA 30346.
Participants in the Solicitation
Altitude and its
directors and executive officers may be considered participants in the solicitation of proxies with respect to the Extension under the rules of the SEC. Information about the directors and executive officers of Altitude and a description of their
interests in Altitude and the Extension are set forth in Altitudes Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on Mach 29, 2022 (the
Annual Report) and the definitive Extension Proxy Statement, which was filed with the SEC on September 9, 2022. These documents can be obtained free of charge from the sources indicated above.
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