• Thu. Sep 29th, 2022

Battery maker Amprius Tech to go public through $939 mln SPAC merger – ET Auto

Of the $430 million, $200 million can be raised as a part of an extra fairness financing and the remainder can be offered by the special-purpose acquisition firm’s (SPAC) belief account.

Battery maker Amprius Applied sciences Inc goes public by merging with a blank-check agency in a deal that values it at $939 million, the businesses mentioned on Thursday.

Based in 2008, Fremont, California-based Amprius produces silicon anodes for lithium-ion batteries. The corporate says its cells present extra power and energy with a lot much less weight and quantity.

The take care of Kensington Capital Acquisition Corp IV will fetch $430 million in proceeds for the mixed entity, which is able to checklist on the New York Inventory Change after the deal closes within the second half of this 12 months.

Of the $430 million, $200 million can be raised as a part of an extra fairness financing and the remainder can be offered by the special-purpose acquisition firm’s (SPAC) belief account.

A rout in fairness markets, declining investor curiosity in SPACs and harder scrutiny from the U.S. securities regulator have in latest months pressured a number of firms to cancel blank-check offers.

Even the businesses which have efficiently closed offers equivalent to BuzzFeed Inc and Virgin Orbit Holdings Inc have been torpedoed by investor withdrawals.

SPACs are listed shell companies that use the capital raised from an preliminary public providing to clinch a go-public take care of a personal firm.

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