QuantumScape Announces Closing of Public Offering of Class A Common Stock and Full Exercise of Option to Purchase Additional Shares

Rhea-AI Summary

QuantumScape Corporation (NYSE: QS) has successfully closed an underwritten public offering of 11,960,000 shares of its Class A common stock, raising gross proceeds of $478.4 million. This includes the full exercise of the underwriters’ option for an additional 1,560,000 shares. The offering was managed by Goldman Sachs & Co. LLC and Morgan Stanley as joint lead book-running managers, with other firms acting as co-managers. The Securities and Exchange Commission declared the registration statement for this offering effective on March 25, 2021.

Positive

• Raised $478.4 million through a public offering.
• Increased market liquidity with the offering of 11,960,000 shares.
• Full exercise of underwriters' option demonstrates strong demand.

Negative

• Potential shareholder dilution from the additional shares offered.

QuantumScape Corporation (NYSE: QS), today announced the closing of an underwritten public offering of 11,960,000 shares of its Class A common stock, including the full exercise of the underwriters’ option to purchase up to 1,560,000 additional shares of its Class A common stock, for gross proceeds of $478.4 million. No shareholders sold in this offering.

Goldman Sachs & Co. LLC and Morgan Stanley acted as joint lead book-running managers for the offering. Deutsche Bank Securities acted as an additional book-running manager. Baird, RBC Capital Markets, Stifel, Nicolaus & Company and Wolfe Capital Markets and Advisory acted as co-managers.

A registration statement relating to the shares sold in this offering was declared effective by the Securities and Exchange Commission on March 25, 2021. Copies of the final prospectus relating to this offering may be obtained by contacting: Goldman Sachs & Co. LLC, Attention: Prospectus Department, 200 West Street, New York, NY 10282, by phone at (866) 471-2526, or by email at prospectus-ny@ny.email.gs.com; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About QuantumScape Corporation

QuantumScape is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles. The company's mission is to revolutionize energy storage to enable a sustainable future.

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FAQ

What was the size of QuantumScape's public offering?

QuantumScape's public offering consisted of 11,960,000 shares, raising gross proceeds of $478.4 million.

When was the registration statement for QuantumScape's offering declared effective?

The registration statement for QuantumScape's offering was declared effective by the SEC on March 25, 2021.

Who managed QuantumScape's public offering?

Goldman Sachs & Co. LLC and Morgan Stanley were the joint lead book-running managers for QuantumScape's public offering.

What does QuantumScape do?

QuantumScape focuses on developing next-generation solid-state lithium-metal batteries for electric vehicles.

What is the impact of the public offering on QuantumScape shareholders?

The public offering may lead to shareholder dilution due to the increase in the number of shares outstanding.