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.
- 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