Kensington Capital Acquisition II in an 8-K filing disclosed it has secured an $11 million PIPE that will be used in support of its pending merger with Wallbox Chargers.
Officers and directors of Kensington and their affiliates have subscribed for approximately 600,000 of the PIPE shares under the agreements.
A shareholder vote on the merger is scheduled today.
Redemptions ahead of the shareholder meeting pulled the SPAC’s cash in trust below the minimum required to close the deal, although Wallbox had agreed to waive that requirement.
With the new PIPE the SPAC now exeeds the $250 million minimum cash condition.
If approved, Wallbox N.V. will list on the NYSE under WBX.
The transaction would deliver proceeds of approximately $330 million to Wallbox, including a $100 million fully committed PIPE anchored by Janus Henderson Investors, Luxor Capital, Cathay Innovation and Kensington Capital Partners. The combined company is valued at $1.5 billion. Read more.
