https://wccftech.com/kensington-capital-kcac-shares-soar-over-50-percent-on-imminent-merger-with-bill-gates-backed-battery-startup-quantumscape/

Kensington Capital Acquisition Corp. (NYSE:KCAC) has become the latest high-flying SPAC to become the focus of momentum chasers as it is set to undergo a merger with the EV battery startup QuantumScape.

In the reverse merger deal announced today, Kensington Capital – a Special Purpose Acquisition Company – and QuantumScape are slated to undergo amalgamation in the fourth quarter of 2020. For context, a SPAC raises funds through an IPO in order to acquire a private company. This allows the SPAC target to indirectly list on the stock exchange, eschewing the usually cumbersome process. The combined company, expected to list on the New York Stock Exchange (NYSE) under the symbol QS, currently has an implied enterprise value of $3.3 billion.