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SPAC Colonnade Acquisition’s stock rockets after merger deal with lidar sensor maker Ouster

Shares of Colonnade Acquisition Corp. CLA, +43.77% rocketed 46.2% in morning trading Tuesday to pace the NYSE’s gainers, after the special purpose acquisition company (SPAC), or “blank-check” company, announced a merger deal that will take lidar sensor maker Ouster Inc. public. Under terms of the deal, which implies an equity value for Ouster of about $1.9 billion, will provide up to $300 million in gross proceeds for Ouster. The proceeds is expected to be used to advance development and manufacturing of Ouster’s digital lidar sensors, that provide 3D vision to robots and autonomous vehicles. Once the reverse merger closes, the company will operate as Ouster Inc. and the stock is expected to remain listed on the Nasdaq exchange but under the new ticker symbol “OUST.” The deal comes at a time that shares of fellow lidar sensor maker Luminar Technologies Inc. LAZR, +10.24%, which went public through a SPAC merger earlier this month, have more than doubled (up 108.0%) this month, while the S&P 500 SPX, -0.13% has gained 2.0%.

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