Embedded experience expands instant access to
capital to maintain healthy cash flow and fuel sustainable
growth.
Plastiq Inc., a B2B payments platform built with instant access
to working capital, today announced Plastiq Short-Term Financing to
provide Small and Mid-Sized Businesses (SMBs) with the working
capital they need to drive continued growth. This offering enables
SMBs to apply for funds, get an instant decision and activate their
credit line in real-time, in the same experience where the business
pays vendors. While SMBs represent a $9 trillion dollar Total
Addressable Market (TAM) in the United States, short-term financing
has not previously been available to SMBs in this easy-to-access
format.
Plastiq Inc. (“Plastiq”) and Colonnade Acquisition Corp. II
(NYSE: CLAA) (“Colonnade”) announced in August 2022 that they have
entered into a definitive business combination agreement, which
values the combined company at an estimated enterprise value of
approximately $480 million at closing.
“Our new solution breaks down the bottlenecks associated with
funding growth. Many small businesses struggle to pay for large
expenses because of a lack of liquidity and access to working
capital that is more readily accessible to large businesses and
corporations. By facilitating the financing process, small
businesses can keep cash on hand to remain flexible and responsive
to changing market conditions,” said Eliot Buchanan, Founder and
CEO of Plastiq.
With Plastiq Short-Term Financing, any small to medium-sized
business can:
- Get an instant decision and access to funds to extend a payment
by up to 90 days;
- Pay back flexibly in lump sum total or in installments using
credit card or ACH;
- Receive competitive and easy to understand rates without
commitments or hidden fees;
- Unlock cash flow to grow its business and seize opportunities -
fund inventory, advertising, and day-to-day expenses.
According to Adelle Starin, CEO of Baby's on Broadway, a
specialty baby boutique based in Minnesota, “It's quick and easy to
use financing through Plastiq. I've been burned before when lenders
weren't straightforward. I appreciate the transparency of this
solution.”
With this new solution, Plastiq is bringing new models of
short-term financing not previously accessible to SMBs. By simply
linking their financial accounts for assessment, businesses using
Plastiq can get access to funds in real time. Approved funds are
accessible immediately and can be used with flexible payback
schedules depending on the payment. Businesses have already
processed millions of dollars in financed payments since the
offering was launched in limited availability.
To get started, businesses can register for a free Plastiq
account and apply for short term financing within the payment flow
and get approved in minutes.
ABOUT PLASTIQ
Founded in 2012, Plastiq operates in the $9 trillion B2B payment
market and is the financial operating system for small businesses.
Plastiq enables tens of thousands of businesses to improve cash
flow with instant access to working capital, while automating and
enabling control over all aspects of accounts payable and
receivable. Plastiq provides growing businesses with technology and
know-how once reserved for only large enterprises. Plastiq raised
more than $140 million in funding and is backed by Kleiner Perkins,
B Capital Group, Khosla Ventures, and other top tier investors.
Important Information and Where to Find It
The business combination between Plastiq and Colonnade (the
“Business Combination”) will be submitted to shareholders of
Colonnade for their consideration. Colonnade intends to file a
registration statement on Form S-4 (the “Registration Statement”)
with the Securities and Exchange Commission (the “SEC”) in
connection with the Business Combination, which will include
preliminary and definitive proxy statements to be distributed to
Colonnade’s shareholders in connection with Colonnade’s
solicitation for proxies for the vote by Colonnade’s shareholders
in connection with the Business Combination and other matters as
described in the Registration Statement, as well as the prospectus
relating to the offer of the securities to be issued to Plastiq’s
stockholders in connection with the completion of the Business
Combination. After the Registration Statement has been filed and
declared effective, Colonnade will mail a definitive proxy
statement and other relevant documents to its shareholders as of
the record date established for voting on the Business Combination.
Colonnade’s shareholders and other interested persons are advised
to read, once available, the preliminary proxy statement /
prospectus and any amendments thereto and, once available, the
definitive proxy statement / prospectus, in connection with
Colonnade’s solicitation of proxies for its extraordinary meeting
of shareholders to be held to approve, among other things, the
Business Combination, because these documents will contain
important information about Colonnade, Plastiq and the Business
Combination. Shareholders may also obtain a copy of the preliminary
or definitive proxy statement, once available, as well as other
documents filed with the SEC regarding the Business Combination and
other documents filed with the SEC by Colonnade, without charge, at
the SEC’s website located at www.sec.gov. In addition, the
documents filed by Colonnade may be obtained free of charge from
Colonnade’s website at
www.claacq.com/our-companies/colonnade-acquisition-corp-ii or by
written request to Colonnade at 1400 Centrepark Blvd, Suite 810,
West Palm Beach, FL 33401.
