QuantumScape Corporation (NYSE: QS) reported completion of its business combination with Kensington Capital Acquisition Corp. (NYSE: KCAC). QuantumScape shares began trading on NYSE under the ticker symbol “QS” as its warrants will trade on the NYSE under the ticker symbol “QS.W”. Since its founding in 2010, QuantumScape has been focused on development of solid state batteries and designing a scalable manufacturing process to commercialize its battery technology for the auto industry. The company’s solid state lithium metal batteries are designed to be safe and to delivery faster charge times with greater range, including an improved cycle life compared to today’s conventional lithium-ion battery technology.
“Today marks a big step in the evolution of our company,” commented Jagdeep Singh, Founder and Chief Executive Officer of QuantumScape. “This transaction allows QuantumScape to fund development and commercialization of our OEM-validated battery technology as we look forward to playing our part in the electrification of the automotive powertrain, helping transform one of the world’s largest industries and fostering a cleaner future for all.”
Justin Mirro, Chairman and Chief Executive Officer of Kensington, added, “we are incredibly excited to complete our business combination with QuantumScape and to provide the company with significant capital and automotive guidance to accelerate its business plan. The adoption of electric vehicles has emerged as the global mega-trend in the automotive industry, and QuantumScape is now well positioned to become a leading supplier of solid-state batteries for this next generation of electric powertrains.”
The transaction will have net proceeds of USD 680 Million to QuantumScape, including a USD 500 Million PIPE. The transaction funds are expected to support the company through the start of production in the second half of 2024.
QuantumScape reached a current high of USD 300.17 with over 9.4 Million shares traded, will the company beat its current intraday high before the market close?