Financial technology startup Plastiq to go public via $480M SPAC merger

Financial technology startup Plastiq Inc. on Thursday announced plans to go public by merging with Colonnade Acquisition Corp., a special purpose acquisition company.
A special purpose acquisition company, or SPAC, is a firm created specifically to take another business public. A SPAC begins the process by listing its shares on a stock exchange. It then merges with a privately-held business and, once the transaction completes, that business becomes publicly traded.
After its merger with Colonnade, Plastiq is set to go public at an implied estimated enterprise value of approximately $480 million.