Travel SPAC Altitude Acquisition lowers proposed deal size by 17% ahead of $250 million IPO

Altitude Acquisition, a blank check company targeting the travel industry, lowered the proposed deal size for its upcoming IPO on Tuesday.

The Atlanta, GA-based company now plans to raise $250 million by offering 25 million units at $10. The company had previously filed to offer 30 million units at the same price. Each unit now consists of one share of common stock and one-half of a warrant, exercisable at $11.50. Units previously contained one-third warrants. At the revised deal size, Altitude Acquisition will raise -17% less in proceeds than previously anticipated.

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