Kensington Capital Acquisition Corp. IV (NYSE:KCAC) announced in an 8-K this morning that its shareholders have approved its combination with battery-maker Amprius with better-than-average redemptions.
At a special meeting September 13, Kensington IV shareholders voted to approve the deal with about 71.8% redeeming shares in connection with the vote. This is significantly below the 2022 average of about 85.5% shares redeemed for completed SPACs in 2022.
The deal originally had a minimum cash closing condition of $200 million, but this has been waived by Amprius. The redemptions leave an estimated $65.9 million in Kensington IV’s trust and this has been supplemented with a number of PIPE contributions adding up to $20.5 million.
Additionally, Kensington IV said in the filing that it expects to close the combination today and Amprius’ shares and warrants are expected to trade on the NYSE under the symbols “AMPX” and “AMPX.W”, respectively, on September 15.
The parties announced the $939 million deal on May 12. Amprius, the Freemont, California-based silicon nanowire battery company manufacturers high-energy and high-power lithium-ion batteries.
Last month, Amprius announced it had signed an agreement with Centrotherm to help it build out the equipment necessary for mass production of its silicon anode battery sells.
ADVISORS
- Hughes Hubbard & Reed LLP is serving as legal advisor and Marcum is serving as auditor to Kensington.
- Oppenheimer & Co. Inc. is serving as financial advisor, Wilson Sonsini Goodrich & Rosati is serving as legal advisor, and SingerLewak is serving as auditor to Amprius.
Despite a week of general pull-backs in the market, fintech firm Ibotta (NYSE:IBTA) nonetheless took the dive and had a good week debuting via a traditional IPO in the choppy waters. The company, which provides app-based consumer cashback discounts on purchases, priced its IPO at $88, above its proposed range of $76 to $84, and...
At the SPAC of Dawn Happy Friday! SPACInsider has unveiled new presets on SPAC Performance accessible via the Data drop-down to easily sort for the highest and lowest performing active SPACs and de-SPACs. On the de-SPAC side, Vertiv (NYSE:VRT) continues to be well ahead of the pack, logging a 710% return by share price adjusted...
AGBA (NASDAQ:AGBA) stock is up over +90% this morning following a +211% premarket spike on news it has signed a definitive agreement to combine with social streaming video platform Triller. AGBA, the company itself, was formed by the $555 million combination between a SPAC of the same name and TAG Companies, a financial services firm...
At the SPAC of Dawn Since closing its combination with DHC last month, AI customer engagement firm BEN (NASDAQ:BNAI) has rolled out new partnerships with call center and healthcare clients. And, while it faces a fair bit of competition in the chatbot realm, several high-profile institutions have demonstrated that creating one that provides useful services...
Blue Ocean (NASDAQ:BOCN) provided significantly more texture today in the presentation for its $275 million combination with Asian digital media group TNL Mediagene, which it expects to hit profitability in the second half of the year despite a slight shakeup in financing for the transaction. The first big update in the first investor deck is...