Altitude Acquisition announced that it will redeem all outstanding shares of Class A stock because the company will not complete a deal by deadline. The announcement comes less than two weeks after the SPAC announced a $70 million deal with Vesicor, an early-stage biopharmaceutical company focused on the development of microvesicle-based therapeutics.
Altitude also said it will not proceed with an appeal before a Nasdaq hearings panel on the pending delisting of shares from the exchange. The SPAC is in violation of a listing rule requiring blank-check firms to complete a deal within 36 months of their IPO registration.
The estimated per-share redemption price will be approximately $10.1577. Altitude has about $10.3 million in trust. Read more.
