The firm sued colonnade acquisition II for more than $8.2 million in legal fees, claiming it stiffed the firm after failing to consummate a planned $480 million merger and then announcing plans to wind down this month.
The settlement came about quickly.
Colonnade, led by investors Joseph Sambuco and Remy Trafelet, raised $300 million in an ipo and started trading on the nyse on March 10, 2021. In August 2022, payments provider Plastiq said it would go public through a merger with the firm, creating a company with a value of about $480 million.
The SPAC did not complete the combination by its March 12 deadline, however, and on March 9 issued a press release that it would cease operations, redeem the public shares and dissolve. Read more.
Source: White & Case Settles with SPAC After Derailed 0M Deal