WESTBURY, N.Y. and BARCELONA, Spain, Oct. 1,
2021 /PRNewswire/ -- Kensington Capital Acquisition
Corp. II (NYSE: KCAC) ("Kensington") and Wall Box Chargers,
S.L. ("Wallbox"), a leader in electric vehicle charging and energy
management solutions, announced today the completion of its
business combination. The business combination was approved by
Kensington stockholders on September 30,
2021, by a quorum of 76.5% of the outstanding shareholders
and received approval from 94.9% of those votes cast. Beginning on
October 4, 2021, the Class A ordinary
shares of Wallbox N.V., a newly formed holding company, will trade
on the NYSE under the ticker symbol "WBX" and its warrants will
trade on the NYSE under the ticker symbol "WBX.WS".
"The completion of our business combination with Kensington
greatly accelerates our strategy globally, including the
construction of our manufacturing facility in Texas and working capital needed to support
sales growth in over 70 countries," said Enric Asunción, CEO and
co-founder of Wallbox. "We are pleased to have partnered with
Kensington, who out-performed in a challenging SPAC market, and
shares our vision of a more energy-sustainable automotive
future."
Justin Mirro, Chairman and CEO of
Kensington, added, "we are proud to complete our business
combination with Wallbox and look forward to the future success of
Enric and his team of over 700 associates around the world.
To partner with such a visionary company, that is already impacting
how people manage their energy consumption today, continues our
tradition at Kensington to support those companies that make the
world greener, safer and better for the next generation."
"We appreciate the continued support of our investors throughout
this process, including Janus Henderson Investors and Kepos
Capital. It is great to work with these world-class investment
managers that support the Kensington investment thesis and share
our vision for the future," added Dan
Huber, CFO of Kensington.
The transaction will result in gross proceeds of approximately
$250 million to Wallbox to fund the
company as it expands its manufacturing capacity and global sales
presence. Hughes Hubbard & Reed LLP served as legal advisor to
Kensington and Latham and Watkins LLP served as legal advisor to
Wallbox. Houthoff and Loyens & Loeff advised Kensington
and Wallbox, respectively, on matters of Dutch law and Cuatrecasas,
Gonçalves Pereira, S.L.P. advised Kensington on matters of Spanish
law. UBS Securities LLC, Stifel Nicolaus & Company,
Incorporated and Robert W. Baird & Co. Incorporated served as
financial advisors to Kensington and Barclays Capital Inc. and
Drake Star Partners served as financial advisors to Wallbox. UBS
Securities LLC and Barclays Capital Inc. served as joint placement
agents on the PIPE offering.
About Wallbox
Wallbox is a global technology company, dedicated to changing
the way the world uses energy. Wallbox creates advanced electric
vehicle charging and energy management systems that redefine users'
relationship to the grid. Wallbox goes beyond electric vehicle
charging to give users the power to control their consumption, save
money, and live more sustainably. Wallbox offers a
complete portfolio of charging and energy management solutions for
residential, semi-public and public use in more than 80
countries.
Founded in 2015 and headquartered in Barcelona, the company now employs over 700
people in its offices in Europe,
Asia, and the Americas.
For additional information, please
visit www.wallbox.com.
About Kensington
Kensington Capital Acquisition Corp. II, which traded on the
NYSE under the ticker symbol KCAC, was a special purpose
acquisition company formed for the purpose of effecting a merger,
stock purchase or similar business combination with a business in
the automotive and automotive-related sector. The company was
sponsored by Kensington Capital Partners ("KCP") and the management
team included Justin Mirro,
Bob Remenar, Simon Boag and Dan
Huber. The company was also supported by a board of
independent directors including Tom
LaSorda, Nicole Nason,
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.
Caution About Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of Section 27A of the
Securities Act 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 business combination with Wallbox, the
development and performance of Wallbox's products (including the
timeframe for development of such products), the benefits of the
transaction and the combined company's future financial
performance, as well as the combined company's strategy, future
operations, estimated financial position, estimated revenues and
losses, projected costs, prospects, plans and objectives of
management are forward-looking statements. When used in this press
release, the words "are designed to," "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,
Wallbox disclaims 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
hereof. Wallbox cautions 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
either Kensington or Wallbox. In addition, Wallbox cautions you
that the forward-looking statements contained herein are subject to
the following uncertainties and risk factors that could affect the
combined company's future performance and cause results to differ
from the forward-looking statements herein: Wallbox's ability to
realize the anticipated benefits of the business combination, which
may be affected by, among other things, competition and the ability
of Wallbox to grow and manage growth profitably following the
business combination; risks relating to the outcome and timing of
the Company's development of its charging and energy management
technology and related manufacturing processes; intense competition
in the electric vehicle charging space; risks related to health
pandemics, including the COVID-19 pandemic; the
possibility that Wallbox may be adversely affected by other
economic, business, and/or competitive factors; the possibility
that the expected timeframe for, and other expectations regarding
the development and performance of, Wallbox products will differ
from current assumptions; the outcome of any legal proceedings that
may be instituted against the combined company or others following
the consummation of the business combination; the ability to meet
stock exchange listing standards following the consummation of the
business combination; the risk that the business combination
disrupts current plans and operations of the combined company as a
result of the consummation of the business combination; costs
related to the business combination; and changes in applicable laws
or regulations. 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 Kensington's periodic filings with the SEC, and the proxy
statement/prospectus of Wallbox B.V. in the registration statement
on Form F-4 filed with the SEC. Kensington's and Wallbox
B.V.'s SEC filings are available publicly on the SEC's website at
www.sec.gov.
Contacts:
For Wallbox
Investors
ICR, Inc.
investors@wallbox.com
Media
ICR, Inc.
WallboxPR@icrinc.com
For Kensington
Dan Huber
dan@kensington-cap.com
703-674-6514
View original content to download
multimedia:https://www.prnewswire.com/news-releases/kensington-capital-acquisition-corp-ii-and-wallbox-announce-closing-of-business-combination-wallbox-to-trade-on-nyse-under-ticker-wbx-beginning-on-october-4-301390061.html
SOURCE Kensington Capital Acquisition Corp. II