Kensington Capital Acquisition II priced its IPO of 20 million units at $10 per unit.
The SPAC intends to focus its search on companies in the North America automotive and automotive-related sector.
Units begin trading today on the NYSE under KCAC.U. Each consists of one share of Class A common stock and one-fourth of one redeemable warrant. Each whole warrant is exercisable at $11.50 for one share. Once the securities comprising the units begin separate trading, shares and redeemable warrants are expected to list under KCAC and KCAC.WS, respectively.
The offering is expected to close March 2. Read more.
