Kensington Capital Acquisition IV priced its IPO of 20 million units at $10 each.
Units begin trading today on the NYSE under the symbol KCAC.U.
A unit consists of one share, one Class 1 redeemable warrant and one Class 2 warrant. Each whole warrant entitles the holder to purchase one share at $11.50. Warrants will become exercisable 30 days after the completion of an initial business combination, and will (except for Class 2 warrants attached to any shares that are redeemed) expire five years after the completion of a merger or earlier upon redemption or liquidation.
The new SPAC’s focus is on the automotive and automotive-related sector.
CEO and Chairman Justin Mirro began his career at GM as a Tool and Die Manufacturing Engineer, with successive positions at Car and Driver Magazine, Toyota Motor Corporation and Itochu International prior to transitioning to automotive investment banking at Schroder & Co. / Salomon Smith Barney / ABN Amro in 1996. In 1999, Mirro formed Kensington Capital Partners.
Kensington Capital II closed a merger with Wallbox in October. The first Kensington SPAC closed a deal with QuantumScape in November 2020.
UBS and Stifel are joint book-running managers of the offering. Baird is lead manager and Drexel Hamilton is co-manager on the deal. Read more.
