QuantumScape falls as stock offering prices at $40/share (update)

Mar. 25, 2021 9:03 AM ETQuantumScape Corporation (QS), VWAGYBy: Joshua Fineman, SA News Editor26 Comments
  • 9:10am: QuantumScape confirms pricing.
  • QuantumScape (NYSE:QS) fell 13% after the company confirmed pricing its stock in an offering at $40/share.
  • QuantumScape, which is working on developing a sold state lithium battery, is selling 10.4m shares for proceeds of $416m, the company said in a statement. The news was earlier reported by Bloomberg.
  • QuantumScape, formerly a SPAC from Kensington Capital Acquisition, has been a Wall Street darling in the EV battery space, even getting a buy rating and $70 price target from influential Morgan Stanley analyst Adam Jonas last month.
  • Earlier this month Cowen initiated the company with an outperform rating and said the company has game-changing technology.
  • QuantumScape gained about 166% through Monday since its de-spaced from Kensington at the end of November.
  • QuantumScape’s pre-SPAC investors included Volkswagen (OTCPK:VWAGY), the Qatar Investment Authority, A-list private equity firms Khosla Ventures and Kleiner Perkins and billionaire Microsoft co-founder Bill Gates.
  • Recall March 22, QuantumScape stock drops 4% on public offering.
  • Recall March 23, QuantumScape's capital raise called a bullish indicator.

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