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Kensington Capital Acquisition Corp. II (NYSE: KCAC.U) announced that starting April 19, 2021, holders of its 23 million initial public offering units can trade shares of Class A common stock and redeemable warrants separately. The units will continue to trade under 'KCAC.U', while separated Class A common stock will trade as 'KCAC' and redeemable warrants as 'KCAC WS'. The initial public offering was completed on March 2, 2021, with a registration statement effective February 25, 2021. UBS Securities LLC and Stifel, Nicolaus & Company were the joint book runners for the offering.
QuantumScape Corporation has successfully completed its business combination with Kensington Capital Acquisition Corp (NYSE: KCAC). The merger, approved by KCAC stockholders on November 25, 2020, provides QuantumScape with approximately $680 million in net proceeds, supporting development and commercialization of its solid-state lithium-metal battery technology for electric vehicles. Shares of QuantumScape began trading under the ticker symbol 'QS' on November 27, 2020. This strategic move positions QuantumScape to capitalize on the growing electric vehicle market.
Kensington Capital Acquisition Corp. (NYSE: KCAC) announced the final exchange ratio of 4.02175014920 for its business combination with QuantumScape Corporation. This exchange ratio, set in accordance with the Business Combination Agreement, is higher than the previously disclosed ratio in their proxy statement dated November 12, 2020. The combination aims to solidify QuantumScape as a leader in solid-state battery technology for electric vehicles, with the expected Closing date and terms outlined in the agreement.
QuantumScape Corporation is merging with Kensington Capital Acquisition Corp (NYSE: KCAC) in a deal that values QuantumScape at an implied $3.3 billion enterprise value. This business combination aims to accelerate the commercialization of its solid-state lithium-metal batteries for electric vehicles. The transaction is expected to provide sufficient capital to fund QuantumScape through its production start, aided by its joint venture with Volkswagen. The merger is anticipated to be completed in Q4 2020, subject to Kensington's stockholder approval.