One of the largest Lithium-ion battery manufacturers, Amprius, has decided to go for a merger. The company has been serving big contractors like the US Army and the Airbus manufacturers. According to the latest article in the Wall Street Journal, the company is planning to go for a public listing with SPAC that grants logistics support to the battery suppliers and manufacturers.

The merger is facilitated by a business acquisition firm known as Kensington Capital Association Corporation. After the merger is completed, both companies in question will opt for a public listing under a unified stock listing on the New York Stock Exchange.

Amprius is known for its contributions to creating greater mobility for electronic appliances and generating one of the most powerful silicon-anode batteries for commercial buyers.

Demand for Amprius Products Rises

At present, the market has been taken over by a desire to generate more wireless electronics, and Amprius is seen to facilitate the transition with its patent silicon-anode nanowire technology, which has been patented and is high in demand.

The company has helped many commercial manufacturers to make their electronic appliances more remote and high endurance with its 100% silicon anode battery.

Amprius has also served big commercial names like Electronic car manufacturers and clients like AeroVironment, which includes defense and aviation clients under its list of clients. Furthermore, as the time passes, the engineers at Amprius are planning to increase the output, decrease the material costs, and access larger commercial market pools.

Amprius CEO Dr. Kang Sun recently told the media that the merger is going to play an important role in setting the path for greater markets and grander achievements for the future. He also explained that the collective stock of the SPAC and Amprius merger is going to be listed under the AMPX ticker on NYSE.

To facilitate the merger proceedings, $430 million in gross proceeds are invested as a combined business effort, including $200 million accounting for additional equity financing.

On the other hand, the remainder of $230 million is meant to be kept in a cash trust hold. CEO of Kensington Justin Mirro added that the analysts were impressed by its prospects and demand for the Amprius, and they are excited to measure the combined output of the two highly potent business enterprises.

The combined market value of SPAC and Amprius as per Pro Forman is estimated at $939 million.