Participants in the Solicitation
Colonnade, Plastiq and certain of their respective directors,
executive officers and other members of management and employees
may, under SEC rules, be deemed to be participants in the
solicitations of proxies from Colonnade’s shareholders in
connection with the Business Combination. Information regarding the
persons who may, under SEC rules, be deemed participants in the
solicitation of Colonnade’s shareholders in connection with the
Business Combination will be set forth in Colonnade’s proxy
statement / prospectus when it is filed with the SEC. You can find
more information about Colonnade’s directors and executive officers
in Colonnade’s Annual Report on Form 10-K filed with the SEC on
April 15, 2022 (the “Annual Report”). Additional information
regarding the participants in the proxy solicitation and a
description of their direct and indirect interests will be included
in the proxy statement / prospectus when it becomes available.
Shareholders, potential investors and other interested persons
should read the proxy statement / prospectus carefully when it
becomes available before making any voting or investment decisions.
You may obtain free copies of these documents from the sources
indicated above.
No Offer or Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the Business Combination. This press release shall
also not constitute an offer to sell or the solicitation of an
offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of section 10 of the Securities
Act, or an applicable exemption from the registration requirements
thereof.
Forward-Looking Statements
This press release includes “forward-looking statements'' within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding Colonnade’s and Plastiq’s expectations with
respect to future performance and anticipated financial impacts of
the Plastiq Short-Term Financing program and the Business
Combination, the satisfaction of the closing conditions to the
Business Combination and the timing of the completion of the
Business Combination. These statements are based on various
assumptions, whether or not identified herein, and on the current
expectations of Colonnade’s and Plastiq’s management and are not
predictions of actual performance. These forward-looking statements
are provided for illustrative purposes only and are not intended to
serve as, and must not be relied on by any investor as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. Actual events and circumstances are difficult
or impossible to predict and will differ from assumptions. Many
actual events and circumstances are beyond the control of Colonnade
and Plastiq. These forward-looking statements are subject to a
number of risks and uncertainties, including (i) changes in
domestic and foreign business, market, financial, political and
legal conditions; (ii) the inability of the parties to successfully
or timely consummate the Business Combination, including the risk
that any required regulatory approvals are not obtained, are
delayed or are subject to unanticipated conditions that could
adversely affect the combined company or the expected benefits of
the Business Combination or that the approval of the shareholders
of Colonnade or Plastiq is not obtained; (iii) failure to realize
the anticipated benefits of the Plastiq Short-Term Financing
program or the Business Combination; (iv) risks relating to the
uncertainty of the projected financial information with respect to
Plastiq; (v) future global, regional or local economic and market
conditions; (vi) the development, effects and enforcement of laws
and regulations; (vii) Plastiq’s ability to manage future growth;
(viii) changes in the market for Plastiq’s products and services,
including Plastiq Short-Term Financing; (ix) the amount of
redemption requests made by Colonnade’s public stockholders; (x)
the ability of Colonnade or the combined company to issue equity or
equity-linked securities in connection with the Business
Combination or in the future; (xi) the outcome of any potential
litigation, government and regulatory proceedings, investigations
and inquiries; (xii) and those factors discussed in Colonnade’s
Annual Report under the heading “Risk Factors,” and other documents
of Colonnade filed, or to be filed, with the SEC. If any of these
risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
neither Colonnade nor Plastiq presently know or that Colonnade and
Plastiq currently believe are immaterial that could also cause
actual results to differ from those contained in the
forward-looking statements. In addition, forward-looking statements
reflect Colonnade’s and Plastiq’s expectations, plans or forecasts
of future events and views as of the date of this press release.
Colonnade and Plastiq anticipate that subsequent events and
developments will cause Colonnade’s and Plastiq’s assessments to
change. However, while Colonnade and Plastiq may elect to update
these forward-looking statements at some point in the future,
Colonnade and Plastiq specifically disclaim any obligation to do
so. These forward-looking statements should not be relied upon as
representing Colonnade’s and Plastiq’s assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking
statements.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220913005313/en/
Investors: PlastiqIR@icrinc.com
Media: James.McCusker@icrinc.com
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