Should you buy Altitude (ALTU) SPAC stock ahead of a merger?


Which company will Altitude SPAC merge with?

There are rumors that Altitude SPAC is in talks with Aerion, a Nevada-based aviation startup. Aerion is building a supersonic jet, the AS2, which will start production in 2023 and launch in 2027. The AS2 can fly at speeds of up to 1,000 miles per hour, which is about 70 percent faster than current corporate jets.

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In 2019, Aerion was Boeing’s partner in the AS2 supersonic business jet project. Boeing agreed to provide technical expertise, manufacturing and flight test resources for the jet. It has also made a significant financial investment in Aerion.

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Aerion seems to fit the description of Altitude’s ideal target. In SEC filings prior to SPAC’s initial public offering, Altitude announced that it was looking to invest in the travel industry. Although the segment has not been specified, it was aimed at investing in a company that serves other companies or connects directly with consumers.

A deal with Altitude could value the combined company at $ 3 billion. The startup would also receive more than $ 300 million in cash to advance its programs.

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Source: Koyfin

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