The sponsor of Kensington Capital Acquisition V entered into non-redemption agreements with several unaffiliated third parties in exchange for them agreeing not to redeem 2.6 million Class A shares ahead of an extension vote that would give the SPAC one more year to complete a deal past its Aug. 17 deadline.
In exchange, the sponsor has agreed to transfer to the investors 568,750 Class B shares when the SPAC completes a deal.
Kensington V last month terminated a $524 million deal with Luxembourg-based EV maker Arrival. The SPAC raised $240 million in an IPO two years ago. Read more.
