Kensington and Nth Cycle file draft S-4 for $585M EV business combination

Kensington Capital Acquisition Corp. VI

• Confidential S-4 submitted Aug 7, 2026 for Nth Cycle merger; combined co to be Nth Cycle Holdings, ticker NTH.
• Implied enterprise value $585M; up to $230M from Kensington trust plus up to $100M PIPE, $40M committed.
• Nth Cycle's OYSTER electroextraction platform targets rare earths, copper, battery materials; aims to cut capital intensity ~70%.
• Deal requires Kensington shareholder approval and SEC review; closing subject to customary conditions.