Battery maker Amprius Tech to go public via $939 mln SPAC merger
May 12 (Reuters) - Battery maker Amprius Technologies Inc is going public by merging with a blank-check firm in a deal that values it at $939 million, the companies said on Thursday.
Founded in 2008, Fremont, California-based Amprius produces silicon anodes for lithium-ion batteries. The company says its cells provide more energy and power with much less weight and volume.
The deal with Kensington Capital Acquisition Corp IV (KCAC_u.N) will fetch $430 million in proceeds for the combined entity, which will list on the New York Stock Exchange after the deal closes in the second half of this year.
Of the $430 million, $200 million will be raised as part of an additional equity financing and the rest will be provided by the special-purpose acquisition company's (SPAC) trust account.
A rout in equity markets, declining investor interest in SPACs and tougher scrutiny from the U.S. securities regulator have in recent months forced several companies to cancel blank-check deals.
SPACs are listed shell firms that use the capital raised from an initial public offering to clinch a go-public deal with a private company.