Kensington Capital Acquisition VI closes $230 million IPO

Kensington Capital Acquisition Corp. VI closed its initial public offering of 23 million units at $10 per unit, raising $230 million, the company announced. The offering included 3 million units from the full exercise of underwriters' over-allotment option.

The blank check company formed to pursue mergers or acquisitions began trading on the New York Stock Exchange under ticker symbol "KCAC.U" on March 4. Each unit consists of one Class A ordinary share, one-quarter of one Class 1 redeemable warrant and three-quarters of one Class 2 redeemable warrant.

Each whole warrant allows the holder to purchase one Class A ordinary share at $11.50 per share, subject to adjustment. The Class 1 redeemable warrants will trade under symbol "KCAC.W" and new units under "KCA.U" once separate trading begins.

The company intends to focus on opportunities in the global automotive sector and automotive-related businesses, as well as defense, energy and artificial intelligence sectors. Chairman and Chief Executive Officer Justin Mirro leads the management team, which includes Vice Chairman and President Dieter Zetsche, Chief Operating Officer Robert Remenar, Chief Technology Officer Simon Boag and Chief Financial Officer Daniel Huber.

Cohen & Company Capital Markets, a division of Cohen & Company Securities, served as lead book-running manager for the offering, while Drexel Hamilton acted as co-manager. The registration statement became effective on March 3 under the Securities Act of 1933.

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