former client Colonnade Acquisition Corp II and its directors in New York state court late Monday, arguing the firm will be "irreparably harmed" if the blank-check company liquidates and dissolves before paying the fees it owes.
Blank-check firm Colonnade, led by investors Joseph Sambuco and Remy Trafelet, raised $300 million in an IPO and started trading on the New York Stock Exchange 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, 2023 deadline, however, and on March 9 issued a press release that it will cease operations, redeem the public shares and dissolve. "It is unfortunate White & Case took this action given the mutually agreed-upon terms of the engagement letters and the totality of the circumstances," Colonnade said in a statement on the lawsuit Tuesday.
White & Case said it performed legal work for West Palm Beach, Florida-based Colonnade from November 2020, when the SPAC dealmaking frenzy was in full swing, until this month.
ValidGuru