Kensington Capital Acquisition Corp. (KCAC.U), announced the pricing of their upsized $200 million SPAC IPO tonight and the units are expected to begin trading tomorrow, Friday, June 26th, under the symbol Nasdaq: KCAC.U.
Kensington Capital intends to pursue companies in North American automotive & other automotive-related sectors and will be led by Justin Mirro, as Chairman and Chief Executive Offer. He is joined by Robert Remenar, as Vice Chairman and President. Both men have engineering backgrounds and deep roots in Michigan’s auto sector. They are also joined by Chief Technology Officer, Simon Boag, who was recently inducted into the Automotive Hall of Fame.
Total SPAC deal count for 2020 year-to-date is now 35 with $11.0 billion in gross proceeds raised. The offering is anticipated to close on Tuesday, June 30, 2020.
UBS Securities LLC and Stifel, Nicolaus & Company, Incorporated are acting as joint book-running managers for the offering. Robert W. Baird & Co. Incorporated is acting as lead manager. Hughes Hubbard & Reed LLP and Skadden, Arps, Slate, Meagher & Flom LLP were Issuer’s Counsel and Underwriter’s Counsel, respectively. Marcum LLP acted as auditor.