Special purpose acquisition company Kensington Capital Acquisition Corp. V (NYSE: KCGI.U) started trading its securities on the New York Stock Exchange today. The firm priced its initial public offering today, aiming to raise total proceeds of US$240.0 million.
The offering will entail selling 24.0 million units priced at US$10.00 per unit. Each unit is composed of one Class A common share and three-fourths of a redeemable warrant. Each whole warrant is exercisable to purchase one common share at US$11.50 per share.
The company units trade on the New York big board under the symbol “KCGI.U”. Once the securities separate, the company shares and warrants will trade under the ticker symbols “KCGI” and “KCGI.WS”, respectively.
The proposed offering is being managed by UBS Securities LLC and Stifel, Nicolaus & Company as the jointed underwriters, which the company granted a 45-day over-allotment option to purchase additional 3.6 million company units.
The offering is expected to close on August 17, 2021, subject to customary closing conditions.
The blank check company intends to transact with businesses in the North American and European industrials sector.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.