QuantumScape Announces an Amendment to the Warrant Agreement to Advance the Exercise Date of the Public Warrants
QuantumScape Corporation (NYSE: QS) has amended its Warrant Agreement, effective March 5, 2021, allowing earlier exercise of public warrants to purchase Class A common stock. Originally, these warrants were exercisable starting June 30, 2021. Each public warrant can be exercised for $11.50 per share. All other terms of the Warrant Agreement, including redemption terms, remain unchanged, with the company unable to redeem warrants before July 30, 2021. This move enhances liquidity for warrant holders and aligns with QuantumScape's mission to innovate in energy storage technology.
- Amendment allows earlier exercise of public warrants, enhancing liquidity.
- Warrants can now be exercised starting March 5, 2021, rather than June 30, 2021.
- No significant financial metrics or performance updates provided in the PR.
- Redemption of public warrants is not allowed before July 30, 2021, which may limit flexibility for bondholders.
QuantumScape Corporation (NYSE: QS, or "QuantumScape"), a leader in the development of next generation solid-state lithium-metal batteries, today announced that the Warrant Agreement, dated June 25, 2020, between QuantumScape and Continental Stock Transfer & Trust Company (the “Warrant Agreement”) was amended to allow for the earlier exercise of the public warrants to purchase shares of QuantumScape’s Class A common stock (the “Public Warrants”). The Public Warrants were issued in connection with the IPO in June 2020 and the shares of Class A common stock underlying the Public Warrants were registered on the Form S-1 declared effective on December 31, 2020 (Registration No. 333-251433).
Prior to the amendment, the Public Warrants were exercisable starting on June 30, 2021. Following the amendment, the Public Warrants are now exercisable starting on March 5, 2021, thus allowing for holders of Public Warrants to exercise their right to purchase one share of QuantumScape’s Class A common stock for
Additional information on the amendment of the Warrant Agreement can be found in QuantumScape’s SEC filings posted on https://ir.quantumscape.com/. Questions concerning exercise of the Public Warrants can be directed to Continental Stock Transfer & Trust Company, 1 State Street, 30th Floor, New York, New York 10004, Attention: Compliance Department, telephone number (212) 509-4000.
No Offer or Solicitation
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of QuantumScape’s securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About QuantumScape Corporation
QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles. QuantumScape’s mission is to revolutionize energy storage to enable a sustainable future.
For additional information, please visit www.quantumscape.com.
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FAQ
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