In SPAC news this week, silicon battery maker Amprius Technologies is going public via a SPAC merger. Meanwhile, Goldman Sachs is no longer working with SPACs due to concerns around new liability guidelines.
AMPRIUS TO GO PUBLIC: Amprius Technologies and Kensington Capital Acquisition Corp. IV (KCAC) announced a definitive agreement for a business combination that would result in Amprius becoming a publicly-listed company. Upon closing of the transaction, the combined company will be named Amprius Technologies and its common stock will trade on the NYSE under the new ticker symbol "AMPX." Founded in 2008, Amprius develops, manufactures, and sells ultra-high energy density lithium-ion batteries using its innovative, patent-protected silicon nanowire anode technology. The business combination values Amprius at an implied pro forma enterprise value of $939M, assuming no redemptions by our public stockholders in connection with closing and the payment of estimated transaction expenses. The boards of directors of both Kensington and Amprius have approved the proposed transaction, which is expected to be completed in the second half of 2022, subject to, among other things, the approval by Kensington's stockholders and satisfaction or waiver of other conditions stated in the definitive documentation. The transaction will result in gross proceeds of approximately $430M to Amprius, comprised of $230M of cash held in Kensington's trust, before redemptions, and up to $200M in additional equity financing to be raised prior to the closing of the business combination.
LIABILITY RISK: Goldman Sachs is no longer working with most of the special purpose acquisition companies it took public due to concerns around new liability guidelines, Bloomberg's Sridhar Natarajan reported. Goldman, the second-biggest underwriter of SPACs last year, has been telling sponsors of the vehicles it will be ending its involvement, people with knowledge of the matter told Bloomberg. The bank is also electing to pause new U.S. SPAC issuance for now, one of the sources said.
SPAC IPOS THIS WEEK:
"On the Fly: The Week in SPAC News" is The Fly's new recurring series of stories on the latest SPAC initial public offerings, SPAC deal news, and associated analyst commentary.
Kensington Capital Acquisition
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Amprius Technologies
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Prime Number Acquisition I
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Monterey Capital Acquisition
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Global Blockchain Acquisition
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Investcorp India Acquisition
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