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.
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