Kensington Capital Acquisition Corp.

The exchange ratio is stated to ten decimal places — 4.0032186234 Kensington shares for each QuantumScape share of the corresponding class — and it is applied to 49,841,846 Class A and 42,284,024 Class B QuantumScape shares outstanding or expected as of September 14, 2020, both counts including converted preferred. The dual-class structure is carried across intact, so QuantumScape's Class B holders keep their separate class in the listed company. The $18.13 is the average of Kensington's high and low trading prices on September 17, 2020, used only to compute the registration fee.

What changed: QuantumScape, the company formed in the Kensington Capital Acquisition Corp. combination under a Business Combination Agreement dated September 2, 2020, filed its Q2 2026 10-Q. Cash, cash equivalents and marketable securities were approximately $859.0 million at June 30, 2026, down from $970.8 million at December 31, 2025. The company states it has yet to generate any revenue and has funded capital expenditure and working capital through equity. Six-month operating cash use was driven by a net loss of $199.0 million, offset by $57.8 million of stock compensation. Why it matters: No trust or redemption remains, but the funding model is explicit in the filing: no revenue to date and capital raised through equity, against $859.0 million of cash and a $199.0 million half-year net loss. That is roughly two years of runway at the current rate, after which further equity issuance dilutes existing holders — the same arithmetic that has driven repeated raises across pre-revenue de-SPACs. Total liabilities fell to $120.8 million from $139.2 million, so the pressure is operational burn rather than leverage.

What changed: 8-K of QuantumScape Corporation. Item 2.02 (results of operations and financial condition): on July 22, 2026 the Company announced its business and financial results for the second quarter of 2026, ended June 30, furnishing its Shareholder Letter as Exhibit 99.1 and a press release announcing the release as Exhibit 99.2. The item states the information in Item 2.02 and both exhibits shall not be deemed filed for Section 18 purposes nor incorporated by reference unless expressly incorporated by specific reference. Signed by CFO Kevin Hettrich. Why it matters: Quarterly earnings; the report states no figure. The Item 2.02 text says the exhibits are not deemed filed while the exhibit index marks both Exhibit 99.1 and Exhibit 99.2 as filed herewith; both are recorded as filed and neither status is resolved here.

What changed: 8-K of QuantumScape Corporation. Item 1.01 (entry into a material definitive agreement): on July 16, 2026 wholly owned subsidiary QuantumScape Battery, Inc. amended its Amended and Restated Collaboration Agreement of July 17, 2025 with PowerCo SE, the Volkswagen Group battery cell company that is also a major investor in the Company. The amendment updates the program structure and milestones for joint development, validation, demonstration and initial commercialization of QSE-5 based cells and for transferring the technology into a cell size to be determined by PowerCo. Why it matters: The commercial model changed: the amendment replaces the prior statement of work and cost reimbursement structure with milestone-based payments, including delivery and validation of cells over the next two years, and caps the maximum aggregate the Company will receive from PowerCo for the program at $75.4 million inclusive of amounts already paid. Item 1.02 records that Statement of Work No. 1 was terminated effective July 16, 2026, with amounts already invoiced still due. The IP License Agreement terms are unchanged.