WESTBURY, N.Y. and SAN JOSE, Calif., Nov.
12, 2020 /PRNewswire/ -- Kensington Capital Acquisition
Corp. (NYSE: KCAC) ("Kensington")
and QuantumScape Corporation ("QuantumScape") today announced that
the Special Meeting of Stockholders of Kensington (the "Special Meeting") to approve
the pending business combination between Kensington and QuantumScape is scheduled to be
held on Wednesday, November 25, 2020,
at 10:00 a.m., Eastern time. The
Special Meeting will be completely virtual and conducted via live
webcast. Holders of Kensington's shares of Class A Common Stock
and Class B Common Stock at the close of business on the record
date of October 27, 2020 are entitled
to notice of the virtual Special Meeting and to vote at the virtual
Special Meeting. Following the proposed business combination,
QuantumScape, a leader in the development of next generation
solid-state lithium-metal batteries for use in electric vehicles,
will be listed on the New York Stock Exchange under the new ticker
symbol ("QS").
Kensington filed its proxy
statement, prospectus and information statement (the "Proxy
Statement") with the U.S. Securities and Exchange Commission (the
"SEC") and began mailing it to stockholders on November 12, 2020. The Proxy Statement is
available on the SEC Filings section of Kensington's website www.autospac.com, as well
as www.sec.gov. Kensington stockholders are encouraged to read
the proxy materials, including, among other things, the reasons for
Kensington's Board of Directors'
unanimous recommendation that stockholders vote "FOR" the business
combination and the other stockholder proposals set forth in the
proxy materials as well as the background of the process that led
to the pending business combination with QuantumScape.
Kensington stockholders who
need assistance in completing the proxy card, need additional
copies of the proxy materials, or have questions regarding the
Special Meeting may contact Kensington's proxy solicitor, D.F.
King & Co., Inc., by telephone at
(877) 478-5045 or by email at KCAC@dfking.com or
gweinberg@dfking.com.
About Kensington Capital Acquisition Corp.
Kensington is a special purpose
acquisition company formed for the purpose of effecting a business
combination in the automotive sector. Kensington is sponsored by Kensington Capital
Partners LLC and the management team of Justin Mirro, Bob
Remenar, Simon Boag and
Daniel Huber. Kensington is also supported by a board of
independent directors including Tom
LaSorda, Anders Pettersson,
Mitch Quain, Don Runkle and Matt
Simoncini. The Kensington team has completed over 70
automotive transactions and has over 300 years of combined
experience leading some of the largest automotive companies in the
world.
For additional information, please visit www.autospac.com.
About QuantumScape Corporation
QuantumScape, founded in 2010 in California, is a leader in the development of
next generation solid-state lithium-metal batteries for use in
electric vehicles. The company's mission is to revolutionize
energy storage to enable a sustainable future.
For additional information, please visit
www.quantumscape.com.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. All statements, other than statements of
present or historical fact included in this press release,
regarding Kensington's proposed
business combination with QuantumScape and Kensington's ability to consummate the
business combination with QuantumScape are forward-looking
statements. When used in this press release, the words "could,"
"should," "will," "may," "believe," "anticipate," "intend,"
"estimate," "expect," "project," the negative of such terms and
other similar expressions are intended to identify forward-looking
statements, although not all forward-looking statements contain
such identifying words. These forward-looking statements are based
on management's current expectations and assumptions about future
events and are based on currently available information as to the
outcome and timing of future events. Except as otherwise required
by applicable law, Kensington and
QuantumScape disclaim any duty to update any forward-looking
statements, all of which are expressly qualified by the statements
in this section, to reflect events or circumstances after the date
of this press release. Kensington
and QuantumScape caution you that these forward-looking statements
are subject to numerous risks and uncertainties, most of which are
difficult to predict and many of which are beyond the control of
Kensington and QuantumScape. In
addition, Kensington and
QuantumScape caution you that the forward-looking statements
contained in this press release are subject to the following
factors: (i) the occurrence of any event, change or other
circumstances that could delay the business combination or give
rise to the termination of the agreements related thereto; (ii) the
outcome of any legal proceedings that may be instituted against
Kensington or QuantumScape
regarding the business combination; (iii) the inability to complete
the business combination due to the failure to obtain approval of
the stockholders of Kensington, or
other conditions to closing in the transaction agreements; (iv) the
risk that the proposed business combination disrupts Kensington's or QuantumScape's current plans
and operations; (v) QuantumScape's ability to realize the
anticipated benefits of the business combination, which may be
affected by, among other things, competition and the ability of
QuantumScape to grow and manage growth profitably following the
business combination; (vi) costs related to the business
combination; (vii) changes in applicable laws or regulations;
(viii) the possibility that QuantumScape may be adversely affected
by other economic, business, and/or competitive factors; and (ix)
the possibility that the expected timeframe for, and other
expectations regarding the development and performance of,
QuantumScape's products will differ from current assumptions.
Should one or more of the risks or uncertainties described in this
press release, or should underlying assumptions prove incorrect,
actual results and plans could different materially from those
expressed in any forward-looking statements. Additional information
concerning these and other factors that may impact the operations
and projections discussed herein can be found in the Proxy
Statement and Kensington's
periodic filings with the SEC. Kensington's SEC filings are available
publicly on the SEC's website at www.sec.gov.
Contacts
Investor Contact:
D.F. King & Co., Inc.
Geoffrey Weinberg
(877) 478-5045
(Banks and Brokers: (212) 269-5550)
KCAC@dfking.com / gweinberg@dfking.com
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SOURCE Kensington Capital Acquisition Corp.