MergerJul 22, 2026, 08:47 AM
Kensington Capital to Merge with Nth Cycle in $585M Deal
AI Summary
Kensington Capital Acquisition Corp. VI (KCAC) announced a definitive Business Combination Agreement with Nth Cycle, Inc., a critical mineral refining company. The transaction, unanimously approved by both boards, implies a pro forma enterprise value of approximately $585 million. Upon closing, the combined entity will be named Nth Cycle Holdings, Inc. and is expected to trade on the NYSE under the symbol "NTH". The deal is anticipated to close in the fourth quarter of 2026, subject to shareholder and regulatory approvals, and includes a PIPE of up to $100 million.
Key Highlights
- Kensington Capital Acquisition Corp. VI entered a Business Combination Agreement with Nth Cycle, Inc. on July 21, 2026.
- The combined company will be named Nth Cycle Holdings, Inc. and trade on NYSE under the ticker symbol "NTH".
- The transaction implies a pro forma enterprise value of approximately $585 million.
- The business combination is expected to close in the fourth quarter of 2026.
- Transaction proceeds include up to $230 million from Kensington's trust and a common stock PIPE of up to $100 million.
- Nth Cycle has a 10-year off-take term sheet with Trafigura valued at approximately $1.1 billion.
- Nth Cycle's proprietary electroextraction platform processes rare earth elements, copper, and battery materials.
Price Impact
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