Kensington Capital Acquisition Corp. IV (NYSE:KCAC) announced in an 8-K this morning that its shareholders have approved its combination with battery-maker Amprius with better-than-average redemptions.
At a special meeting September 13, Kensington IV shareholders voted to approve the deal with about 71.8% redeeming shares in connection with the vote. This is significantly below the 2022 average of about 85.5% shares redeemed for completed SPACs in 2022.
The deal originally had a minimum cash closing condition of $200 million, but this has been waived by Amprius. The redemptions leave an estimated $65.9 million in Kensington IV’s trust and this has been supplemented with a number of PIPE contributions adding up to $20.5 million.
Additionally, Kensington IV said in the filing that it expects to close the combination today and Amprius’ shares and warrants are expected to trade on the NYSE under the symbols “AMPX” and “AMPX.W”, respectively, on September 15.
The parties announced the $939 million deal on May 12. Amprius, the Freemont, California-based silicon nanowire battery company manufacturers high-energy and high-power lithium-ion batteries.
Last month, Amprius announced it had signed an agreement with Centrotherm to help it build out the equipment necessary for mass production of its silicon anode battery sells.
ADVISORS
- Hughes Hubbard & Reed LLP is serving as legal advisor and Marcum is serving as auditor to Kensington.
- Oppenheimer & Co. Inc. is serving as financial advisor, Wilson Sonsini Goodrich & Rosati is serving as legal advisor, and SingerLewak is serving as auditor to Amprius.


Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....
EQV Ventures II (NASDAQ:EVACU) announced the pricing of its upsized $420 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “EVACU”, Wednesday, July 2, 2025. The new SPAC plans to merge with an energy target involved in upstream exploration or production. EQV II’s management team is led by...