Kensington KCACU 1C 1/2W
Done Quantumscape QS
Done in 5 months. QS trading over $40. EV Batteries.
NEW YORK, June 25, 2020 /PRNewswire/ -- Kensington Capital Acquisition Corp. (the "Company"), today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry or sector, it intends to focus its search on companies in the North America automotive and automotive-related sector. The Company is led by Chairman and Chief Executive Officer, Justin Mirro, Vice Chairman and President, Robert Remenar, Chief Financial Officer and Secretary, Daniel Huber, and Chief Technology Officer, Simon Boag. The Company's independent directors include Thomas LaSorda, Anders Pettersson, Mitchell Quain, Donald Runkle and Matthew Simoncini.
The units will be listed on the New York Stock Exchange and trade under the ticker symbol "KCAC.U" beginning June 26, 2020. Each unit consists of one share of Class A common stock of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and redeemable warrants are expected to be listed on the New York Stock Exchange under the symbols "KCAC" and "KCAC WS," respectively.
The offering is expected to close on June 30, 2020, subject to customary closing conditions.
UBS Securities LLC and Stifel, Nicolaus & Company, Incorporated are acting as the joint book running managers for the offering and Robert W. Baird & Co. Incorporated is acting as lead manager. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.