Kensington Capital Acquisition V registered to offer 26 million units for $10 each. A unit consists of one Class A ordinary share and one-fifth of a redeemable warrant; whole warrants exercisable for a share at $11.50.
The new SPAC is focused on the industrials sector.
Kensington V is led by Chairman and CEO Justin Mirro, whose 25 years of operating, M&A and financing experience in the automotive and automotive-related sector began at GM as a Tool and Die Manufacturing Engineer.
Kensington SPAC I in November completed a merger with EV battery maker QuantumScape. Kensington SPAC II last month entered into a business combination agreement with Wall Box Chargers, a provider of electric vehicle (EV) charging solutions.
UBS is sole book-running manager, Baird is lead manager and Drexel Hamilton is co-manager of the offering. The underwriters have a 45-day option to purchase up to 3.9 milllion additional units to cover over-allotments, if any.
The SPAC intends to apply for a listing on the NYSE under KCGI.U. Read more.