Altitude Acquisition Corp. (NasdaqCM:ALTU), a publicly traded special purpose acquisition company, said it has entered into negotiations to merge with a "leading global medical device manufacturer in a deal that pegs the enterprise value of the company at approximately $480 million." The proposed transaction calls for the combined company to have at least $20 million in net cash at time of closing. The target seeks additional expansion in the U.S., globally and in new jurisdictions around the world, Altitude said in a statement.

Altitude anticipates entering into a letter of intent on or around October 31 and a definitive merger agreement as soon as practicable thereafter. "We believe the target is a market leader in its field and a business combination would represent a tremendous opportunity for us and our shareholders," said Gary Teplis, Chief Executive Officer of Altitude. "I would also like to remind our stockholders that Altitude is seeking stockholder approval of an extension of time to complete our initial business combination, from October 11, 2022, to April 11, 2023 (the "Extension")".