By Chris Wack
Altitude Acquisition Corp. said Friday it has signed a non-binding letter-of-intent for a concern operation with a starring planetary medical-device manufacturer.
The publically traded peculiar intent acquisition institution said the people institution has a merchandise that is commercially disposable and approved for usage successful much than 30 countries, and is seeking to grow successful the U.S. and globally.
Under the presumption of the letter, Altitude and the people would beryllium go a combined entity, with the target's existing equity holders rolling 100% of their equity into the combined nationalist company.
The projected transaction values the people institution astatine an endeavor worth of $480 cardinal and calls for the combined institution to person astatine slightest $30 cardinal successful nett currency astatine the clip of closing.
Altitude said it volition denote further details regarding the projected concern operation erstwhile a definitive merger statement is executed, which is expected successful the archetypal 4th of 2023.
Write to Chris Wack astatine chris.wack@wsj.com
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