Bill Gates-sponsored battery producer QuantumScape to join 'blank-check' IPO frenzy
- Electric vehicle battery developer
QuantumScapeplans to go public through a reverse merger with SPACfirm Kensington Capital Acquisition Corp.
- The combined company aims to trade with a valuation of $3.3 billion under the ticker QE.
- The battery producer touts backing from automotive giants including Volkswagen, as well as a venture investment from Microsoft co-founder Bill Gates.
- SPAC deals have flourished through the year on a wave of sustained public-market demand.
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Battery producer QuantumScape is the latest firm to go public through a special-purpose acquisition company, or SPAC, merger.
The company said Thursday it will make its market debut after joining with Kensington Capital Acquisition Corp. QuantumScape aims to go public with a valuation of $3.3 billion, and is set to trade on the New York Stock Exchange with the ticker QE.The battery company has backing from industry giants including Volkswagen, Shanghai Auto, and Continental. Microsoft co-founder Bill Gates also holds a stake in the firm.
SPAC-driven initial public offerings have surged in popularity through 2020. Roughly $34 billion has been raised across 84 SPAC deals in 2020 so far, according to SPACInsider.com. Last year saw 59 deals raise just $13.6 billion.The so-called blank-check firms raise capital in public
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