QuantumScape Company And Kensington Capital Acquisition Corp. (KCAV) Announce Closing Of Enterprise Mixture; QuantumScape To Commerce On NYSE Below Ticker “QS” Starting On November 27

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QuantumScape Company (“QuantumScape”), a pacesetter within the growth of subsequent technology solid-state lithium-metal batteries to be used in electrical automobiles, introduced as we speak that it has accomplished its enterprise mixture with Kensington Capital Acquisition Corp. (“Kensington”) (NYSE: OkCAC), a particular goal acquisition firm. The Enterprise Mixture was authorized by Kensington stockholders in a particular assembly held on November 25, 2020. Starting on November 27, 2020, QuantumScape shares will commerce on the NYSE beneath the ticker image “QS” and its warrants will commerce on the NYSE beneath the ticker image “QS.W”.

For the reason that firm was based in 2010, QuantumScape has been solely centered on creating solid-state batteries and designing a scalable manufacturing course of to commercialize its battery expertise for the automotive business. By its elegant “anode-less” design, QuantumScape’s solid-state lithium-metal batteries are designed to be safer, and to ship higher vary, quicker cost occasions and improved cycle life, than as we speak’s standard lithium-ion battery expertise.

“Right now marks an enormous step within the evolution of our firm,” commented Jagdeep Singh, Founder and Chief Govt Officer of QuantumScape. “This transaction permits QuantumScape to fund growth and commercialization of our OEM-validated battery expertise as we look ahead to enjoying our half within the electrification of the automotive powertrain, serving to remodel one of many world’s largest industries and fostering a cleaner future for all.”

Justin Mirro, Chairman and Chief Govt Officer of Kensington, added, “we’re extremely excited to finish our enterprise mixture with QuantumScape and to offer the corporate with important capital and automotive steerage to speed up its marketing strategy. The adoption of electrical automobiles has emerged as the worldwide mega-trend within the automotive business, and QuantumScape is now effectively positioned to change into a number one provider of solid-state batteries for this subsequent technology of electrical powertrains.”

The transaction will lead to internet proceeds of roughly $680 million to QuantumScape, together with via a $500 million totally dedicated PIPE. Funds from the transaction are anticipated to completely help the corporate via the beginning of manufacturing within the second half of 2024.

Hughes Hubbard & Reed LLP served as authorized advisor and UBS Funding Bank, Stifel Nicolaus & Firm Included and Robert W. Baird & Co. Included served as monetary advisors to Kensington. Goldman Sachs & Co. LLC and UBS Funding Bank served as joint placement brokers on the PIPE providing. Wilson Sonsini Goodrich & Rosati served as authorized advisor and Goldman Sachs & Co. LLC served as monetary advisor to QuantumScape.