Exhibit 99.1
Nth Cycle and Kensington Capital Acquisition Corp. VI Announce Confidential Submission of Draft
Registration Statement on Form S-4 With the U.S. Securities and Exchange Commission
Nth
Cycle is a Pure Play Mineral Refiner for Rare Earths, Copper, and Battery Materials Aiming to Onshore the Critical Mineral Supply Chain with its Proprietary Electroextraction Platform and
OYSTER System to Reduce Dependence on Foreign Refiners
Proposed Transaction Implies a Pro Forma Enterprise Value of Approximately $585 Million
BURLINGTON, MA and WESTBURY, NY – Aug. 7, 2026 – Nth Cycle, Inc. (“Nth Cycle” or the “Company”), a pure-play
critical minerals refiner focused on building midstream processing capacity, and Kensington Capital Acquisition Corp. VI (“Kensington”) (NYSE: KCAC.U), a special purpose acquisition company, today announced the confidential submission of
a draft registration statement on Form S-4 (the “Registration Statement”) to the U.S. Securities and Exchange Commission (“SEC”).
The Registration Statement relates to the previously announced proposed business combination between Nth Cycle and Kensington. Subject to the completion of
the SEC review process and satisfaction of customary closing conditions, including the approval of Kensington’s shareholders, the combined company will be named Nth Cycle Holdings, Inc., and its common stock is expected to be listed on the
NYSE under the ticker symbol “NTH.”
Dr. Megan O’Connor, Co-Founder and
CEO of Nth Cycle, commented: “This submission represents an important milestone as we advance our efforts to becoming a publicly traded company and to scaling the refining capacity that the U.S. and its allies urgently need. Critical
minerals are abundant globally, but carry little commercial value until they are refined, leaving the United States and its partners dependent upon China. We built our modular OYSTER system to mitigate this national security threat while also
executing at a lower cost and with less waste than conventional refineries. Partnering with Kensington gives us the opportunity to execute on our mission at the speed these markets demand.”
Justin Mirro, Chairman and CEO of Kensington, added: “Nth Cycle’s OYSTER system delivers a capital-efficient solution to a critical U.S.
supply-chain bottleneck and can be deployed wherever refining capacity is needed most. We are partnering with Megan and her team to scale the technology and strengthen America’s critical minerals supply chain.”
The onshoring of critical mineral refining is one of the most important supply chain challenges facing the U.S. economy, with foreign-owned companies
controlling 85% of global capacity. Nth Cycle developed a modular refining platform to systematically solve this challenge and create new critical mineral supply chains in the West. Traditional refining requires significant capital, centralized
facilities, and extensive permitting. Nth Cycle’s system is designed to reduce capital intensity by upwards of 70%, while building at 5 to 10 times smaller scale with installation and permitting completed within as little as 24 months.
Positioned for the Next Industrial Era, Aligned with Government Policy and Private-Sector Demand
Critical minerals sit at the center of the new industrial economy, and like oil, they hold little value until they are refined. China today controls the
purification of roughly 85% of the world’s mineral-rich materials, including feedstock sourced from the United States and Europe. Reducing that concentration has become a national priority across the West, and building domestic refining
capacity is among the most direct ways to address it.