Altimeter’s share price drop suggested the market is uncomfortable with the valuation pledged for Grab, as well as indicative of weakness in the broader SPAC market. ALTIMETER Growth Corp., the blank-check company merging with internet giant Grab Holdings Inc., is hovering just a few cents above its record low after cratering 28% since the deal was unveiled in April. Altimeter closed Thursday at $11.06, just shy of its $10.98 historical trough. That selloff came after Southeast Asia’s most valuable startup announced a deal on April 14 with the special purpose acquisition company of Brad Gerstner’s Altimeter Capital Management to go public in the U.S. by July, in the largest-ever merger with a blank-check company.