Critical mineral refiner Nth Cycle to list on NYSE in $585m SPAC deal
US-based critical mineral refining company Nth Cycle said on Wednesday it would go public through a merger with special purpose acquisition company (SPAC) Kensington Capital Acquisition.
The merger will value Nth Cycle at an enterprise value of $585-million.
The combined company will be named Nth Cycle Holdings and is expected to trade on the New York Stock Exchange under the ticker "NTH".
SPACs allow companies to go public without raising fresh capital from investors.
The deal is expected to provide up to $230-million from Kensington's trust account and up to $100-million from a common stock private investment in public equity, including $40-million already committed.
Nth Cycle plans to use the funds to expand its refining capacity and help reduce Western reliance on China for processed critical minerals.
The company's flagship innovation is "the Oyster," a modular electro-extraction system that replaces traditional, polluting refineries by co-locating with battery recyclers, miners and manufacturers to convert scrap and waste into high-purity metals like nickel, cobalt, copper, and rare earths
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