Kensington Capital Acquisition Corp. V (KCGI) Terminates Arrival Deal
by Marlena Haddad on 2023-07-03 at 4:14pm

Kensington Capital Acquisition Corp. V (NYSE:KCGI) announced this afternoon that it has mutually terminated its business combination with EV-maker Arrival (NASDAQ:ARVL).

The SPAC’s combination with Arrival was 2023’s second repeat de-SPACing as it followed in the footsteps of Wejo (NASDAQ:WEJO), which also completed a 2021 SPAC deal and then announced a new one in January with TKB Critical Technologies 1 (NASDAQ:USCT). However, TKB 1 also terminated its merger with Wejo just a week ago.

Arrival originally went public in March 2021 through a $5.4 billion combination with CIIG Merger Corp. The EV-maker noted that its intention is to now shift its focus towards pursuing and advancing other opportunities and has engaged the services of TD Cowen and Teneo Financial Advisory to ensure a seamless transition and will pursue alternative avenues that will provide it with additional liquidity.

Kensington V initially announced the $542 million business combination with Arrival in April and planned to bring about $283 million into the deal through its trust.

 

Recent Posts
by Nicholas Alan Clayton on 2024-02-26 at 1:45pm

News and Rumors PR: Medtech firm Agiliti (NYSE:AGTI) has agreed to be acquired by an affiliate of private equity firm Thomas H. Lee Partners (THL) at $10 per share and an enterprise value of $2.5 billion. This represents a 43% premium over the company’s 90-day VWAP and returns it to 100% ownership by THL five...

by Nicholas Alan Clayton on 2024-02-26 at 7:42am

At the SPAC of Dawn The last week of February is to host a moderate amount of SPAC votes and also the potential for some market-moving data releases. Shareholders for five SPACs are to consider extensions this week and seven more SPACs have scheduled completion votes. But, among the more interesting events on the agenda...

by Kristi Marvin on 2024-02-24 at 11:45am

Terms Tracker for the Week Ending February 23, 2024 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. As expected, new issuance filings were quiet this week.  But, deal announcements were surprisingly active.  Four more SPACs announced combinations in a shortened holiday week...

by Nicholas Alan Clayton on 2024-02-23 at 2:26pm

Pyrophyte (NYSE:PHYT) faced a major regulatory setback for its combination with mining firm Sio Silica this week, but a recent analogous SPAC deal could provide some encouragement for a path forward. Sio Silica is working to develop a high-grade silica mine in the Vivian Sands outside Winnipeg, Canada and it inked the $708 million combination...

by Nicholas Alan Clayton on 2024-02-23 at 1:37pm

News and Rumors JD Supra: Securities class action lawsuits against SPACs and de-SPACs increased only slightly in 2023 with 27 after 2022 saw 24 and 2021 – 33. Lawsuits concerning the de-SPACing process itself dropped precipitously, however, representing just 21% of cases as compared to 69% in the previous two years and 80% in 2020....

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved