- Ouster, announced the completion of its business combination with Colonnade Acquisition (NYSE: CLA), a special purpose acquisition company
- The combined company’s common stock expected to begin trading on the NYSE under the ticker symbol “OUST” on March 12, 2021
- Transaction proceeds expected to accelerate product roadmap, increase software development opportunity and ramp Ouster’s worldwide sales and marketing efforts
- Since inventing their digital lidar technology in 2015, Ouster has revolutionized lidar technology
Ouster, (“Ouster”) a provider of high-resolution digital lidar sensors for the industrial automation, smart infrastructure, robotics and automotive industries, announced the completion of its business combination with Colonnade Acquisition (NYSE: CLA) (“CLA”), a special purpose acquisition company. The combined company will operate as Ouster, and its common stock and warrants are expected to commence trading tomorrow on the New York Stock Exchange under the new ticker symbols “OUST” and “OUST WS”.
As a result of the business combination and concurrent private placement of common stock, Ouster received approximately $300 million in gross proceeds. Immediately following the closing of the business combination, Ouster’s pre-business combination stockholders own approximately 78% of the combined company.
The capital from the business combination is expected to be used to advance the development and manufacturing of Ouster’s high-performance digital lidar sensors, and ultimately accelerate adoption and rapid scale across key end markets. Ouster’s substantial customer base, proven track record across four key industries, and established manufacturing footprint and supply chain position the company for rapid expansion.
“Exciting moment and major milestone for Ouster,” said Ouster Co-Founder and Chief Executive Officer Angus Pacala. “Ouster is powering the vision for an autonomous future where lidar-powered solutions are ubiquitous and built into every part of the industrial economy. We have established a strong business with a disruptive digital lidar technology, a diversified customer base of over 500 customers, and global manufacturing and supply chain capabilities that are scaling toward high volume production. The capital raised through our transition to a publicly traded company will enable us to further accelerate the adoption of our proven technology across multiple end markets and realize a safer, smarter, more efficient future.”
Remy W. Trafelet, a member of Ouster’s board of directors and CLA’s former Chief Executive Officer, said, “Ouster is well-positioned for significant growth opportunities given its proven business model, flexible suite of products, and rapidly expanding target markets. The capital raised through this transaction will allow Ouster to drive significant value creation as it continues to disrupt the existing analog solutions in the market and drive new customers.”
Citi served as financial advisor and Latham & Watkins served as legal advisor to Ouster. Barclays and BTIG, served as financial and capital markets advisors and White & Case served as legal advisor to CLA. Barclays and BTIG, also acted as PIPE placement agents for CLA.