Travel SPAC Altitude Acquisition files for a $300 million IPO

Altitude Acquisition, a blank check company targeting the travel industry, filed on Friday with the SEC to raise up to $300 million in an initial public offering.

The Atlanta, GA-based company plans to raise $300 million by offering 30 million units at $10. Each unit consists of one share of common stock and one-third of a warrant, exercisable at $11.50. At the proposed deal size, Altitude Acquisition would command a market value of $375 million.

The company is led by CEO Gary Teplis, 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. The company plans to target travel, travel technology and travel-related businesses with either business-to-business or business-to-consumer focuses.

Altitude Acquisitions was founded in 2020 and plans to list on the Nasdaq under the symbol ALTUU. Cantor Fitzgerald is the sole bookrunner on the deal.