Altitude Acquisition Corp. Announces Non-Redemption Agreements

ATLANTA, June 08, 2022 (GLOBE NEWSWIRE) -- Altitude Acquisition Corp. (“ALTUU”)(Nasdaq: ALTUU, ALTU, ALTUW), announced today that it entered into non-redemption agreements with certain shareholders who support the proposal to extend the time ALTUU has to complete its initial business combination from June 11, 2022 to October 11, 2022 (“Extension”). Shareholders holding a total of 1,250,000 shares of Class A common stock, representing $12,500,000 of ALTUU’s trust account, agreed not to redeem their shares in connection with the Extension and to vote in favor of the Extension and ALTUU’s initial business combination, in exchange for a cash payment of $0.033 per share per month for the four-month Extension. The cash payment will be made by ALTUU’s Chief Executive Officer, Gary Teplis. The non-redemption agreements are intended to secure capital in ALTUU’s trust account so that ALTUU can continue to negotiate a potential business combination. Currently ALTUU is in active discussions for a potential business combination with a leading global travel technology business and intends to announce a definitive agreement for the transaction in the coming weeks. No assurances can be made that ALTUU will successfully negotiate and enter into a definitive agreement, or that the proposed transaction will be consummated.