Kensington Capital Acquisition IV in an 8-K filing said it had signed up investors for 1,337,500 PIPE units at $10 each. A unit consists of a share and a warrant, with warrants each exercisable at $12.50.
The proceeds will go toward the SPAC’s merger deal with Amprius Technologies, which manufactures lithium-ion batteries. The deal has a pro forma implied enterprise value of $939 million.
If approved, upon closing Amprius would trade on the NYSE under new ticker symbol AMPX.
Both parties also said they have determined the share exchange ratio on the deal to be approximately 1.45590.
As announced in May, the transaction would result in gross proceeds of approximately $430 million to Amprius, consisting of $230 million of cash in Kensington’s trust, less any redemptions, and up to $200 million in additional equity financing the SPAC said it may raise prior to the closing of the business combination.
With the latest PIPE investment and a previously announced $10 million PIPE, the SPAC now has about $253.4 million available.
The outside date for deal completion is Nov. 12, unless extended
Hughes Hubbard & Reed is legal advisor and Marcum is serving as auditor to Kensington. Oppenheimer & Co. is serving as financial advisor, Wilson Sonsini Goodrich & Rosati is serving as legal advisor, and SingerLewak is serving as auditor to Amprius. Read more.
