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

– Battery maker Amprius Applied sciences Inc goes public by merging with a blank-check agency in a deal that values it at $939 million, the businesses mentioned on Thursday.

Based in 2008, Fremont, California-based Amprius produces silicon anodes for lithium-ion batteries. The corporate says its cells present extra vitality and energy with a lot much less weight and quantity.

The cope with Kensington Capital Acquisition Corp IV will fetch $430 million in proceeds for the mixed entity, which can checklist on the New York Inventory Alternate after the deal closes within the second half of this 12 months.

Of the $430 million, $200 million will probably be raised as a part of a further fairness financing and the remainder will probably be supplied by the special-purpose acquisition firm’s (SPAC) belief account.

A rout in fairness markets, declining investor curiosity in SPACs and harder scrutiny from the U.S. securities regulator have in latest months pressured a number of firms to cancel blank-check offers.

Even the businesses which have efficiently closed offers reminiscent of BuzzFeed Inc and Virgin Orbit Holdings Inc have been torpedoed by investor withdrawals.

SPACs are listed shell corporations that use the capital raised from an preliminary public providing to clinch a go-public cope with a personal firm.