We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Name | Symbol | Market | Type |
---|---|---|---|
Altitude Acquisition Corporation | NASDAQ:ALTUU | NASDAQ | Trust |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.10 | 8.68 | 11.56 | 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 | ☒ |
Page
|
||||||
Item 1.
|
3 | |||||
3 | ||||||
4 | ||||||
5 | ||||||
6 | ||||||
7 | ||||||
Item 2.
|
19 | |||||
Item 3.
|
23 | |||||
Item 4.
|
23 | |||||
Item 1.
|
24 | |||||
Item 1A.
|
24 | |||||
Item 2.
|
24 | |||||
Item 3.
|
25 | |||||
Item 4.
|
25 | |||||
Item 5.
|
25 | |||||
Item 6.
|
25 | |||||
26 |
Item 1.
|
Financial Statements.
|
June 30, 2021
(Unaudited) |
December 31, 2020
|
|||||||
Assets:
|
||||||||
Current Assets
|
||||||||
Cash and cash equivalents
|
$ | 207,634 | $ | 764,329 | ||||
Prepaid expense
|
413,676 | 634,511 | ||||||
|
|
|
|
|||||
Total current assets
|
621,310 | 1,398,840 | ||||||
Investments held in Trust Account
|
300,013,157 | 300,000,082 | ||||||
|
|
|
|
|||||
Total assets
|
$ | 300,634,467 | $ | 301,398,922 | ||||
|
|
|
|
|||||
Liabilities and Stockholders’ Equity:
|
||||||||
Current Liabilities
|
||||||||
Accounts payable
|
$ | 146,619 | $ | 137,179 | ||||
Due to related party
|
62,090 | 2,885 | ||||||
|
|
|
|
|||||
Total current liabilities
|
208,709 | 140,064 | ||||||
Warrant liability
|
20,361,774 | 33,807,463 | ||||||
Deferred underwriting fee
|
10,500,000 | 10,500,000 | ||||||
|
|
|
|
|||||
Total liabilities
|
31,070,483 | 44,447,527 | ||||||
|
|
|
|
|||||
Commitments and Contingencies
|
||||||||
Class A common stock subject to possible redemption, 26,456,398 and 25,195,139 shares subject to possible redemption at redemption value at June 30, 2021 and December 31, 2020, respectively
|
264,563,980 | 251,951,390 | ||||||
Stockholders’ equity:
|
||||||||
Preferred stock, $0.0001 par value; 1,000,000 shares authorized; no shares issued and outstanding
|
— | — | ||||||
Class A common stock, $0.0001 par value, 280,000,000 shares authorized, 3,543,602 and 4,804,861 shares issued and outstanding (excluding 26,456,398 and 25,195,139 shares subject to possible redemption) at June 30, 2021 and December 31, 2020, respectively
|
354 | 481 | ||||||
Class B common stock, $0.0001 par value, 20,000,000 shares authorized, 7,500,000 and 7,500,000 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively
|
750 | 750 | ||||||
Additional paid-in capital
|
— | 12,116,008 | ||||||
Retained earnings (Accumulated deficit)
|
4,998,900 | (7,117,234 | ) | |||||
|
|
|
|
|||||
Total stockholders’ equity
|
5,000,004 | 5,000,005 | ||||||
|
|
|
|
|||||
Total liabilities and stockholders’ equity
|
$ | 300,634,467 | $ | 301,398,922 | ||||
|
|
|
|
For the
Three
Months
Ended June 30,
2021
|
For the
Six
Months
Ended June 30,
2021
|
|||||||
Formation and operating costs
|
$ | 379,837 | $ | 846,195 | ||||
|
|
|
|
|||||
Loss from operations
|
(379,837 | ) | (846,195 | ) | ||||
Other income
|
||||||||
Interest Income
|
8 | 20 | ||||||
Interest income earned on Trust
|
6,828 | 13,075 | ||||||
Unrealized gain on change in fair value of warrants
|
19,441,877 | 13,445,689 | ||||||
|
|
|
|
|||||
Total other income
|
19,448,713 | 13,458,784 | ||||||
|
|
|
|
|||||
Net income
|
$ | 19,068,876 | $ | 12,612,589 | ||||
|
|
|
|
|||||
Basic and diluted weighted average shares outstanding, Class A common stock
|
30,000,000 | 30,000,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class A common stock
|
$ | 0.00 | $ | 0.00 | ||||
|
|
|
|
|||||
Basic and diluted weighted average shares outstanding, common stock
|
