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Automotive SPAC Kensington Capital Acquisition II files for a $200 million IPO

January 20, 2021

Kensington Capital Acquisition II, the second blank check company targeting the automotive industry, filed on Wednesday with the SEC to raise up to $200 million in an initial public offering.

The Westbury, NY-based company plans to raise $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. At $10, Kensington Capital Acquisition II would command a market value of $250 million. 

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, and will be joined by CFO Daniel Huber, who has served as a Managing Member of DEHC since 2014 and previously served as Director of Corporate Development and M&A at Conduent. The group's previous SPAC, Kensington Capital Acquisition, raised $200 million in June 2020 and recently completed its combination with QuantumScape (QS; +386% from $10 offer price). 

The company intends to leverage its management team's industry experience and network, targeting the automotive and automotive-related sector.

Kensington Capital Acquisition II was founded in 2021 and plans to list on the NYSE under the symbol KCAC.U. UBS Investment Bank and Stifel are the joint bookrunners on the deal.