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Sports education provider Altitude International (OTCPK:ALTD) has disclosed terms for a proposed $10M initial public offering and uplisting to Nasdaq to help fund the renovation of its new world headquarters property.
Altitude said in a filing that it is considering offering 1.7M shares priced at $5.92 per share. Underwriters would be granted a 45-day option to buy up to 253K additional shares at the IPO price. EF Hutton is serving as sole bookrunner.
Shares of Altitude are currently traded OTC under the symbol ALTD. The company hopes to uplist the shares to Nasdaq under the same symbol. It also plans to conduct a 1-for-175 reverse stock split ahead of the offering.
Based in Port St. Lucie, Florida, Altitude operates sports training and educational institutions, including academies for aspiring athletes. The company also manufactures oxygen training chambers and atmospheric water generators.
For 2021, Altitude reported a net loss of $1.8M on revenue of $6.6M. The company plans to used proceeds from the IPO in part to help renovate the Sandpiper Bay Resort in St. Lucie, formerly a ClubMed property, which houses several of its academies and its global headquarters.
Altitude entered into a 20-year lease for the Sandpiper Bay property earlier this year, with five-year extension options through 2062.
Image and article originally from seekingalpha.com. Read the original article here.