Colonnade Acquisition Corp. II (CLAA)

Colonnade Acquisition Corp. II was a special purpose acquisition company, or SPAC, based in West Palm Beach, Florida. It was formed by the same sponsor group behind Colonnade Acquisition Corp., the earlier blank check company that took lidar maker Ouster public. Like other SPACs, it raised money from public investors through an initial public offering, held the proceeds in a trust account and had a limited time to merge with a private operating company.

The company's Class A ordinary shares traded on the NYSE under the symbol CLAA, and its units and warrants traded under related symbols. Public shareholders had the right to redeem their shares for a pro rata share of the trust if they did not want to take part in a proposed deal, while the sponsor held founder Class B shares that carried no redemption rights.

In August 2022 Colonnade II signed a merger agreement with a private company, widely reported to be the business payments firm Plastiq, under which that company would have become publicly listed. The transaction did not close. In its March 2023 announcement Colonnade II said it could not finish an initial business combination within the period allowed by its charter and blamed the actions of the counterparty to the merger agreement.

On March 9, 2023 the company said it would redeem all outstanding public Class A shares, and on March 23, 2023 it confirmed that the redemption would be completed on March 27, 2023 at about $10.23 per share. It kept $100,000 of trust income to pay dissolution costs. Its warrants carried no redemption rights or liquidation payments and expired worthless, and the shares were removed from the NYSE as the company wound down.