SPACInsider Logo
Kensington Capital Acquisition Corp. II (KCAC) Shareholders Approve Wallbox Deal
by Marlena Haddad on 2021-09-30 at 5:00pm

Kensington Capital Acquisition Corp. II (NYSE:KCAC) secured shareholder approval of its combination with electric vehicle (EV) charging station provider Wallbox today after obtaining an additional PIPE for the deal.

Holders of 22,013,340 shares of KCAC were present at today’s meeting, representing 76.56% of the voting power. The business combination was approved with 20,893,692 votes in favor of it.

Kensington II announced yesterday that it saw redemptions drop its funds below the minimum cash condition, but was able to secure an additional $11 million PIPE to support the deal.

The SPAC’s officers, directors and affiliates purchased 600,000 of the 1,100,000 new PIPE shares at $10 per share after 8,888,682 shares were redeemed, or approximately 38.6%. These redemptions reduced KCAC’s available cash to $241.1 million, dipping below its $250 million minimum cash condition of the deal, but the new PIPE brings the SPAC back above that threshold. KCAC fell 15.94% today and closed at $8.28.

Nonetheless, the parties expect to close the transaction tomorrow, October 1. The combined company’s shares and warrants are expected to start trading on The New York Stock Exchange under the ticker symbols “WBX” and “WBX.WS,” respectively, on Monday, October 4.

Kensington II initially announced its $1.5 billion combination with Wallbox on June 9. Barcelona-based Wallbox provides a suite of EV-charging hardware and energy management systems for residential, semi-public and public use in 67 countries.

The only other proposal that was placed on the ballot, the merger proposal, was also approved at today’s meeting. Full vote tallies and descriptions of the measures may be found HERE.


ADVISORS

  • Hughes Hubbard & Reed LLP, Cuatrecasas, Gonçalves Pereira, S.L.P. and Houthoff are serving as legal advisors to Kensington.
  • UBS Investment Bank is serving as financial advisor to Kensington.
  • UBS and Barclays are serving as joint placement agents on the PIPE offering.
  • Barclays and Drake Star Partners are serving as M&A advisors to Wallbox.
  • Latham & Watkins LLP and Loyens & Loeff are serving as legal advisors to Wallbox.
  • KPMG and BDO are serving as auditors to Wallbox
Recent Posts
by Kristi Marvin on 2023-06-06 at 5:59pm

Tracking SPACs and all of their various types of “corporate actions” can be challenging. After all, a SPAC can postpone, adjourn, extend, complete, liquidate early, do a tender offer, and in some cases, one SPAC do all of those actions within its lifespan.  Naturally, this can be challenging to manage. More importantly, it can very...

by Marlena Haddad on 2023-06-06 at 11:34am

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Byju skips payment on dollar loan and HNR affirms intent to purchase equity interests of Pogo Resources High-Flying Indian Startup Byju’s Skips Payment on Dollar Loan One of India’s best-known startups has skipped payment...

by Marlena Haddad on 2023-06-06 at 10:15am

Avalon Acquisition Inc. (NASDAQ:AVAC) announced in an 8-K this morning that it has entered into a prepaid forward purchase agreement with RiverNorth SPAC Arbitrage Fund, the purchaser, as it works to close its combination with financial services firm The Beneficient Company, or Ben. As part of the agreement, RiverNorth agreed to effect certain purchases of shares...

by Nicholas Alan Clayton on 2023-06-06 at 9:43am

Blue Ocean (NASDAQ:BOCN) has entered into a definitive agreement to combine with digital media company TNL Mediagene at a pre-money enterprise value of $275 million. TNL Mediagene holds the Japanese licenses for a number digital media properties as well as Taipei-based The News Lens. The combined company Is expected to trade on the Nasdaq once...

by Nicholas Alan Clayton on 2023-06-06 at 7:23am

Priveterra Acquisition Corp. (NASDAQ:PMGM) announced in an 8-K this morning that it plans to adjourn its special meeting to approve its combination with AEON Biopharma from noon today to the same time June 9. The SPAC plans to use this time to further engage with its shareholders as the ballot includes a variety of additional...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved