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