Altitude Acquisition Corp. Announces Letter of
Intent for a Business Combination with a
Leading Global Medical Device
Atlanta, GA December 9, 2022 – Altitude Acquisition Corp.
(“Altitude”) (NASDAQ:ALTU) a publicly traded special purpose
acquisition company (SPAC), today announced the signing of a
non-binding letter-of-intent (“LOI”) for a
business combination with a leading global medical device
manufacturer (the “Target”).
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. and globally.
Under the terms of the LOI, Altitude and the Target would be become
a combined entity, with the Target’s existing equity holders
rolling 100% of their equity into the combined public company. The
proposed transaction values the Target at an enterprise value of
$480 million and calls for the combined company to have at
least $30 million in net cash at the time of closing. Altitude
expects to announce additional details regarding the proposed
business combination when a definitive merger agreement is
executed, which is expected in the first quarter of 2023.
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 the board and stockholders of both
Altitude and the Target. There can be no assurance that a
definitive agreement will be entered into or that the proposed
transaction will be consummated on the terms or timeframe currently
contemplated, or at all.
About Altitude Acquisition Corp.
Altitude Acquisition Corp. (Nasdaq: ALTUU, ALTU, ALTUW) is a blank
check company 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
If a legally binding definitive agreement with respect to the
proposed business combination is executed, Altitude intends to file
with the U.S. Securities and Exchange Commission’s (the “SEC”) a
registration statement on Form S-4, which will include a preliminary
proxy statement/prospectus (a “Proxy Statement/Prospectus”). A
definitive Proxy Statement/Prospectus will be mailed to Altitude’s
stockholders as of a record date to be established for voting on
the proposed transaction. Stockholders will also be able to obtain
copies of the Proxy Statement/Prospectus, 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,
This communication may be deemed to be offering or solicitation
material in respect of the proposed transaction, which will be
submitted to the stockholders of Altitude for their consideration.
Altitude urges investors, stockholders and other interested persons
to carefully read, when available, the preliminary and definitive
Proxy Statement/Prospectus as well as other documents filed with
the SEC (including any amendments or supplements to the Proxy
Statement/Prospectus, as applicable), in each case, before making
any investment or voting decision with respect to the proposed
transaction, because these documents will contain important
information about Altitude, the Target and the proposed
Participants in the Solicitation
Altitude and its directors and executive officers may be considered
participants in the solicitation of proxies with respect to the
proposed transaction described herein 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 proposed
transaction are set forth in Altitude’s Annual Report on
Form 10-K for the
year ended December 31, 2021, which was filed with the SEC on
Mach 29, 2022 (as amended on August 23, 2022, the “Annual
Report”) and the Proxy Statement/Prospectus, when it is filed with
the SEC. These documents can be obtained free of charge from the
sources indicated above.