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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Altitude Acquisition Corporation | NASDAQ:ALTU | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.12 | 10.12 | 10.20 | 0 | 01:00:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Delaware |
85-2533565 | |
(State or Other Jurisdiction of Incorporation or Organization) |
(I.R.S. Employer Identification No.) | |
400 Perimeter Center Terrace Suite 151 Atlanta, Georgia |
30346 | |
(Address of Principal Executive Offices) |
(Zip Code) |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant |
ALTUU |
The Nasdaq Stock Market LLC | ||
Class A common stock, par value $0.0001 per share |
ALTU |
The Nasdaq Stock Market LLC | ||
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share |
ALTUW |
The Nasdaq Stock Market LLC |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer |
☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☒ |
March 31, 2022 |
December 31, 2021 |
|||||||
(Unaudited) |
||||||||
Assets: |
||||||||
Current Assets |
||||||||
Cash |
$ | 22,971 | $ | 43,054 | ||||
Prepaid expenses |
145,233 | 187,288 | ||||||
|
|
|
|
|||||
Total current assets |
168,204 | 230,342 | ||||||
Investments held in Trust Account |
300,034,396 | 300,026,796 | ||||||
|
|
|
|
|||||
Total assets |
$ | 300,202,600 | $ | 300,257,138 | ||||
|
|
|
|
|||||
Liabilities, Class A common stock subject to possible redemption and Stockholders’ Deficit: |
||||||||
Current Liabilities |
||||||||
Accounts payable |
$ | 150,862 | $ | 174,803 | ||||
Advances from Sponsor |
450,000 | 100,000 | ||||||
Due to related party |
152,089 | 122,089 | ||||||
|
|
|
|
|||||
Total current liabilities |
752,951 | 396,892 | ||||||
Warrant liability |
3,911,475 | 13,449,283 | ||||||
Deferred legal fee |
4,243,758 | 3,733,738 | ||||||
Deferred underwriting fee |
10,500,000 | 10,500,000 | ||||||
|
|
|
|
|||||
Total liabilities |
19,408,184 | 28,079,913 | ||||||
Commitments and Contingencies |
||||||||
Class A common stock subject to possible redemption, $0.0001 par value, 30,000,000 shares subject to possible redemption at redemption value of $10.00 per share at March 31, 2022 and December 31, 2021 |
300,000,000 | 300,000,000 | ||||||
Stockholders’ deficit: |
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued or outstanding at March 31, 2022 and December 31, 2021 |
— | — | ||||||
Class A common stock, $0.0001 par value, 280,000,000 shares authorized; no non-redeemable shares issued or outstanding at March 31, 2022 and December 31, 2021 |
— | — | ||||||
Class B common stock, $0.0001 par value, 20,000,000 shares authorized, 7,500,000 shares issued and outstanding at March 31, 2022 and December 31, 2021 |
750 | 750 | ||||||
Additional paid-in capital |
— | — | ||||||
Accumulated deficit |
(19,206,334 | ) | (27,823,525 | ) | ||||
|
|
|
|
|||||
Total stockholders’ deficit |
(19,205,584 | ) | (27,822,775 | ) | ||||
|
|
|
|
|||||
Total liabilities, Class A common stock subject to possible redemption and stockholders’ deficit |
$ | 300,202,600 | $ | 300,257,138 | ||||
|
|
|
|
For the three months ended March 31, 2022 |
For the three months ended March 31, 2022 |
|||||||
Formation and operating costs |
$ | 928,218 | $ | 466,358 | ||||
|
|
|
|
|||||
Loss from operations |
(928,218 | ) | (466,358 | ) | ||||
Other income (loss) |
||||||||
Interest income |
1 | 12 | ||||||
Interest income earned on Trust |
7,600 | 6,247 | ||||||
Unrealized gain (loss) on change in fair value of warrants |
9,537,808 | (5,996,188 | ) | |||||
|
|
|
|
|||||
Total other income (loss) |
9,545,409 | (5,989,929 | ) | |||||
