The Latest Non-Redemption Agreements: August 14, 2023
by Marlena Haddad on 2023-08-14 at 5:53pm

Latest Non-Redemption Agreements: Kensington Capital V


Kensington Capital Acquisition Corp. V (KCGI) Adds Non-Redemption Agreement

On August 11, and August 14, Kensington Capital V (NYSE:KCGI) and its sponsor entered into agreements with several unaffiliated third parties in exchange for them agreeing not to redeem an aggregate of 2,600,000 Class A ordinary shares.

In exchange for the foregoing commitment not to redeem such shares, the sponsor has agreed to transfer to such investors an aggregate of 568,750 Class B ordinary shares immediately following the consummation of an initial business combination if they continue to hold such shares through the general meeting.

The non-redemption agreements are not expected to increase the likelihood that the extension is approved by shareholders but will increase the amount of funds that remain in the trust account.

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