Battery Maker Amprius Tech Merging with SPAC Merger

Amprius Technologies Inc is going public after a $939 million merger with a blank-check company.

May 16, 2022. By News Bureau

Amprius Technologies Inc is going public after combining with a blank-check company in a $939 million deal. Amprius, situated in Fremont, California, manufactures silicon anodes for lithium-ion batteries. The business claims that its cells produce more energy and power while being more lighter and smaller.

The combined business, which will list on the New York Stock Exchange when the deal concludes in the second half of this year, will receive $430 million in proceeds from the merger with Kensington Capital Acquisition Corp IV.

The remaining $400 million will come from the special-purpose acquisition company's (SPAC) trust account, with $200 million coming from new equity financing.

Several corporations have had to abandon blank-check acquisitions in recent months due to a stock market downturn, decreased investor interest in SPACs, and increased scrutiny from the US Securities and Exchange Commission.

Investor withdrawals have harmed even companies that have successfully finalised mergers, such as BuzzFeed Inc and Virgin Orbit Holdings Inc. SPACs are publicly traded shell companies that use funds raised from an IPO to close a go-public deal with a private company.

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Kensington Capital Acquisition Corp