ALTU Taking Boeing-Backed Aerion Public. New SPAC to watch out for!

ALTU Aerion SPAC

Aerion which designs supersonic planes, is in talks to go public through a merger with Altitude Acquisition Corp. according to people with knowledge of the matter.

The companies are discussing a deal that would value the combined firm at up to $3 billion, said the people, who asked to not be identified because the matter isn’t public. A deal could be announced as soon as this month, the people said.

The talks could still fall apart and end without an agreement, they said.

Altitude Acquisition (Ticker: ALTU) has already started rising in price after this news broke out.

A spokesperson for Aerion, based in Reno, Nevada, declined to comment. A representative for Altitude Acquisition didn’t immediately respond to a request for comment.

Aviation giant Boeing Co. announced a partnership with Aerion in 2019, along with a significant investment in the company, according to a statement at the time. Aerion had planned to finalize the design of its first supersonic business jet model last year, according to its website. Manufacture of the AS2 will start in 2023 with plans for it to be in service in 2027.

Altitude Acquisition, a special purpose acquisition company, or SPAC, raised $300 million in an initial public offering in December to pursue acquisitions in travel-related businesses, its prospectus shows. Its sponsors have since filed for two more SPAC listings seeking to raise a combined $550 million, according to filings.

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