Kensington Money, whose blank-look at companies have by now taken common public QuantumScape and Wallbox has tapped former Daimler CEO Dieter Zetsche as vice chairman for a fourth automotive-concentrated unique purpose acquisition agency.
Its hottest SPAC, Kensington Capital Acquisition Corp. IV, submitted Thursday to boost $200 million in an preliminary neighborhood providing. The agency reported it’s going to focus on getting a group “functioning within the international automotive and automotive-associated sector.”
SPACs give you early-phase companies an more easy route for heading common public than a standard IPOs. As is regular with different SPACs, Kensington Cash IV can have two yrs to find a merger goal and full a provide, or encounter the prospect of refunding its merchants.
Zetsche, who nonetheless left Daimler in 2019, supplies further than 45 yrs of automotive data to the SPAC, which incorporates his place within the 2007 break up of Daimler and Chrysler, in accordance to the submitting.
Zetsche additionally serves on the board of Luminar Applied sciences, an organization that was backed by tech billionaire Peter Thiel and went neighborhood in a SPAC provide in 2020. Daimler and Luminar on Thursday introduced an settlement for Luminar to present Mercedes-Benz with lidar know-how.
Kensington‘s preliminary SPAC attained a deal in 2020 to obtain solid-condition battery startup QuantumScape. The blended firm’s shares proven in November that yr and have fallen about 26 % from its price on the time.
Kensington’s 2nd SPAC took Barcelona-centered electrical automotive charging agency Wallbox common public closing in Oct. Wallbox shares have jumped 49 % contemplating that then.