On October 5, 2022, Altitude Acquisition Corp. (the “Company”) entered into a non-redemption agreement (the “Non-Redemption Agreement”) with one of its existing stockholders (the “Non-Redeeming Stockholder”) holding an aggregate of 223,124 shares (the “Shares”) of Class A common stock, par value $0.0001, of the Company.
Pursuant to the Non-Redemption Agreement, the Non-Redeeming Stockholder agreed to (a) not redeem the Shares in connection with the vote to amend the Company’s amended and restated certificate of incorporation to extend the date by which the Company has to consummate an initial business combination from October 11, 2022 to April 11, 2023 (the “Extension” and such extended date, the “Extended Date”) and (b) vote all of its Shares in favor of the Extension.
In connection with the foregoing, Gary Teplis, the Chief Executive Officer of the Company, agreed to pay to the Non-Redeeming Stockholder $0.05 per Share per month through the Extended Date, in a single cash payment within 45 days from the date of the Non-Redemption Agreement.
Based on the redemption results ahead of the special meeting on October 6, 2022 and assuming the Extension is adopted, the Company expects over $15 million to remain in the trust account following the effectiveness of the Extension.
The foregoing description of the Non-Redemption Agreement does not purport to be complete and is qualified in its entirety by the terms and conditions of the form of Non-Redemption Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated by reference herein.
Additional Information and Where to Find It
The Company filed a definitive proxy statement (the “Extension Proxy Statement”) with the Securities and Exchange Commission (“SEC”) on September 16, 2022. The Extension Proxy Statement will be used in connection with the stockholder meeting to approve the Extension. The Company 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 the Company are advised to read the Extension Proxy Statement and any amendments thereto, because these documents will contain important information about the Extension and the Company. Stockholders will also be able to obtain copies of the Extension Proxy Statement, without charge, at the SEC’s website at www.sec.gov or by directing a request to: Altitude Acquisition Corp., 400 Perimeter Center Terrace Suite 151, Atlanta, GA 30346.