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Altitude Acquisition to Merge
Altitude Acquisition Corp. (NASDAQ:ALTU) saw its shares inch up Tuesday, on word the 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 CEO Gary Teplis
“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,” 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.”
ALTU shares increased a penny in price to $10.05.
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