7,500,000 | 7,500,000 | ||||||
|
|
|
|
|||||
Basic and diluted net income per share, Class B common stock
|
$ | 2.54 | $ | 1.68 | ||||
|
|
|
|
Class A
|
Class B
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Total
Stockholders’
Equity
|
||||||||||||||||||||||||
Common Stock
|
Common Stock
|
|||||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balance as of December 31, 2020
|
|
4,804,861
|
|
$
|
481
|
|
|
7,500,000
|
|
$
|
750
|
|
$
|
12,116,008
|
|
$
|
(7,117,234
|
)
|
$
|
5,000,005
|
|
|||||||
Change in value of Class A common stock subject to possible redemption
|
645,629 | 64 | — | — | 6,456,226 | — | 6,456,290 | |||||||||||||||||||||
Net loss
|
— | — | — | — | — | (6,456,287 | ) | (6,456,287 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of March 31, 2021 (unaudited)
|
|
5,450,490
|
|
$
|
545
|
|
|
7,500,000
|
|
$
|
750
|
|
$
|
18,572,234
|
|
$
|
(13,573,521
|
)
|
$
|
5,000,008
|
|
|||||||
Change in value of Class A common stock subject to possible redemption
|
(1,906,888 | ) | (191 | ) | — | — | (18,572,234 | ) | (496,455 | ) | (19,068,880 | ) | ||||||||||||||||
Net loss
|
— | — | — | — | — | 19,068,876 | 19,068,876 | |||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance as of June 30, 2021 (unaudited)
|
|
3,543,602
|
|
$
|
354
|
|
|
7,500,000
|
|
$
|
750
|
|
$
|
—
|
|
$
|
4,998,900 |
$
|
5,000,004
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Six Months Ended
June 30, 2021 |
||||
Cash Flows from Operating Activities:
|
||||
Net income
|
$ | 12,612,589 | ||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||
Interest earned on
investments
held in Trust Account
|
(13,075 | ) | ||
Unrealized gain on change in fair value of warrant liability
|
(13,445,689 | ) | ||
Changes in current assets and current liabilities:
|
||||
Prepaid assets
|
220,835 | |||
Due to related party
|
59,205 | |||
Accounts payable
|
9,440 | |||
|
|
|||
Net cash used in operating activities
|
(556,695 | ) | ||
Net Change in Cash
|
(556,695 | ) | ||
Cash—Beginning
|
764,329 | |||
|
|
|||
Cash—Ending
|
$ | 207,634 | ||
|
|
|||
Supplemental
Disclosure of Non-cash Financing Activities:
|
||||
Change in value of Class A common stock subject to possible redemption
|
$ | 12,612,590 | ||
|
|
|||
Reclassification of capital deficit
|
$ | 496,455 | ||
|
|
For the three months ended
June 30, 2021
|
For the six months ended
June 30, 2021
|
|||||||
Numerator: Net income allocable to Class A common stock
|
||||||||
Amortized Interest income on marketable securities held in trust
|
$ | 6,828 | $ | 13,075 | ||||
Less: interest available to be withdrawn for payment of taxes
|
(6,828 | ) | (13,075 | ) | ||||
|
|
|
|
|||||
Net income allocable to Class A common stock
|
$ | — | $ | — | ||||
Denominator: Weighted Average Redeemable Class A common stock
|
||||||||
Redeemable Class A Common Stock, Basic and Diluted
|
30,000,000 | 30,000,000 | ||||||
Basic and Diluted net income per share, Class A common stock
|
$ | 0.00 | $ | 0.00 | ||||
Non-Redeemable
Common Stock
|
||||||||
Numerator: Net Income minus Redeemable Net Earnings
|
||||||||
Net Income
|
$ | 19,068,876 | $ | 12,612,589 | ||||
Redeemable Net Earnings
|
(6,828 | ) | (13,075 | ) | ||||
|
|
|
|
|||||
Non-Redeemable
Net Income
|
$ | 19,062,048 | $ | 12,599,514 | ||||
Denominator: Weighted Average
Non-Redeemable
Common Stock
|
||||||||
Basic and diluted weighted average shares outstanding, common stock
|
7,500,000 | 7,500,000 | ||||||
Basic and diluted net income per share, Class B common stock
|
$ | 2.54 | $ | 1.68 |
• |
“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.
