Following was from stocksharks Instagram: Electric-vehicle stocks are all the rage these days. Now investors have another way to play the space. This time, the company coming to market is all about powering EVs instead of making EVs.
Solid-state lithium battery maker QuantumScape is becoming a publicly traded entity through a merger with special purpose acquisition company, or SPAC, Kensington Capital Acquisition (ticker: KCAC). QuantumScape wants to disrupt the automotive industry—and the EV space—by offering a better mousetrap.
Kensington Capital Acquisition stock soared 86.1% to $18.61. Investors appear to be excited to own a piece of a company whose existing investors include Bill Gates and whose board of directors includes Tesla co-founder J.B. Straubel.
Including $200 million from the Kensington’s trust fund and a $500 million private investment in public equity, or PIPE, the transaction will provide about $700 million in proceeds to QuantumScape. The deal values the company at about $3.3 billion