Cover Page - shares |
9 Months Ended | |
|---|---|---|
Sep. 30, 2021 |
Feb. 25, 2022 |
|
| Document Information [Line Items] | ||
| Document Type | 10-Q/A | |
| Amendment Flag | true | |
| Document Quarterly Report | true | |
| Document Transition Report | false | |
| Entity Registrant Name | Altitude Acquisition Corp. | |
| Entity Central Index Key | 0001822366 | |
| Document Period End Date | Sep. 30, 2021 | |
| Document Fiscal Year Focus | 2021 | |
| Document Fiscal Period Focus | Q3 | |
| Current Fiscal Year End Date | --12-31 | |
| Entity Current Reporting Status | Yes | |
| Entity Interactive Data Current | Yes | |
| Entity Filer Category | Non-accelerated Filer | |
| Entity Small Business | true | |
| Entity Emerging Growth Company | true | |
| Entity Ex Transition Period | false | |
| Entity Shell Company | true | |
| Entity Address, Address Line One | 400 Perimeter Center Terrace Suite 151 | |
| Entity Address, City or Town | Atlanta | |
| Entity Incorporation, State or Country Code | DE | |
| Entity Address, State or Province | GA | |
| Entity File Number | 001-39772 | |
| Entity Tax Identification Number | 85-2533565 | |
| Entity Address, Postal Zip Code | 30346 | |
| City Area Code | 800 | |
| Local Phone Number | 950-2950 | |
| Amendment Description | References throughout this Amendment No. 1 to the Quarterly Report on Form 10-Q to “we,” “us,” the “Company” or “our company” are to Altitude Acquisition Corp., unless the context otherwise indicates. This Amendment No. 1 (“Amendment No. 1”) to the Quarterly Report on Form 10-Q amends the Quarterly Report on Form 10-Q of Altitude Acquisition Corp. as of and for the period ended September 30, 2021, as filed with the Securities and Exchange Commission (“SEC”) on November 12, 2021. On November 12, 2021, Altitude Acquisition Corp. (the “Company”) filed its Form 10-Q for the quarterly period ending September 30, 2021 (the “Q3 Form 10-Q”), which included a Note 2, Revision of Previously Issued Financial Statements (“Note 2”) that describes a revision to the Company’s classification of its Class A common stock subject to redemption issued as part of the units sold in the Company’s initial public offering (“IPO”) on December 11, 2020. As described in Note 2, upon its IPO, the Company classified a portion of the Class A common stock as permanent equity to maintain net tangible assets greater than $5,000,000 on the basis that the Company will consummate its initial business combination only if the Company has net tangible assets of at least $5,000,001. Previously, the Company did not consider redeemable shares classified as temporary equity as part of net tangible assets. Effective with these financial statements, the Company has revised this interpretation to include temporary equity in net tangible assets. The Company’s management re-evaluated the conclusion and determined that the shares of Class A common stock subject to redemption included certain provisions that require classification of the shares of Class A common stock as temporary equity. As a result, management corrected the error by reclassifying all shares of Class A common stock subject to redemption as temporary equity. This resulted in a restatement to the initial carrying value of the shares of Class A common stock subject to possible redemption with the offset recorded to additional paid-in capital (to the extent available), accumulated deficit and shares of Class A common stock. In connection with the change in presentation for the shares of Class A common stock subject to redemption, the Company also restated its earnings per share calculation to allocate net income (loss) pro rata to shares of Class A and Class B common stock. This presentation contemplates a Business Combination as the most likely outcome, in which case, both classes of common stock share pro rata in the income (loss) of the Company. Previously, the Company determined the changes were not qualitatively material to the Company’s previously issued financial statements and did not restate its financial statements. Instead, the Company revised its previously issued financial statements in Note 2 to its Q3 Form 10-Q. Although the qualitative factors that management assessed tended to support a conclusion that the misstatements were not material, these factors were not strong enough to overcome the significant quantitative errors in the financial statements. The qualitative and quantitative factors support a conclusion that the misstatements are material on a quantitative basis. As such, upon further consideration of the change, the Company determined the change in classification of the shares of Class A common stock and change to its presentation of earnings per share is material quantitatively and it should restate its previously issued financial statements. Therefore, on February 24, 2022, the Company’s management and the audit committee of the Company’s board of directors (the “Audit Committee”) concluded that the Company’s previously issued (i) audited financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020, filed with the SEC on June 1, 2021, (ii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2021, filed with the SEC on June 3, 2021, and (iii) unaudited interim financial statements included in the Company’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2021, filed with the SEC on August 13, 2021 (collectively, the “Affected Periods”), should be restated to report all Public Shares as temporary equity and should no longer be relied upon. As such, the Company will restate its financial statements for the Affected Periods in this Quarterly Report on Form 10-Q. The restatement does not have any impact on its cash position and cash held in the trust account established in connection with the IPO. After re-evaluation, the Company’s management has concluded that in light of the errors described above, a material weakness existed in the Company’s internal control over financial reporting during the Affected Periods and that the Company’s disclosure controls and procedures were not effective. The Company’s remediation plan with respect to such material weakness is described in more detail below in this Quarterly Report on Form 10-Q. | |
| Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant [Member] | ||
| Document Information [Line Items] | ||
| Trading Symbol | ALTUU | |
| Title of 12(b) Security | Units, each consisting of one share of Class A common stock and one-half of one redeemable warrant | |
| Security Exchange Name | NASDAQ | |
| Common Class A [Member] | ||
| Document Information [Line Items] | ||
| Trading Symbol | ALTU | |
| Title of 12(b) Security | Class A common stock, par value $0.0001 per share | |
| Security Exchange Name | NASDAQ | |
| Entity Common Stock, Shares Outstanding | 30,000,000 | |
| Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share [Member] | ||
| Document Information [Line Items] | ||
| Trading Symbol | ALTUW | |
| Title of 12(b) Security | Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per share | |
| Security Exchange Name | NASDAQ | |
| Common Class B [Member] | ||
| Document Information [Line Items] | ||
| Entity Common Stock, Shares Outstanding | 7,500,000 |