Kensington Capital SPAC Announces Business Combination with Nth Cycle

Highlights

Hughes Hubbard is representing Kensington Capital in the SPAC transaction, which will result in pure-play critical mineral refiner Nth Cycle becoming a publicly traded company.
Nth Cycle is working to build the refining capacity needed to secure critical international mineral supply chains.

Hughes Hubbard is advising Kensington Capital Acquisition Corp. VI, a special purpose acquisition company, in its definitive business combination with Nth Cycle Inc., which will result in the pure-play critical mineral refiner becoming a publicly traded company.

The proposed combination implies a pro forma enterprise value of approximately $585 million. Upon closing of the transactions, the combined company will be named Nth Cycle Holdings Inc., and its common stock is expected to trade on the New York Stock Exchange under the new ticker symbol “NTH.”

Founded in 2017, Nth Cycle is building the refining capacity needed to secure Western critical mineral supply chains. Its OYSTER system converts the rare earth elements, copper, and battery metals found in mined and recycled materials into industrial-grade inputs for some of the world’s most strategic industries.

The Hughes Hubbard team is led by Chuck Samuelson with primary assistance from Javad Husain and Jenny Graham. Other members of the team include Andy Braiterman, Patrice Jean, Sean Reilly, Charlie Wachsstock, Justin Cohen, Kristin Millay, Carol Remy, Olivia Rose, Jeanine Cryan, Alexis Rosett, Lynn Russo, Anthony Kasper and Alexandra Hernandez.