Alpine Acquisition Corp. (REVE)

Alpine Acquisition Corp. was a special purpose acquisition company listed on the Nasdaq Capital Market under the symbol REVE, with units trading as REVEU. It was led by chief executive Kimberly Schaefer, a former head of Great Wolf Resorts. The SPAC set out to find businesses in drive-to-destination hotels, digital entertainment and gaming, and lodging technology. Like other SPACs it held its offering proceeds in a trust account for public shareholders.

Alpine completed its initial public offering in 2021, near the height of the SPAC boom. In May 2022 it agreed to merge with Two Bit Circus, a Los Angeles operator of micro amusement parks, in a deal valued at about $153 million. As part of the plan the combined company would also buy the Hilton Stamford Hotel and the Crowne Plaza Denver Airport Convention Center. The idea was to pair interactive entertainment venues with conference hotels.

Financing the hotel purchases in a rising interest rate environment proved difficult. At an extension meeting in February 2023, holders redeemed about 10.5 million shares, or roughly 98 percent of the trust, leaving only about $2.2 million. On March 29, 2023 Alpine said it could not complete the transactions by its April 2 deadline, cancelled the shareholder vote and began liquidating. Remaining public shares were redeemed from the trust, and the company's warrants expired worthless.