|
• |
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.
|
|
|
June 30,
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
|
$ | 300,013,157 | $ | 300,013,157 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 300,013,157 | $ | 300,013,157 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities:
|
||||||||||||||||
Warrant Liability – Public Warrants
|
$ | 12,715,500 | $ | 12,715,500 | $ | — | $ | — | ||||||||
Warrant Liability – Private Placement Warrants
|
|
$
|
7,646,274
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,646,274
|
|
|
|
|
|
|
|
|
|
|||||||||
$ | 20,361,774 | $ | 12,715,500 | $ | — | $ | 7,646,274 | |||||||||
|
|
|
|
|
|
|
|
|
|
December 31,
2020
|
|
|
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
|
$ | 300,000,082 | $ | 300,000,082 | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
$ | 300,000,082 | $ | 300,000,082 | $ | — | $ | — | |||||||||
|
|
|
|
|
|
|
|
|||||||||
Liabilities:
|
||||||||||||||||
Warrant Liability – Public Warrants
|
$ | 21,995,964 | $ | — | $ | — | $ | 21,995,964 | ||||||||
Warrant Liability – Private Placement Warrants
|
|
$
|
11,811,499
|
|
|
$
|
—
|
|
$
|
—
|
|
$
|
11,811,499
|
|
||
|
|
|
|
|
|
|
|
|||||||||
$ | 33,807,463 | $ | — | $ | — | $ | 33,807,463 | |||||||||
|
|
|
|
|
|
|
|
Input
|
June 30,
2021
|
|||
Expected term (years)
|
5.54 | |||
Expected volatility
|
15.50 | % | ||
Risk-free interest rate
|
0.96 | % | ||
Fair value of the common stock price
|
$ | 9.79 |
Input
|
December 31,
2020
|
|||
Expected term (years)
|
5.85 | |||
Expected volatility
|
24.2 | % | ||
Risk-free interest rate
|
0.48 | % | ||
Fair value of the common stock price
|
$ | 9.63 |
Warrant
Liability
|
||||
Fair value as of December 31, 2020
|
$ | 33,807,463 | ||
Transfer out of Level 3 to Level 1
|
(12,715,500 | ) | ||
Revaluation of warrant liability included in other income within the statement of operations for the six months ended June 30, 2021
|
(13,445,689 | ) | ||
|
|
|||
Fair value as of June 30, 2021
|
$ | 7,646,274 | ||
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
Item 4.
|
Controls and Procedures.
|
• |
We have implemented procedures intended to ensure that we identify and apply the applicable accounting guidance to all complex transactions.
|
• |
We are establishing additional monitoring and oversight controls designed to ensure the accuracy and completeness of our consolidated financial statements and related disclosures.
|
Item 1.
|
Legal Proceedings.
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 3.
|
Defaults Upon Senior Securities.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits.
|
* |
Filed herewith
|
** |
Furnished herewith
|
ALTITUDE ACQUISITION CORP.
|
||||||
Date: August 13, 2021 | By: |
/s/ Gary Teplis
|
||||
Name: Gary Teplis | ||||||
Title: Chief Executive Officer | ||||||
(Principal Executive Officer)
|
1 Year Altitude Acquisition Chart |
1 Month Altitude Acquisition Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions