Kensington Capital Acquisition V in an amended S-1 filing said it will offer 22.5 million units in its upcoming IPO, down from the 26 million units initially registered with the SEC last month.
A unit now consists of one Class A ordinary share and three-fourths of one redeemable warrant. The initial registration called for one-fifth of a warrant with each share.
The new SPAC is focused on the industrials sector.
UBS and Stifel are book-running managers, Baird is lead manager and Drexel Hamilton is co-manager of the offering. The underwriters have an option to purchase up to 3.375 milllion additional units to cover any over-allotments.
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 in June entered into a business combination agreement with Wall Box Chargers, a provider of electric vehicle (EV) charging solutions.
The SPAC has applied to list on the NYSE under KCGI.U. Read more.
