Kensington Capital Acquisition II, the second blank check company led by the founder of Kensington Capital targeting the auto industry, raised $200 million by offering 20 million units at $10. Each unit consists of one share of common stock and one-fourth of a warrant, exercisable at $11.50.
The company 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. Management's previous SPAC, Kensington Capital Acquisition, went public in June 2020 and completed its combination with next-gen EV battery developer QuantumScape (QS; +476% from $10 offer price) the following November.
The company intends to leverage its management team's industry experience and network, targeting the automotive and automotive-related sector.
Kensington Capital Acquisition II plans to list on the NYSE under the symbol KCAC.U. UBS Investment Bank and Stifel acted as lead managers on the deal.