|
|
|
|
|||||
Net income (loss) |
$ | 8,617,191 | $ | (6,456,287 | ) | |||
|
|
|
|
|||||
Basic and diluted weighted average shares outstanding, Class A common stock |
30,000,000 | 30,000,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per share, Class A common stock |
$ | 0.23 | $ | (0.17 | ) | |||
|
|
|
|
|||||
Basic and diluted weighted average shares outstanding, Class B common stock |
7,500,000 | 7,500,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income (loss) per share, Class B common stock |
$ | 0.23 | $ | (0.17 | ) | |||
|
|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance as of December 31, 2021 |
— |
$ |
— |
7,500,000 |
$ |
750 |
$ |
— |
$ |
(27,823,525 |
) |
$ |
(27,822,775 |
) | ||||||||||||||
Net income |
— | — | — | — | — | 8,617,191 | 8,617,191 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2022 (unaudited) |
— |
$ |
— |
7,500,000 |
$ |
750 |
$ |
— |
$ |
(19,206,334 |
) |
$ |
(19,205,584 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
Class B Common Stock |
Additional Paid-in Capital |
Accumulated Deficit |
Total Stockholders’ Deficit |
||||||||||||||||||||||||
Shares |
Amount |
Shares |
Amount |
|||||||||||||||||||||||||
Balance as of December 31, 2020 |
— |
— |
7,500,000 |
750 |
— |
(43,049,354 |
) |
(43,048,604 |
) | |||||||||||||||||||
Net loss |
— | — | — | — | — | (6,456,287 | ) | (6,456,287 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2021 (unaudited) |
— |
$ |
— |
7,500,000 |
$ |
750 |
$ |
— |
$ |
(49,505,641 |
) |
$ |
(49,504,891 |
) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the three months ended March 31, 2022 |
For the three months ended March 31, 2021 |
|||||||
Cash Flows from Operating Activities: |
||||||||
Net income (loss) |
$ | 8,617,191 | $ | (6,456,287 | ) | |||
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
||||||||
Interest income earned on Trust |
(7,600 | ) | (6,247 | ) | ||||
Unrealized (gain)/loss on change in fair value of warrants |
(9,537,808 | ) | 5,996,188 | |||||
Changes in current assets and current liabilities: |
||||||||
Prepaid expenses |
42,055 | 99,151 | ||||||
Due to related party |
30,000 | 29,204 | ||||||
Deferred legal fee |
510,020 | — | ||||||
Advances from Sponsor |
350,000 | — | ||||||
Accounts payable and accrued expenses |
(23,941 | ) | (12,943 | ) | ||||
|
|
|
|
|||||
Net cash used in operating activities |
(20,083 | ) | (350,934 | ) | ||||
|
|
|
|
|||||
Net Change in Cash |
(20,083 | ) | (350,934 | ) | ||||
Cash-Beginning |
43,054 | 764,329 | ||||||
|
|
|
|
|||||
Cash-Ending |
$ | 22,971 | $ | 413,395 | ||||
|
|
|
|
For the three months ended March 31, 2022 |
For the three months ended March 31, 2021 |
|||||||||||||||
Class A |
Class B |
Class A |
Class B |
|||||||||||||
Basic and diluted net income (loss) per share: |
||||||||||||||||
Numerator: |
||||||||||||||||
Allocation of net income (loss) |
$ | 6,893,753 | $ | 1,723,438 | $ | (5,165,030 | ) | $ | (1,291,257 | ) | ||||||
Denominator: |
||||||||||||||||
Weighted-average shares outstanding |
30,000,000 | 7,500,000 | 30,000,000 | 7,500,000 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net income (loss) per share |
$ | 0.23 | $ | 3 | $ | (0.17 | ) | $ | (0.17 | ) | ||||||
|
|
|
|
|
|
|
|
• | “Level 1”, defined as observable inputs such as quoted prices (unadjusted) for identical instruments in active markets; |
• | “Level 2”, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable such as quoted prices for similar instruments in active markets or quoted prices for identical or similar instruments in markets that are not active; and |
