Disclaimer: The views, suggestions and opinions expressed here are the sole responsibility of the experts. No ZEX PR Wire journalist or Editor was involved in the writing and production of this article.
NEW YORK, June 25, 2020 /PRNewswire/ — Kensington Capital Acquisition Corp. (the “Company”), today announced the pricing of its initial public offering of 20,000,000 units at a price of $10.00 per unit. The Company is a blank check company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry or sector, it intends to focus its search on companies in the North America automotive and automotive-related sector. The Company is led by Chairman and Chief Executive Officer, Justin Mirro, Vice Chairman and President, Robert Remenar, Chief Financial Officer and Secretary, Daniel Huber, and Chief Technology Officer, Simon Boag. The Company’s independent directors include Thomas LaSorda, Anders Pettersson, Mitchell Quain, Donald Runkle and Matthew Simoncini.
The units will be listed on the New York Stock Exchange and trade under the ticker symbol “KCAC.U” beginning June 26, 2020. Each unit consists of one share of Class A common stock of the Company and one-half of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock of the Company at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares of Class A common stock and redeemable warrants are expected to be listed on the New York Stock Exchange under the symbols “KCAC” and “KCAC WS,” respectively.
The offering is expected to close on June 30, 2020, subject to customary closing conditions.
UBS Securities LLC and Stifel, Nicolaus & Company, Incorporated are acting as the joint book running managers for the offering and Robert W. Baird & Co. Incorporated is acting as lead manager. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: (888) 827-7275 or email: [email protected]; and Stifel, Nicolaus & Company, Incorporated, Attn: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, or by email: [email protected] or by telephone: (855) 300-7136.
Registration statements relating to the securities became effective on June 25, 2020 in accordance with the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute “forward-looking statements,” including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms or timeline described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statements and preliminary prospectus for the Company’s offering filed with the Securities and Exchange Commission (“SEC”). Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Chief Financial Officer
SOURCE Kensington Capital Acquisition Corp.