Travel SPAC Altitude Acquisition III files for a $350 million IPO

Altitude Acquisition III, the third blank check company led by the CEO of Teplis Travel targeting the travel industry, filed on Friday with the SEC to raise up to $350 million in an initial public offering.

The Atlanta, GA-based company plans to raise $350 million by offering 35 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 $438 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 Travelscape.com. 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 II (ALTEU), which filed concurrently with Altitude Acquisition III, and Altitude Acquisition (ALTUU; +14% from $10 offer price), which raised $261 million in December 2020.

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