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Why Kensington Capital Acquisition Corp's Stock Is Up 33% Today

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Why Kensington Capital Acquisition Corp's Stock Is Up 33% Today

Shares of Kensington Capital Acquisition Corp (NYSE: KCAC) are trading higher by over 30% Friday.
The move comes the day after the company announced a date of Nov. 25 to vote on the pending merger with battery company QuantumScape.

Why It’s Important: QuantumScape is backed by Bill Gates and Volkswagen.
Gates invested in QuantumScape with personal funds and through his Energy Ventures Fund, which also includes Jeff Bezos, Jack Ma, Richard Branson and Michael Bloomberg.

Related Link: Cramer Discusses EV Spacs, Highlights Fisker, Hyliion

Investors could be circling back to the electric vehicle SPAC name prior to the merger being completed. 

Price Action: Shares of Kensington Capital are up 33% to $19.04 Friday. This is the highest level shares have seen in months.

Shares of the SPAC went up to $25.75 after the deal was announced with QuantumScape.

 

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