Kensington Capital Acquisition IV, a blank check company led by the founder of Kensington Capital targeting the auto industry, raised $200 million by offering 20 million units at $10. Unlike most SPACs, Kensington IV's units contain two whole warrants, both of which are exercisable at $11.50; the Class 1 warrants will begin trading separately 52 days after the IPO, while the Class 2 warrants will not trade separately, and instead are subject to expiration if the shares are redeemed.
The company is led by CEO and Chairman Justin Mirro, the 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. Mirro has led three previous SPACS: Kensington Capital I, which acquired QuantumScape (QS; +64% from IPO); Kensington Capital II, which acquired Wall Box Chargers (WBX; +21% from IPO); and Kensington Capital V (KCGI.U), which is still looking for a target.
Kensington Capital Acquisition IV plans to list on the NYSE under the symbol KCAC.U. UBS Investment Bank and Stifel acted as joint bookrunners on the deal.