• | “Level 3”, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions, such as valuations derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. |
Gross proceeds from IPO |
$ | 300,000,000 | ||
Less: |
||||
Proceeds allocated to Public Warrants |
(19,987,400 | ) | ||
Common stock issuance costs |
(15,968,970 | ) | ||
Plus: |
||||
Accretion of carrying value to redemption value |
35,956,370 | |||
|
|
|||
Class A common stock subject to possible redemption |
$ | 300,000,000 | ||
|
|
• | in whole and not in part; |
• | at a price of $0.01 per warrant; |
• | upon not less than 30 days’ prior written notice of redemption (the “30-day redemption period”) to each warrant holder; and |
• | if, and only if, the reported last sale price of the Class A common stock equals or exceeds $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within a 30-trading day period ending three business days before the Company send the notice of redemption to the warrant holders. |
March 31, 2022 |
Quoted Prices In Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Money Market Funds held in Trust Account |
$ | 300,034,396 | $ | 300,034,396 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 300,034,396 | $ | 300,034,396 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
||||||||||||||||
Warrant Liability - Public Warrants |
$ | 2,517,000 | $ | 2,517,000 | $ | — | $ | — | ||||||||
Warrant Liability - Private Placement Warrants |
$ | 1,394,475 | $ | — | $ | — | $ | 1,394,475 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 3,911,475 | $ | 2,517,000 | $ | — | $ | 1,394,475 | |||||||||
|
|
|
|
|
|
|
|
December 31, 2021 |
Quoted Prices In Active Markets (Level 1) |
Significant Other Observable Inputs (Level 2) |
Significant Other Unobservable Inputs (Level 3) |
|||||||||||||
Assets: |
||||||||||||||||
Money Market Funds held in Trust Account |
$ | 300,026,796 | $ | 300,026,796 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 300,026,796 | $ | 300,026,796 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities: |
||||||||||||||||
Warrant Liability - Public Warrants |
$ | 8,626,500 | $ | 8,626,500 | $ | — | $ | — | ||||||||
Warrant Liability - Private Placement Warrants |
$ | 4,822,783 | $ | — | $ | — | $ | 4,822,783 | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 13,449,283 | $ | 8,626,500 | $ | — | $ | 4,822,783 | |||||||||
|
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|
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|
|
|
Input |
March 31, 2022 |
|||
Expected term (years) |
5.13 | |||
Expected volatility |
3.2 | % | ||
Risk-free interest rate |
2.42 | % | ||
Fair value of the common stock price |
$ | 9.95 |
Input |
December 31, 2021 |
|||
Expected term (years) |
5.37 | |||
Expected volatility |
12.4 | % | ||
Risk-free interest rate |
1.29 | % | ||
Fair value of the common stock price |
$ | 9.90 |
Warrant Liability |
||||
Fair value as of December 31, 2021 |
$ | 4,822,783 | ||
Change in fair value |
(3,428,308 | ) | ||
|
|
|||
Fair value as of March 31, 2022 |
$ | 1,394,475 | ||
|
|
Warrant Liability |
||||
Fair value as of December 31, 2020 |
$ | 33,807,463 | ||
Transfer out of Level 3 to Level 1 |
(25,500,000 | ) | ||
Change in fair value |
5,996,188 | |||
|
|
|||
Fair value as of March 31, 2021 |
$ | 14,303,651 | ||
|
|
* | Filed herewith |
** | Furnished herewith |
ALTITUDE ACQUISITION CORP. | ||||||
Date : May 13, 2022 |
By: | /s/ Gary Teplis | ||||
Name: Gary Teplis | ||||||
Title: Chief Executive Officer | ||||||
(Principal Executive Officer) |
1 Year Altitude Acquisition Chart |
1 Month Altitude Acquisition Chart |
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