Business Context and Reporting Period
This Form 8-K reports the consummation of the Initial Public Offering (IPO) by Colonnade Acquisition Corp. on August 25, 2020. The registrant is a Cayman Islands-based special purpose acquisition company (SPAC) and an emerging growth company. Note: The input metadata references "Ouster, Inc.", but the filing text explicitly identifies the registrant as Colonnade Acquisition Corp.
Key Financial Metrics
- Gross Proceeds from IPO: $200,000,000 (from the sale of 20,000,000 Units at $10.00 per Unit).
- Gross Proceeds from Private Placement: $6,000,000 (from the sale of 6,000,000 Private Placement Warrants at $1.00 per warrant).
- Total Funds in Trust Account: $200,000,000 (comprised of $196,000,000 from IPO proceeds and $4,000,000 from Private Placement proceeds).
- Underwriters' Deferred Discount: $7,000,000 (included within the IPO proceeds placed in trust).
- Warrant Exercise Price: $11.50 per share.
- Revenue, Profit, and Cash Flow: The filing text does not provide operating revenue, profit, or cash flow metrics as this is a capital formation event for a pre-revenue SPAC.
Material Changes
The primary material change is the transition from a private entity to a publicly traded company on the New York Stock Exchange (NYSE) under the symbols CLA.U (Units), CLA (Class A Ordinary Shares), and CLA WS (Warrants). The company has established a trust account holding $200,000,000 to fund a future business combination.
Guidance, Outlook, and Risks
- Over-Allotment Option: Underwriters have a 45-day option to purchase up to 3,000,000 additional Units.
- Private Placement: 6,000,000 warrants were sold to Colonnade Sponsor LLC to support the trust account balance.
- Financial Statements: An audited balance sheet as of August 25, 2020, is included as Exhibit 99.1.
- Risks/Contingencies: The filing does not explicitly detail operational risks or contingencies beyond the standard structure of a SPAC IPO.
Investor Verification Checklist
- Verify the exact amount of cash held in the trust account ($200,000,000) against the audited balance sheet in Exhibit 99.1.
- Confirm the status of the underwriters' 45-day over-allotment option for 3,000,000 additional Units.
- Review the terms of the Private Placement Warrants sold to the Sponsor to understand potential dilution or redemption rights.
- Check the NYSE listing status for symbols CLA.U, CLA, and CLA WS.