Altitude Acquisition, a blank check company targeting the travel industry, raised $261 million by offering 26.1 million units at $10. The company offered 1.1 million more units than anticipated, but had previously downsized the proposed offering from 30 million units earlier this month. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50.
The company is led by CEO and Director Gary Teplis, who currently serves as CEO of corporate travel agency Teplis Travel. Chairman Gavin Isaacs previously served as CEO of Scientific Games and SHFL Entertainment, and currently serves on the boards of several companies, including DraftKings (DKNG), which went public via SPAC merger in April 2020. Altitude Acquisition plans to target travel, travel technology and travel-related businesses with either business-to-business or business-to-consumer focuses.
Altitude Acquisition plans to list on the Nasdaq under the symbol ALTUU. Cantor Fitzgerald acted as a lead manager on the deal.
