Kensington Capital Acquisition, a blank check company targeting the automotive industry, filed on Tuesday with the SEC to raise up to $175 million in an initial public offering.
The Westbury, NY-based company plans to raise $175 million by offering 17.5 million units at $10. Each unit consists of one share of common stock and one-half of a warrant, exercisable at $11.50. At $10, Kensington Capital Acquisition would command a market value of $219 million.
Kensington Capital Acquisition is led by CEO and Chairman Justin Mirro, founder of automotive-focused investment firm Kensington Capital, where he currently serves as President. Mirro also has experience from General Motors, Toyota, and several investment banks. The company intends to leverage its management team's industry experience and network, targeting the automotive and automotive-related sector.
The Westbury, NY-based company was founded in 2020 and plans to list on the NYSE under the symbol KCAC.U. Kensington Capital Acquisition filed confidentially on May 8, 2020. UBS Investment Bank, Stifel, and Baird are the joint bookrunners on the deal.
