Kensington Capital V SPAC extends deadline to Aug 2024; $245.5M redeemed by shareholders

Kensington Capital Acquisition Corp. V

Shareholders approved extending business combination deadline from Aug 17, 2023 to Aug 17, 2024.
Holders of 23,057,267 Class A shares redeemed at ~$10.64/share for aggregate $245.5 million.
Redemptions represent ~83.5% of Class A shares; only ~4.5M Class A shares remain outstanding.
Extension and trust amendments passed with 24.3M votes for, 3.4M against (no broker non-votes).
Adjournment proposal was not presented as both required proposals were approved.

item 1.01 item 5.07 item 3.03 item 5.03 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Kensington Capital Acquisition Corp. V: Extended the deadline to consummate a business combination from August 17, 2023 to August 17, 2024 (effective 2023-08-15).

Change: charter amendment
Effective: 2023-08-15

Exact text from the filing

the Company’s shareholders approved an amendment to the Company’s amended and restated memorandum and articles of association (the “Extension Amendment”) to extend the date by which the Company has to consummate a business combination from August 17, 2023 to August 17, 2024 or such earlier date as is determined by the Board (the “Extension Amendment Proposal”).

View on SEC.gov

Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Kensington Capital Acquisition Corp. V shareholders approved Approve amendment to the Amended and Restated Memorandum and Articles of Association to extend the business combination deadline from August 17, 2023 to August 17, 2024. at the 2023-08-15 meeting.

Proposal: charter amendment
Outcome: passed
Meeting: 2023-08-15

Exact text from the filing

Proposal 1: The Extension Amendment Proposal A proposal to approve and adopt an amendment to the Company’s Amended and Restated Memorandum and Articles of Association to extend the date that the Company has to consummate a business combination from August 17, 2023 to August 17, 2024 or such earlier date as is determined by the Company’s Board to be in the best interests of the Company, as further described in the Proxy Statement. The following is a tabulation of the votes with respect to this proposal, which was approved by the Company’s shareholders: For Against Abstentions Broker Non-Votes 24,298,000 3,405,320 1,430 N/A

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Shareholder Votes SEC 8-K Item 5.07 confidence 0.9

Kensington Capital Acquisition Corp. V shareholders approved Approve amendment to the Investment Management Trust Agreement to extend the trust liquidation date from August 17, 2023 to August 17, 2024. at the 2023-08-15 meeting.

Proposal: merger approval
Outcome: passed
Meeting: 2023-08-15

Exact text from the filing

Proposal 2: The Trust Amendment Proposal A proposal to approve an amendment to the Investment Management Trust Agreement, dated August 12, 2021, by and between the Company and Continental, to extend the date on which Continental must liquidate the Trust Account established in connection with the Company’s initial public offering if the Company has not completed its initial business combination from August 17, 2023 to August 17, 2024 or such earlier date as is determined by the Company’s Board to be in the best interests of the Company, as further described in the Proxy Statement. The following is a tabulation of the votes with respect to this proposal, which was approved by Kensington’s shareholders: For Against Abstentions Broker Non-Votes 24,298,000 3,405,320 1,430 N/A

View on SEC.gov

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Source: SEC EDGAR

accession 0001193125-23-213552

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