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Travel SPAC Altitude Acquisition II files for a $200 million IPO

February 16, 2021

Altitude Acquisition II, the second blank check company led by the CEO of Teplis Travel targeting the travel industry, filed on Friday with the SEC to raise up to $200 million in an initial public offering.

The Atlanta, GA-based company plans to raise $200 million by offering 20 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 II would command a market value of $250 million.

The company is led by CEO and Director Gary Teplis, who currently serves as CEO of travel management company Teplis Travel; Chairman Gavin Isaacs, the former CEO of Sci Games and current Director of DraftKings (DKNG); and Vice Chairman Thomas Breitling, who is the founder and CEO of Breitling Ventures and previously co-founded Altitude Acquisition II plans to target travel, travel technology, and travel-related businesses, with enterprise values of $1 billion or more and either business-to-business or business-to-consumer focuses.

Management's other SPACs include Altitude Acquisition III (ALTTU), which filed concurrently with Altitude Acquisition II, and Altitude Acquisition (ALTUU; +14% from $10 offer price), which raised $261 million in December 2020.

Altitude Acquisition II was founded in 2021 and plans to list on the Nasdaq under the symbol ALTEU. Cantor Fitzgerald is the sole bookrunner on the deal.