Next-Gen Battery Company Quantumscape To List On NYSE Through Merger With Kensington Capital Acquisition Corp .
- QuantumScape Corporation has entered into a definitive merger agreement with Kensington Capital Acquisition Corp . (NYSE: KCAC ); upon closing, the combined company will remain listed on the New York Stock Exchange under the ticker symbol "QS"
- QuantumScape raises over $700 million in proceeds through the business combination, including a $500 million fully committed PIPE anchored by institutional investors including Fidelity Management & Research Company LLC and Janus Henderson Investors
- Transaction results in over $1 billion in cash and funding commitments, including QuantumScape's Series F financing led by the Volkswagen Group and Qatar Investment Authority (QIA)
- QuantumScape and Volkswagen have previously announced a joint venture to enable industrial-level production of solid-state batteries for use in VW's vehicles
- Pro forma implied enterprise value of the combined company is approximately $3.3 billion
transaction, which is expected to be completed in the fourth quarter of 2020.
backed by Microsoft co-founder Bill Gates and Volkswagen