Automotive SPAC Kensington Money Acquisition II information for a $200 million IPO
Kensington Money Acquisition II, the 2nd blank test enterprise concentrating on the automotive industry, filed on Wednesday with the SEC to elevate up to $200 million in an preliminary public giving.
The Westbury, NY-dependent corporation plans to increase $200 million by giving 20 million models at $10. Just about every unit is made up of 1 share of frequent inventory and one-fourth of a warrant, exercisable at $11.50. At $10, Kensington Capital Acquisition II would command a current market worth of $250 million.
The enterprise is led by CEO and Chairman Justin Mirro, founder of automotive-targeted financial investment agency Kensington Capital, exactly where he at this time serves as President. Mirro also has practical experience from Typical Motors, Toyota, and numerous financial commitment banking companies, and will be joined by CFO Daniel Huber, who has served as a Running Member of DEHC since 2014 and previously served as Director of Corporate Development and M&A at Conduent. The group’s prior SPAC, Kensington Cash Acquisition, lifted $200 million in June 2020 and lately finished its blend with QuantumScape (QS +386% from $10 supply selling price).
The enterprise intends to leverage its management team’s market expertise and network, targeting the automotive and automotive-linked sector.
Kensington Cash Acquisition II was founded in 2021 and plans to checklist on the NYSE under the image KCAC.U. UBS Financial investment Financial institution and Stifel are the joint bookrunners on the deal.
The short article Automotive SPAC Kensington Cash Acquisition II information for a $200 million IPO at first appeared on IPO financial commitment supervisor Renaissance Capital’s internet website renaissancecapital.com.
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