Colonnade Acquisition II announced that it will redeem shares effective March 13 because the company is unable to complete its ,merger with Plastiq by the March 12 deadline.
The redemption amount is estimated to be approximately $10.21 per share.
Plastiq is a B2B payment platform powering small and midsize businesses. The company would have had an implied estimated enterprise value of approximately $480 million had the deal closed with zero redemptions.
As announced in August, Plastiq was expected to add approximately $320 million to its balance sheet.
Colonnade II raised $300 million in an IPO two years ago.
