WESTBURY, NY and BARCELONA, Spain, October 1, 2021 / PRNewswire / – Kensington Capital Acquisition Corp. II (NYSE: KCAC) (“Kensington”) and Wall Box Chargers, SL (“Wallbox”), a leader in electric vehicle charging and power management solutions, today announced the completion of their business combination. The business combination was approved by Kensington shareholders on September 30, 2021, by a quorum of 76.5% of the outstanding shareholders and received the approval of 94.9% of the votes cast. From the October 4, 2021, the Class A common shares of Wallbox NV, a newly incorporated holding company, will trade on the NYSE under the ticker symbol “WBX” and its warrants will trade on the NYSE under the ticker symbol “WBX.WS”.
âCompleting our business combination with Kensington significantly accelerates our global strategy, including the construction of our manufacturing facility in Texas and the working capital needed to support sales growth in more than 70 countries, âsaid Enric AsunciÃ³n, CEO and co-founder of Wallbox. “We are delighted to partner with Kensington, which has outperformed in a tough PSPC market, and shares our vision for a more energy-sustainable automotive future.”
Justin mirro, Chairman and CEO of Kensington, added: âWe are proud to complete our merger with Wallbox and look forward to the future success of Enric and his team of more than 700 associates around the world. Partnering with such a visionary company is already impacting the way people manage their energy use today, continues our tradition at Kensington of supporting companies that make the world greener, safer and better for the world. the next generation. “
âWe appreciate the continued support of our investors throughout this process, including Janus Henderson Investors and Kepos Capital. It’s great to work with these world-class investment managers who support Kensington’s investment thesis and share our vision for the future, âadded Dan Huber, Chief Financial Officer of Kensington.
The transaction will generate gross proceeds of approximately $ 250 million to Wallbox to fund the company as it expands its manufacturing capacity and global commercial presence. Hughes Hubbard & Reed LLP served as legal counsel to Kensington and Latham and Watkins LLP served as legal counsel to Wallbox. Houthoff and Loyens & Loeff respectively advised Kensington and Wallbox on matters of Dutch law and Cuatrecasas, GonÃ§alves Pereira, SLP advised Kensington on matters of Spanish law. UBS Securities LLC, Stifel Nicolaus & Company, Incorporated and Robert W. Baird & Co. Incorporated acted as financial advisers to Kensington and Barclays Capital Inc. and Drake Star Partners as financial advisers to Wallbox. UBS Securities LLC and Barclays Capital Inc. acted as joint investment agents in connection with the PIPE Offer.
Wallbox is a global technology company dedicated to changing the way the world uses energy. Wallbox creates advanced electric vehicle charging and energy management systems that redefine users’ relationship with the grid. Wallbox goes beyond electric vehicle charging to empower users to control their consumption, save money and live more sustainably. Wallbox offers a complete portfolio of charging and energy management solutions for residential, semi-public and public use in more than 80 countries.
Founded in 2015 and based in Barcelona, the company now employs more than 700 people in its offices in Europe, Asia, and the Americas.
For more information, please visit www.wallbox.com.
Kensington Capital Acquisition Corp. II, which was listed on the New York Stock Exchange under the ticker symbol KCAC, was a special purpose acquisition company incorporated for the purpose of effecting a merger, share purchase or similar business combination with a company the automotive sector and the automotive sector. . The company was sponsored by Kensington Capital Partners (“KCP”) and the management team included Justin mirro, Bob remenar, Simon boag and Dan Huber. The company was also supported by an independent board of directors comprising Tom LaSorda, Nicole nason, Anders Pettersson, Mitch quain, Don runkle and Matt Simoncini. The Kensington team has completed over 70 automotive transactions and has over 300 years of combined experience leading some of the world’s largest automotive companies.
For more information, please visit www.autospac.com.
Caution Regarding Forward-Looking Statements
The information in this press release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding the Kensington business combination with Wallbox, the development and performance of Wallbox’s products (including the development schedule for such products ), the benefits of the transaction and the future financial performance of the company, as well as the combined company’s strategy, future operations, estimated financial position, estimated income and loss, projected costs, outlook, plans and management’s objectives are forward-looking statements. When used in this press release, the words “are designed to”, “may”, “should”, “will”, “may”, “believe”, “anticipate”, “intend to” , “Estimate”, “expect,” “project”, the negative of these terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words . These forward-looking statements are based on management’s current expectations and assumptions regarding future events and are based on information currently available as to the outcome and timing of future events. Unless otherwise provided by applicable law, Wallbox disclaims any obligation to update forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date hereof. us cautions that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Kensington or Wallbox. In addition, Wallbox warns you that the forward-looking statements contained in this document are subject to the following uncertainties and risk factors which could affect the future performance of the combined company and cause the results to differ from the forward-looking statements contained in this document. : the ability of Wallbox to realize the benefits of the business combination, which may be affected, among other things, by competition and the ability of Wallbox to grow and manage its growth profitably after the business combination; risks related to the outcome and timing of the development by the Company of its charging and energy management technology and associated manufacturing processes; intense competition in the electric vehicle charging space; risks associated with health pandemics, including the COVID-19 pandemic; the possibility that Wallbox will be affected by other economic, commercial and / or competitive factors; the possibility that the planned schedule and other expectations regarding the development and performance of Wallbox products will differ from current assumptions; the outcome of any legal proceedings that may be brought against the combined company or others as a result of the completion of the business combination; the ability to meet stock exchange listing standards after the completion of the business combination; the risk that the business combination will disrupt the plans and ongoing operations of the combined company as a result of the completion of the business combination; costs related to business combinations; and changes in applicable laws or regulations. If one or more of the risks or uncertainties described in this press release, or if the underlying assumptions prove to be incorrect, actual results and plans could differ materially from those expressed in the forward-looking statements. Additional information regarding these and other factors that may impact the operations and projections discussed in this document can be found in Kensington’s periodic filings with the SEC, and Kensington’s proxy statement / prospectus. Wallbox BV in the registration statement on Form F-4 filed with the SEC. The Kensington SEC and Wallbox BV filings are publicly available on the SEC’s website at www.sec.gov.
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