Columbus Acquisition Corp (NASDAQ: COLA) fell more than 60% on October 1 after the SPAC disclosed it terminated its proposed business combination with WISeKey subsidiary WISeSat.Space Corp.
What happened
COLA filed two Form 8-K disclosures with the SEC on October 2, 2026, reporting that the company had terminated the business combination agreement with WISeKey International Holding AG (Nasdaq: WKEY) and its subsidiary WISeSat.Space Corp. The filings, submitted under SEC ID 0002028201, indicated the SPAC is now left without a target acquisition.
Why the stock moved
The termination of the deal sent COLA shares sharply lower during the regular session on October 1. In November 2025, COLA and WISeKey executed a definitive agreement to publicly list WISeSat.Space Corp under the name WISeSat.Space Holdings Corp. The companies had confidentially submitted a draft registration statement on Form F-4 in December 2025. The collapse of this transaction removes the primary catalyst that attracted investors to the blank check company, which was formed specifically to complete a business combination.
The numbers
COLA closed at $2.71, down 60.82% for the session. Trading volume reached 363,052 shares, significantly above the average daily volume of approximately 52,715 shares. The company's market capitalization dropped to $12.18 million. Short interest stood at 13,496 shares as of mid-September, with roughly one day to cover.
What to watch
Investors will monitor COLA's next steps as a shell company. The company must either identify a new acquisition target within its charter timeline or potentially return capital to shareholders. No additional announcements from the company regarding its future plans have been disclosed as of this writing.