Healthcare-focused SPAC Altamont Pharma Acquisition withdraws $100 million IPO

Altamont Pharma Acquisition, a blank check company targeting the biopharma and medical technology sectors, withdrew its plans for an initial public offering on Wednesday. The company filed in March 2021 to raise $100 million by offering 10 million units at $10, with each unit consisting of one share of common stock and one warrant to purchase one-half of a share.

Sponsored by an affiliate of Altamont Pharmaceutical Holdings (Altamont Pharma) and JDH Investment Management, the company was set to be led by CEO and Chairman Mark Pearson, the founder and CEO of Altamont Pharma. The company planned to target businesses in North America and Europe that are developing assets in the biopharma and medical technology sectors.

The Austin, TX-based company was founded in 2021 and planned to list on the Nasdaq under the symbol ALTPU. Chardan Capital Markets was set to be the sole bookrunner on the deal.