Exhibit 99.1
Altitude Acquisition Corp. Announces Letter of Intent for a Business Combination with a
Leading Global Medical Device Manufacturer
Atlanta, GA December 9, 2022 Altitude Acquisition Corp. (Altitude) (NASDAQ:ALTU) a publicly traded special purpose acquisition company
(SPAC), today announced the signing of a non-binding letter-of-intent (LOI) for a business combination with a leading
global medical device manufacturer (the Target).
The Target, a leader in its medical device field with a product that is commercially
available and approved for use in over 30 countries, seeks additional expansion in the U.S. and globally.
Under the terms of the LOI, Altitude and the
Target would be become a combined entity, with the Targets existing equity holders rolling 100% of their equity into the combined public company. The proposed transaction values the Target at an enterprise value of $480 million and calls
for the combined company to have at least $30 million in net cash at the time of closing. Altitude expects to announce additional details regarding the proposed business combination when a definitive merger agreement is executed, which is
expected in the first quarter of 2023.
Completion of a business combination with the Target is subject to, among other matters, the completion of due
diligence, the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein and approval of the transaction by the board and stockholders of both Altitude and the Target. There can be no
assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated on the terms or timeframe currently contemplated, or at all.
About Altitude Acquisition Corp.
Altitude Acquisition
Corp. (Nasdaq: ALTUU, ALTU, ALTUW) is a blank check company incorporated as a Delaware corporation for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with
one or more businesses or entities.
Additional Information and Where to Find It
If a legally binding definitive agreement with respect to the proposed business combination is executed, Altitude intends to file with the U.S. Securities and
Exchange Commissions (the SEC) a registration statement on Form S-4, which will include a preliminary proxy statement/prospectus (a Proxy Statement/Prospectus). A definitive Proxy
Statement/Prospectus will be mailed to Altitudes stockholders as of a record date to be established for voting on the proposed transaction. Stockholders will also be able to obtain copies of the Proxy Statement/Prospectus, without charge, at
the SECs website at www.sec.gov or by directing a request to: Altitude Acquisition Corp., 400 Perimeter Center Terrace Suite 151, Atlanta, GA 30346.
This communication may be deemed to be offering or solicitation material in respect of the proposed transaction, which will be submitted to the stockholders
of Altitude for their consideration. Altitude urges investors, stockholders and other interested persons to carefully read, when available, the preliminary and definitive Proxy Statement/Prospectus as well as other documents filed with the SEC
(including any amendments or supplements to the Proxy Statement/Prospectus, as applicable), in each case, before making any investment or voting decision with respect to the proposed transaction, because these documents will contain important
information about Altitude, the Target and the proposed transaction.
Participants in the Solicitation
Altitude and its directors and executive officers may be considered participants in the solicitation of proxies with respect to the proposed transaction
described herein under the rules of the SEC. Information about the directors and executive officers of Altitude and a description of their interests in Altitude and the proposed transaction are set forth in Altitudes Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on Mach 29, 2022 (as amended on August 23, 2022, the Annual Report) and the Proxy Statement/Prospectus,
when it is filed with the SEC. These documents can be obtained free of charge from the sources indicated above.