Empirus Technologies Inc. is going public by merging with blank-check firm in a deal valued at $939 million
Battery maker Amprius Technologies Inc. is going public by merging with the blank-check firm in a deal valued at $939 million, the companies said Thursday.
Founded in 2008, Fremont, Calif.-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 will yield $430 million in proceeds for the combined entity, which will be listed 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 remainder will be provided by a Special-Purpose Acquisition Company (SPAC) trust account.
Collapse in equity markets, declining investor interest in SPAC and tighter scrutiny by the US securities regulator in recent months have forced many companies to cancel blank-check deals.
Even companies that have successfully closed deals, such as BuzzFeed Inc. and Virgin Orbit Holdings Inc., have been torpedoed by investor withdrawals.
SPACs are listed shell firms that use capital raised from an initial public offering to enter into a public deal with a private company.
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