QuantumScape Announces Closing of Public Offering of Class A Common Stock

Rhea-AI Summary

QuantumScape Corporation has closed its underwritten public offering of 37,500,000 shares of its Class A common stock, raising $300 million in gross proceeds. The underwriters have a 30-day option to purchase additional shares.

Positive

• QuantumScape raised $300 million in gross proceeds through its public offering
• Underwriters have the option to purchase an additional 5,625,000 shares

Negative

• None.

SAN JOSE, Calif.--(BUSINESS WIRE)-- QuantumScape Corporation (NYSE: QS), a leader in developing next-generation solid-state lithium-metal batteries, today announced the closing of its previously announced underwritten public offering of 37,500,000 shares of its Class A common stock for gross proceeds of $300 million, before deducting the underwriting discount and commissions and estimated offering expenses. QuantumScape has granted the underwriters a 30-day option to purchase up to an additional 5,625,000 shares of its Class A common stock at the public offering price less the underwriting discount.

Evercore ISI and Morgan Stanley acted as joint lead book-running managers for the Offering. Goldman Sachs & Co. LLC and UBS Investment Bank acted as additional book-running managers.

The public offering was made pursuant to a shelf registration statement on Form S-3 that was filed by QuantumScape with the U.S. Securities and Exchange Commission (the "SEC") on July 29, 2022, and became effective on August 10, 2022. The offering was made only by means of a preliminary prospectus supplement and an accompanying prospectus relating to the offering which have been filed with the SEC and are available on the SEC's website at www.sec.gov. A copy of the final prospectus may also be obtained by contacting: Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at 888-474-0200, or by email at ecm.prospectus@evercore.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About QuantumScape Corporation

QuantumScape is on a mission to transform energy storage with solid-state lithium-metal battery technology. The company’s next-generation batteries are designed to enable greater energy density, faster charging and enhanced safety to support the transition away from legacy energy sources toward a lower carbon future.

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Source: QuantumScape Corporation

FAQ

What is the purpose of QuantumScape's public offering?

The public offering is aimed at raising funds for QuantumScape Corporation.

How much money did QuantumScape raise through the public offering?

QuantumScape raised $300 million in gross proceeds.

Who were the lead book-running managers for the offering?

Evercore ISI and Morgan Stanley acted as joint lead book-running managers for the offering.

Is there an option for the underwriters to purchase additional shares?

Yes, the underwriters have a 30-day option to purchase up to an additional 5,625,000 shares of QuantumScape's Class A common stock.