FREMONT,
Calif. and WESTBURY,
N.Y., Sept. 14, 2022 /PRNewswire/ -- Amprius
Technologies, Inc. ("Amprius"), the leader in lithium-ion
batteries with its Silicon Nanowire Anode Platform, today announced
that it has completed its business combination with Kensington
Capital Acquisition Corp. IV ("Kensington") (NYSE: KCAC.U), a special purpose
acquisition company. The Business Combination was approved by
Kensington shareholders in a
special meeting held on September 13,
2022, and formally closed today. On September 15, 2022, Amprius' common stock will
begin trading on the NYSE under the ticker symbol "AMPX" and
Amprius' public warrants will trade under the ticker symbol
"AMPX.W."
Amprius Technologies, Inc. has developed and, since 2018, been
in commercial production of an ultra-high energy density
lithium-ion battery for mobility applications, leveraging a
disruptive silicon nanowire anode. Amprius' silicon nanowire anode
technology enables batteries with a higher energy density, higher
power density, and extreme fast charging capabilities over a wide
range of operating temperatures, resulting in its batteries
providing superior performance compared to conventional graphite
lithium-ion batteries. Amprius' batteries are uniquely positioned
to address existing and emerging aviation applications, including
unmanned aerial systems, such as drones and high-altitude pseudo
satellites as well as broad applications in electric
transportation. Amprius has several customers who are successfully
using Amprius batteries today in aviation and defense
applications.
"Entering the public markets is an important milestone for
Amprius, one we have been diligently working towards since our
founding," said Dr. Kang Sun, Chief
Executive Officer of Amprius. "This transaction provides Amprius
with capital to use in scaling production capabilities to meet the
significant demand for our transformational silicon nanowire anode
technology. We are thankful for the Kensington team's support in reaching this
important milestone and look forward to further advancing our
mission of enabling the future of electric mobility."
Justin Mirro, Chairman and Chief
Executive Officer of Kensington,
added: "We are excited to complete our business combination with
Amprius, which enhances their business plan and will accelerate the
adoption of electric mobility in the sky and on the ground. Through
the leadership of Kang Sun, Amprius
has created a world-class team that is producing and selling
next-generation batteries today."
Dieter Zetsche, Vice Chairman and
President of Kensington, further
added, "Amprius batteries are truly revolutionary and will change
the way people and products will move in the future."
The transaction will result in gross proceeds of approximately
$87 million to Amprius. Funds from
the transaction are expected to support the company through the
construction of its gigawatt hour-scale manufacturing facility.
Hughes Hubbard & Reed LLP served as legal advisor and Marcum
served as auditor to Kensington.
Oppenheimer & Co. Inc. served as financial advisor,
Wilson Sonsini Goodrich & Rosati
served as legal advisor, and SingerLewak served as auditor to
Amprius.
About Amprius Technologies, Inc.
Amprius Technologies,
Inc. is a leading manufacturer of high-energy and high-power
lithium-ion batteries producing the industry's highest energy
density cells. The company's corporate headquarters is in
Fremont, California where it
maintains an R&D lab and a pilot manufacturing facility for the
fabrication of silicon nanowire anodes and cells.
For additional information, please visit amprius.com.
About Kensington Capital Acquisition Corp.
IV
Kensington Capital Acquisition Corp. IV (NYSE: KCAC.U) is
a special purpose acquisition company formed for the purpose of
effecting a merger, stock purchase or similar business combination
with a business in the automotive and automotive-related sector.
Kensington's management team of
Justin Mirro, Dieter Zetsche, Bob
Remenar, Simon Boag and
Dan Huber is supported by a board of
independent directors including Tom
LaSorda, Nicole Nason,
Anders Pettersson, Mitch Quain, Don
Runkle, and Matt
Simoncini.
Kensington's units, subunits
and warrants are currently trading on the New York Stock Exchange
under the symbols "KCAC.U," "KCA.U," and "KCAC.WS," respectively.
Each "KCAC.U" unit contains one subunit and one warrant. Each
"KCA.U" subunit contains one share of Kensington common stock and one warrant. A
holder of the subunit will only be able to retain the one warrant
underlying the subunit if the holder elects not to redeem the
subunit in connection with the Business Combination. The subunits
will not separate into shares of common stock and warrants until
the consummation of the Business Combination.
For additional information, please visit autospac.com.
Forward-Looking Statements
This press release includes
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933, Section 21E of the Securities Exchange
Act of 1934, and the "safe harbor" provisions of the United States
Private Securities Litigation Reform Act of 1995, each as
amended, including Amprius Technologies, Inc.'s (formerly
known as Kensington Capital Acquisition Corp. IV "Amprius")
management team's expectations, hopes, beliefs, intentions or
strategies regarding the future. Forward-looking statements may be
identified by the use of words such as "estimate," "plan,"
"project," "forecast," "intend," "expect," "anticipate," "believe,"
"seek" or other similar expressions that predict or indicate future
events or trends or that are not statements of historical matters.
These forward-looking statements include, but are not limited to,
statements regarding Amprius' securities trading on the New York
Stock Exchange, Amprius' expected product offerings, the
addressable market for Amprius' products, and Amprius' ability to
produce its products at a commercial level. These statements are
based on various assumptions, whether or not identified in this
press release, and on the current expectations of Amprius'
management and are not predictions of actual performance. These
forward-looking statements are provided for illustrative purposes
only and are not intended to serve as, and must not be relied upon
by any investors as, a guarantee, an assurance, a prediction or a
definitive statement of fact or probability. Actual events and
circumstances are difficult or impossible to predict and will
differ from assumptions. Many actual events and circumstances are
beyond Amprius' control. These forward-looking statements are
subject to a number of risks and uncertainties, including changes
in domestic and foreign business, market, financial, political and
legal conditions; risks related to the rollout of Amprius' business
and the timing of expected business milestones; the effects of
competition on Amprius' business; supply shortages in the materials
necessary for the production of Amprius' products; the termination
of government clean energy and electric vehicle incentives or the
reduction in government spending on vehicles powered by battery
technology; and delays in construction and operation of production
facilities. Additional information concerning these and other
factors that may impact the operations and projections discussed
herein can be found in the "Risk Factors" section of Amprius' proxy
statement/prospectus filed with the Securities and Exchange
Commission under Kensington's name
(the "SEC") on September 1, 2022, and
other documents filed by Amprius from time to time with the SEC,
all of which are available on the SEC's website at www.sec.gov. If
any of these risks materialize or our assumptions prove incorrect,
actual results could differ materially from the results implied by
these forward-looking statements. There may be additional risks
that Amprius does not presently know or that Amprius currently
believes are immaterial that could also cause actual results to
differ from those contained in the forward-looking statements. In
addition, forward-looking statements reflect Amprius' expectations,
plans or forecasts of future events and views as of the date of
this press release. These forward-looking statements should not be
relied upon as representing Amprius' assessments as of any date
subsequent to the date of this press release. Accordingly, undue
reliance should not be placed upon the forward-looking statements.
Except as required by law, Amprius specifically disclaims any
obligation to update any forward-looking statements.
Contacts:
For Amprius Technologies
Investors
Cody Slach
and Sophie Pearson
Gateway
949-574-3860
IR@amprius.com
Media
Zach Kadletz
Gateway
949-574-3860
IR@amprius.com
For Kensington
Dan Huber
Chief Financial Officer
703-674-6514
dan@kensington-cap.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/amprius-technologies-inc-merges-with-kensington-capital-acquisition-corp-iv-to-power-the-future-of-electric-mobility-301624700.html
SOURCE Kensington Capital Acquisition Corp. IV