Quantumscape To List On NYSE Through Merger With KCAC

NYSE:KCAC   Kensington Capital Acquisition Corp. II

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