Ouster Completes Business enterprise Blend to Speed up Digital Lidar Adoption in Industrial, Good Infrastructure, Robotics and Automotive Marketplaces

SAN FRANCISCO–(Small business WIRE)–Ouster, Inc. (“Ouster”) a foremost service provider of higher-resolution digital lidar sensors for the industrial automation, sensible infrastructure, robotics and automotive industries, now announced the completion of its business mix with Colonnade Acquisition Corp. (NYSE: CLA) (“CLA”), a specific intent acquisition organization. The blended enterprise will work as Ouster, Inc., and its popular inventory and warrants are envisioned to start trading tomorrow on the New York Stock Trade under the new ticker symbols “OUST” and “OUST WS”.

As a final result of the company blend and concurrent private placement of common stock, Ouster gained around $300 million in gross proceeds. Promptly pursuing the closing of the business enterprise mixture, Ouster’s pre-organization mix stockholders very own around 78% of the merged organization.

The cash from the business enterprise mixture is expected to be utilised to advance the enhancement and manufacturing of Ouster’s superior-performance digital lidar sensors, and ultimately speed up adoption and fast scale throughout important stop marketplaces. Ouster’s sizeable consumer base, proven keep track of document across four critical industries, and recognized production footprint and provide chain position the firm for speedy growth.

“Today is an exciting second and major milestone for Ouster,” stated Ouster Co-Founder and Main Govt Officer Angus Pacala. “Ouster is powering the eyesight for an autonomous long term wherever lidar-powered remedies are ubiquitous and constructed into every component of the industrial economic system. We have proven a potent small business with a disruptive electronic lidar engineering, a diversified client foundation of in excess of 500 clients, and international production and source chain abilities that are scaling towards large quantity production. The funds raised as a result of our transition to a publicly traded organization will permit us to even further speed up the adoption of our tested engineering across various end marketplaces and notice a safer, smarter, additional efficient long term.”

Remy W. Trafelet, a member of Ouster’s board of administrators and CLA’s former Main Executive Officer, mentioned, “Ouster is perfectly-positioned for sizeable expansion options given its proven business model, adaptable suite of goods, and fast expanding goal markets. The funds lifted by way of this transaction will allow for Ouster to generate sizeable value development as it carries on to disrupt the current analog solutions in the market place and generate new buyers.”

Advisors

Citi served as money advisor and Latham & Watkins LLP served as lawful advisor to Ouster. Barclays and BTIG, LLC served as financial and cash markets advisors and White & Circumstance LLP served as lawful advisor to CLA. Barclays and BTIG, LLC also acted as PIPE placement agents for CLA.

About Ouster

Ouster invented its electronic lidar in 2015 and is a main company of superior-resolution electronic lidar sensors made use of in the course of the industrial automation, sensible infrastructure, robotics, and automotive industries. Ouster’s sensors are reliable, compact, economical and really customizable, laying the foundation for digital lidar ubiquity throughout countless apps and industries. Previously hundreds of customers have incorporated Ouster lidar sensors in present-day goods or people in enhancement for imminent business launch. For far more information and facts, stop by www.ouster.com, or connect with us on Twitter or LinkedIn.

About Colonnade Acquisition Corp.

Colonnade Acquisition Corp. (NYSE: CLA) was a specific reason acquisition corporation integrated for the objective of effecting a merger, share exchange, asset acquisition, share invest in, reorganization or identical company combination with just one or extra companies. Colonnade consummated its initial community offering on the NYSE in August 2020. For additional information and facts, make sure you stop by claacq.com.

Ahead-Searching Statements

This doc consists of specified ahead-searching statements in the this means of the federal securities laws, including statements with regards to anticipated advantages of the transaction to Ouster and adoption of Ouster’s technologies and items. These forward-wanting statements frequently are identified by the terms “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will go on,” “will probable consequence,” and related expressions. Ahead-hunting statements are predictions, projections and other statements about future functions that are based mostly on present-day expectations and assumptions and, as a result, are matter to threats and uncertainties. Quite a few variables could cause actual long term occasions to vary materially from the ahead-on the lookout statements in this document, together with Ouster’s capability to put into action company programs right after the transaction and modifications and developments in the really competitive lidar technology and similar industries. The foregoing checklist of factors is not exhaustive. You really should very carefully think about the foregoing variables and the other threats and uncertainties explained in the “Risk Factors” portion of CLA’s definitive proxy assertion/prospectus submitted with the SEC on February 18, 2021 and other paperwork submitted by the firm from time to time with the SEC. These filings detect and address other essential hazards and uncertainties that could induce real functions and benefits to differ materially from those contained in the forward-on the lookout statements. Forward-wanting statements speak only as of the day they are manufactured. Visitors are cautioned not to place undue reliance on forward-wanting statements, and the organization assumes no obligation and do not intend to update or revise these ahead-hunting statements, whether as a result of new facts, long run occasions, or in any other case. The company does not give any assurance that it will achieve its anticipations.