Ouster Completes Bus. Combination to Accelerate Digital Lidar Adoption in Industrial, Smart Infrastructure, Robotics & Automo...
March 11 2021 - 4:37PM
Business Wire
- Ouster, Inc. today announced the completion of its business
combination with Colonnade Acquisition Corp. (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, Inc. (“Ouster”) a leading provider of high-resolution
digital lidar sensors for the industrial automation, smart
infrastructure, robotics and automotive industries, today announced
the completion of its business combination with Colonnade
Acquisition Corp. (NYSE: CLA) (“CLA”), a special purpose
acquisition company. The combined company will operate as Ouster,
Inc., 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.
“Today is an 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.”
Advisors
Citi served as financial advisor and Latham & Watkins LLP
served as legal advisor to Ouster. Barclays and BTIG, LLC served as
financial and capital markets advisors and White & Case LLP
served as legal advisor to CLA. Barclays and BTIG, LLC also acted
as PIPE placement agents for CLA.
About Ouster
Ouster invented its digital lidar in 2015 and is a leading
manufacturer of high-resolution digital lidar sensors used
throughout the industrial automation, smart infrastructure,
robotics, and automotive industries. Ouster’s sensors are reliable,
compact, affordable and highly customizable, laying the foundation
for digital lidar ubiquity across endless applications and
industries. Already hundreds of customers have incorporated Ouster
lidar sensors in current products or those in development for
imminent commercial release. For more information, visit
www.ouster.com, or connect with us on Twitter or LinkedIn.
About Colonnade Acquisition
Corp.
Colonnade Acquisition Corp. (NYSE: CLA) was a special purpose
acquisition company incorporated for the purpose of effecting a
merger, share exchange, asset acquisition, share purchase,
reorganization or similar business combination with one or more
businesses. Colonnade consummated its initial public offering on
the NYSE in August 2020. For more information, please visit
claacq.com.
Forward-Looking
Statements
This document contains certain forward-looking statements within
the meaning of the federal securities laws, including statements
regarding expected benefits of the transaction to Ouster and
adoption of Ouster’s technology and products. These forward-looking
statements generally are identified by the words “believe,”
“project,” “expect,” “anticipate,” “estimate,” “intend,”
“strategy,” “future,” “opportunity,” “plan,” “may,” “should,”
“will,” “would,” “will be,” “will continue,” “will likely result,”
and similar expressions. Forward-looking statements are
predictions, projections and other statements about future events
that are based on current expectations and assumptions and, as a
result, are subject to risks and uncertainties. Many factors could
cause actual future events to differ materially from the
forward-looking statements in this document, including Ouster’s
ability to implement business plans after the transaction and
changes and developments in the highly competitive lidar technology
and related industries. The foregoing list of factors is not
exhaustive. You should carefully consider the foregoing factors and
the other risks and uncertainties described in the “Risk Factors”
section of CLA’s definitive proxy statement/prospectus filed with
the SEC on February 18, 2021 and other documents filed by the
company from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and the company
assumes no obligation and do not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. The company does not give any
assurance that it will achieve its expectations.
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version on businesswire.com: https://www.businesswire.com/news/home/20210311006025/en/
For Colonnade Michael Callahan / Tom Cook / Jed Hamilton
ColonnadePR@icrinc.com
For Ouster Erica Bartsch / Nevin Reilly / Alex Kovtun
Sloane-Ouster@sloanepr.com
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