Kensington Capital Acquisition Corp. VI (NYSE: KCAC.U) and critical minerals refiner Nth Cycle confidentially submitted a draft Form S-4 registration statement to the SEC for their previously announced business combination. Subject to SEC review and customary conditions, the combined company will be named Nth Cycle Holdings and is expected to list on the NYSE under ticker NTH.
The transaction implies a pro forma enterprise value of approximately $585 million for Nth Cycle, assuming no redemptions and estimated expenses. Expected proceeds include up to $230 million from Kensington’s trust, subject to redemptions, and a common stock PIPE of up to $100 million, of which $40 million is currently committed by new and existing investors.
Nth Cycle highlights its modular OYSTER electroextraction platform, which it states is designed to lower capital intensity by upwards of 70%, enable 5–10x smaller-scale facilities, and shorten installation and permitting timelines to as little as 24 months for refining nickel, cobalt, copper and rare earth materials.
Nth Cycle (expected NYSE: NTH) agreed to a definitive business combination with Kensington Capital Acquisition Corp. VI (NYSE: KCAC), a SPAC, implying a pro forma enterprise value of approximately $585 million. The combined company will be named Nth Cycle Holdings and is expected to list on the NYSE under the ticker “NTH”.
According to Nth Cycle, transaction proceeds are expected to include up to $230 million from Kensington’s trust, subject to redemptions, and a common stock PIPE of up to $100 million, of which $40 million is currently committed by new and existing investors. The deal has been approved by both boards and is targeted to close in the fourth quarter of 2026, subject to regulatory and stockholder approvals. Nth Cycle highlights its proprietary OYSTER electroextraction platform and a 10‑year off‑take term sheet with Trafigura valued at approximately $1.1 billion as key elements of its commercial momentum in critical mineral refining.