CLA Stock: Colonnade Acquisition Corp. Soars on Ouster SPAC Merger News

Colonnade Acquisition Corp. (NYSE:CLA) stock is taking off on Tuesday following news of a special purpose acquisition company (SPAC) merger with Ouster.

Image of two men shaking hands over a table.

Source: Natee Meepian /

Here’s everything investors in CLA stock need to know about the Ouster SPAC merger news.

  • The merger will have Colonnade Acquisition Corp. being renamed to Ouster, Inc., once the deal closes.
  • This will also result in shares of CLA stock changing over to the new OUST stock symbol.
  • Ouster is valued at $1.6 billion pro forma post-money enterprise value by the merger.
  • A private investment in public equity (PIPE) will give the company $100 million to work with after the merger is complete.
  • It’s also worth mentioning that all current Ouster shareholders will roll their equity over into the new company.
  • When the Ouster SPAC close, its current management team will continue to lead the combined company.
  • The Boards of Directors at both companies have given their unanimous support to the deal.
  • So long as there are no issues, Colonnade Acquisition Corp. and Ouster are expecting the SPAC merger to close in the first half of 2021.
  • Ouster is a creator of lidar systems that was founded in 2015.
  • The company’s lidar cameras are used in several industries.
  • Among these are the “industrial automation, smart infrastructure, robotics, and automotive industries.”
  • Colonnade Acquisition Corp. was able to quickly secure a partner for a SPAC merger, having only gone public in August of this year.
  • CLA stock has seen higher trading today as more than 12 million shares have moved as of this writing.
  • To put that in perspective, the company’s daily average trading volume is only about 86,000 shares.

CLA stock was up 38.9% as of noon Tuesday.

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.

Article printed from InvestorPlace Media,

©2023 InvestorPlace Media, LLC