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Tuesday, March 23, 2021 2:51:47 PM
EV Battery Maker QuantumScape (QS) to Issue 13 Million Shares
By: TheStreet | March 23, 2021
QuantumScape (QS) shares fell Tuesday after the electric-vehicle battery startup began a public offering of 13 million Class A common shares.
The San Jose, Calif., company also plans to give the underwriters an option on 1.95 million more shares.
The offering, of course, dilutes current shareholders. QuantumScape shares recently traded at $57.37, down 11%.
“QuantumScape intends to use the proceeds from the offering to build a larger QS-0 pre-pilot line than recently announced; to cover its full share of equity contributions to its joint venture with Volkswagen VWAGY for the previously disclosed 20-gigawatt-hour expansion of QS-1 joint manufacturing facility;" and for working capital and general purposes.
VW has promised to deploy QuantumScape’s battery technology in its EVs if QuantumScape can supply enough batteries at competitive prices, Bloomberg reports.
The stock offering will likely be priced after the market closes Wednesday, a person familiar with the matter told the news service.
QuantumScape went public last September by merging with the special-purpose- acquisition company Kensington Capital Acquisition. It has more than quintupled since then.
The company's shares rose in mid-February after it unveiled a breakthrough in its battery technology and after the investor George Soros’s firm disclosed that it had taken a stake in the startup.
Also last month, TheStreet.com pointed out the commonalities of QuantumScape and Ford Motor (F) - Get Report even though on the surface they have very little in common.
Both are looking at the same road ahead: the en masse expansion and adaptation of vehicles that run on long-range easily rechargeable batteries.
Read Full Story »»»
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By: TheStreet | March 23, 2021
QuantumScape (QS) shares fell Tuesday after the electric-vehicle battery startup began a public offering of 13 million Class A common shares.
The San Jose, Calif., company also plans to give the underwriters an option on 1.95 million more shares.
The offering, of course, dilutes current shareholders. QuantumScape shares recently traded at $57.37, down 11%.
“QuantumScape intends to use the proceeds from the offering to build a larger QS-0 pre-pilot line than recently announced; to cover its full share of equity contributions to its joint venture with Volkswagen VWAGY for the previously disclosed 20-gigawatt-hour expansion of QS-1 joint manufacturing facility;" and for working capital and general purposes.
VW has promised to deploy QuantumScape’s battery technology in its EVs if QuantumScape can supply enough batteries at competitive prices, Bloomberg reports.
The stock offering will likely be priced after the market closes Wednesday, a person familiar with the matter told the news service.
QuantumScape went public last September by merging with the special-purpose- acquisition company Kensington Capital Acquisition. It has more than quintupled since then.
The company's shares rose in mid-February after it unveiled a breakthrough in its battery technology and after the investor George Soros’s firm disclosed that it had taken a stake in the startup.
Also last month, TheStreet.com pointed out the commonalities of QuantumScape and Ford Motor (F) - Get Report even though on the surface they have very little in common.
Both are looking at the same road ahead: the en masse expansion and adaptation of vehicles that run on long-range easily rechargeable batteries.
Read Full Story »»»
DiscoverGold
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