SPACInsider Logo
Kensington Capital IV (KCAC) Secures Additional PIPE
by Marlena Haddad on 2022-09-09 at 5:39pm

Kensington Capital Acquisition Corp. IV (NYSE:KCAC) announced that it has tacked on an additional PIPE for its business combination with Amprius Technologies, Inc, just days after securing $13.375 million through a number of investors.

The SPAC has now entered into separate subscription agreements with certain entities that have previously invested in an affiliate of Amprius. The subscribers agreed to purchase an aggregate of 215,000 PIPE units at a price of $10.00 per PIPE unit, or $2,150,000, bringing the total PIPE to 1,552,500 units for gross proceeds of $15,525,000.

Kensington recently entered into separate subscription agreements on September 7 with multiple investors which agreed to purchase an aggregate of 1,337,500 units at $10.00 per unit for a total purchase price of $13.375 million.

Both PIPE units will consist of one share of Kensington common stock, and one warrant. The PIPE Warrants will also be substantially identical to the existing Kensington public warrants, except that the exercise price of each PIPE Warrant (for all PIPE subscribers) will be $12.50 per share instead of $11.50 per share, which is the exercise price for the existing Kensington public warrants.

Additionally, the average sales price of the New Amprius Common Stock for PIPE investors will need to exceed $20.00 per share instead of $18.00 per share for the existing public warrants for Kensington to be able to redeem the PIPE Warrants. Furthermore, the PIPE Warrants will not be listed on any securities exchange.

Today’s proceeds brings the total funding to $245.525 million, including the $230 million held in Kensington’s trust account. The parties expect to use the recent capital to help offset potential redemptions of the SPAC’s ordinary shares in connection with the proposed merger, and may be used by Kensington to help satisfy the minimum cash condition.

Kensington initially inked its $939 million deal with Amprius on May 12, 2022. Amprius, the Freemont, California-based silicon nanowire battery company manufacturers high-energy and high-power lithium-ion batteries.

 

 

Recent Posts
by Marlena Haddad on 2022-12-02 at 5:38pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: NightDragon, VectoIQ II, and Fortistar Sustainable Solutions Corp. Night Dragon Acquisition Corp. Will Redeem Its Public Shares and Will Not Consummate an Initial Business Combination NightDragon Acquisition Corp. (NASDAQ: NDAC) anticipates that the last trading day...

by Marlena Haddad on 2022-12-02 at 4:38pm

Lakeshore Acquisition I Corp. (NASDAQ:LAAA) disclosed this afternoon that its shareholders have approved its business combination with medical device company ProSomnus during a special meeting held earlier today. Approximately 92.4% of the votes cast at the meeting on the business combination proposal, representing approximately 80.5% of Lakeshore’s outstanding shares, voted to approve the deal. The SPAC disclosed...

by Marlena Haddad on 2022-12-02 at 11:38am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Embark director Elaine Chao and others sued over SPAC merger, Alvotech switches CEO and takes COO from Teva, and Uber Freight and Aurora expand pilot  Embark Director Elaine Chao, Others Sued Over SPAC...

by Nicholas Alan Clayton on 2022-12-02 at 7:51am

SPACInsider contributors Anthony Sozzi and Sam Beattie this week compiled their three favorite potential SPAC targets among potential targets in the security industry. We look at why they are compelling and why each could be a fit for a blank-check merger. Security is on the market’s mind and is expected to grow at a CAGR...

by Marlena Haddad on 2022-12-01 at 5:55pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Atlas Crest Investment II and One Equity Partners Open Water I Atlas Crest Investment Corp. II to Liquidate Trust Atlas Crest II’s (NYSE:ACII) board and shareholders have agreed to establish today, December 1, 2022,...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved