Kensington Capital VI Enables Separate NYSE Trading of IPO Warrants and Units on April 24
Commencing April 24, holders of the 23,000,000 units sold in Kensington Capital VI’s March 5 IPO may elect to separate and trade Class 1 redeemable warrants and new units on the NYSE under symbols KCAC.W and KCA.U. Units not separated will continue trading as original units, with no fractional warrants issued upon separation.
1. Separate Trading Begins April 24
Kensington Capital Acquisition Corp. VI will allow holders of its 23,000,000 units from the March 5 IPO to separately trade Class 1 redeemable warrants and new units starting April 24. The separated Class 1 warrants will trade under symbol KCAC.W, and the new units (one Class A share plus three-quarters of a Class 2 warrant) under KCA.U.
2. Treatment of Unseparated Units
Units that remain intact will continue trading on the NYSE under the original unit symbol KCAC.U. No fractional Class 1 warrants will be issued upon separation, ensuring only whole warrants trade.
3. Broker and Transfer Agent Coordination
Holders must instruct their brokers to contact Continental Stock Transfer & Trust Company to complete the separation process. This coordination step is required to effect the change in trading structure.
4. Background on IPO and Securities
The 23,000,000 units were offered in an underwritten IPO that closed March 5, with Cohen & Company Capital Markets as lead book-running manager and Drexel Hamilton as co-manager. The units are part of a blank check company strategy to pursue a future business combination.