Mergers & Acquisitions ·
Kensington Capital Acquisition Corp. VI entered into a definitive Business Combination Agreement with Nth Cycle, Inc.…
KCAC-UNKensington Capital Acquisition Corp. VI
Kensington Capital Acquisition Corp. VI entered into a definitive Business Combination Agreement with Nth Cycle, Inc. on July 21, 2026. The transaction, expected to close in the fourth quarter of 2026, will result in the combined company, Nth Cycle Holdings, Inc., trading on the NYSE under the symbol "NTH". The deal implies a pro forma enterprise value of approximately $585 million. Financing includes up to $230 million from Kensington's trust and a PIPE investment of up to $100 million, with $40 million already committed. Nth Cycle stockholders will receive shares based on an exchange ratio and potential earnouts tied to stock price performance and refinery completion. Kensington is a special purpose acquisition company (SPAC) seeking to merge with a critical mineral refining business.