WESTBURY, N.Y., Aug. 12, 2021 /PRNewswire/ — Kensington Capital Acquisition Corp. V (the «Company»), today announced the pricing of its initial public offering of 24,000,000 units at a price of $10.00 per unit. The Company is a blank check company formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. While the Company may pursue an initial business combination target in any industry or sector, it intends to focus its search on companies in the North American and European industrials sector. The Company is led by Chairman and Chief Executive Officer, Justin Mirro, Vice Chairman and President, John Arney, Chief Financial Officer, Daniel Huber, Chief Technology Officer, Dr. Peter Goode, and Head of Business Development, Julian Ameler. The Company’s independent directors include Anders Pettersson, Mitchell Quain, Mark Robertshaw, Nickolas Vande Steeg and William E. Kassling.
The units will be listed on the New York Stock Exchange and trade under the ticker symbol «KCGI.U» beginning August 13, 2021. Each unit consists of one Class A ordinary share of the Company and three-fourths of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one Class A ordinary share of the Company at a price of $11.50 per share. Only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the Class A ordinary shares and redeemable warrants are expected to be listed on the New York Stock Exchange under the symbols «KCGI» and «KCGI.WS,» respectively.
The offering is expected to close on August 17, 2021, subject to customary closing conditions.
UBS Securities LLC and Stifel, Nicolaus & Company, Incorporated are acting as the joint book running managers for the offering, Robert W. Baird & Co. Incorporated is acting as lead manager and Drexel Hamilton, LLC and EarlyBirdCapital, Inc. are acting as co-managers. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,600,000 units at the initial public offering price to cover over-allotments, if any.
The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from UBS Securities LLC, Attn: Prospectus Department, 1285 Avenue of the Americas, New York, NY 10019, telephone: (888) 827-7275 or email: firstname.lastname@example.org; and Stifel, Nicolaus & Company, Incorporated, Attn: Syndicate Department, One South Street, 15th Floor, Baltimore, MD 21202, or by email: SyndProspectus@Stifel.com or by telephone: (855) 300-7136.
Registration statements relating to the securities became effective on August 12, 2021 in accordance with the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
This press release contains statements that constitute «forward-looking statements,» including with respect to the proposed initial public offering and the anticipated use of the net proceeds. No assurance can be given that the offering discussed above will be completed on the terms or timeline described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statements and preliminary prospectus for the Company’s offering filed with the Securities and Exchange Commission («SEC»). Copies of these documents are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Chief Financial Officer
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SOURCE Kensington Capital Acquisition Corp. V