Kensington Capital Acquisition Corp. II, has priced its initial public offering of 20,000,000 units at a price of $10.00 per unit. Kensington is led by chairman and chief executive officer, Justin Mirro, vice chairman and president, Robert Remenar, chief financial officer and secretary, Daniel Huber, and chief technology officer, Simon Boag.
The units will be listed on the New York Stock Exchange and trade under the ticker symbol “KCAC.U” beginning February 26. Each unit consists of one share of Class A common stock of the Company and one-fourth of one redeemable warrant. Each whole warrant entitles the holder thereof to purchase one share of Class A common stock 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 shares of Class A common stock and redeemable warrants are expected to be listed on the New York Stock Exchange under the symbols “KCAC” and “KCAC.WS,” respectively.
UBS Securities LLC and Stifel, Nicolaus & Company Incorporated are acting as the joint book running managers for the offering and Robert W. Baird & Co. Incorporated is acting as lead manager. Kensington has granted the underwriters a 45-day option to purchase up to an additional 3,000,000 units at the initial public offering price to cover over-allotments, if any.