• Thu. Jun 30th, 2022

Battery maker Amprius Tech to go public via $939 million SPAC merger

ByRandall B. Phelps

May 14, 2022

Amprius Technologies Inc goes public by merging with a blank check company in a deal that values ​​it at $939 million

Battery maker Amprius Technologies Inc is going public by merging with a blank check company in a deal that values ​​it at $939 million, the companies said Thursday.

Founded in 2008, Fremont, Calif.-based Amprius produces silicon anodes for lithium-ion batteries. The company claims its cells deliver more energy and power with significantly less weight and bulk.

The deal with Kensington Capital Acquisition Corp IV will bring $430 million to the combined entity, which will list on the New York Stock Exchange after the deal closes in the second half of this year.

Of the $430 million, $200 million will be raised through additional equity financing and the rest will be provided by the Special Purpose Acquisition Company (SPAC) trust account.

A rout in the stock markets, declining investor interest in SPACs, and tougher scrutiny from the U.S. securities regulator have in recent months forced several companies to cancel cash check deals. White.

Even companies that have successfully struck deals such as BuzzFeed Inc and Virgin Orbit Holdings Inc have been torpedoed by investor withdrawals.

SPACs are publicly traded front companies that use the capital raised from an initial public offering to enter into an IPO deal with a private company.

0 comments

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

For the latest car news and reviews, follow carandbike.com on Twitter, Facebookand subscribe to our Youtube channel.