Altitude Acquisition in an 8-K said it entered into a non-redemption agreement with an existing stockholder holding 223,124 shares.
The stockholder agreed to not redeem shares in connection with the vote to extend Altitude’s merger deadline from Oct. 11 to April 11, while voting all shares in favor of the extension.
Altitude CEO Gary Teplis agreed to pay the stockholder 5 cents a share per month through the extended date, in a single cash payment.
Based on the redemption results ahead of the special meeting scheduled today — and assuming the extension is adopted — the SPAC expects over $15 million to remain in the trust account.
Altitude two days ago said it had entered into negotiations to merge with a global medical device manufacturer in a deal that pegs the enterprise value of the company at approximately $480 million. The proposed transaction calls for the combined company to have at least $20 million in net cash at closing. Read more.
