Kensington Capital Acquisition Corp. and QuantumScape Corporation Announce November 25, 2020 Special Meeting to Approve Business Combination

WESTBURY, N.Y. and SAN JOSE, Calif., Nov. 12, 2020 /PRNewswire/ -- Kensington Capital Acquisition Corp. (NYSE: KCAC) ("Kensington") and QuantumScape Corporation ("QuantumScape") today announced that the Special Meeting of Stockholders of Kensington (the "Special Meeting") to approve the pending business combination between Kensington and QuantumScape is scheduled to be held on Wednesday, November 25, 2020, at 10:00 a.m., Eastern time. The Special Meeting will be completely virtual and conducted via live webcast. Holders of Kensington's shares of Class A Common Stock and Class B Common Stock at the close of business on the record date of October 27, 2020 are entitled to notice of the virtual Special Meeting and to vote at the virtual Special Meeting. Following the proposed business combination, QuantumScape, a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles, will be listed on the New York Stock Exchange under the new ticker symbol ("QS").

Kensington filed its proxy statement, prospectus and information statement (the "Proxy Statement") with the U.S. Securities and Exchange Commission (the "SEC") and began mailing it to stockholders on November 12, 2020. The Proxy Statement is available on the SEC Filings section of Kensington's website www.autospac.com, as well as www.sec.gov. Kensington stockholders are encouraged to read the proxy materials, including, among other things, the reasons for Kensington's Board of Directors' unanimous recommendation that stockholders vote "FOR" the business combination and the other stockholder proposals set forth in the proxy materials as well as the background of the process that led to the pending business combination with QuantumScape.

Kensington stockholders who need assistance in completing the proxy card, need additional copies of the proxy materials, or have questions regarding the Special Meeting may contact Kensington's proxy solicitor, D.F. King & Co., Inc., by telephone at (877) 478-5045 or by email at KCAC@dfking.com or gweinberg@dfking.com.

About Kensington Capital Acquisition Corp.

Kensington is a special purpose acquisition company formed for the purpose of effecting a business combination in the automotive sector.  Kensington is sponsored by Kensington Capital Partners LLC and the management team of Justin Mirro, Bob Remenar, Simon Boag and Daniel Huber.  Kensington is also supported by a board of independent directors including Tom LaSorda, Anders Pettersson, Mitch Quain, Don Runkle and Matt Simoncini.  The Kensington team has completed over 70 automotive transactions and has over 300 years of combined experience leading some of the largest automotive companies in the world.

For additional information, please visit www.autospac.com.

About QuantumScape Corporation

QuantumScape, founded in 2010 in California, is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles.  The company's mission is to revolutionize energy storage to enable a sustainable future.

For additional information, please visit www.quantumscape.com.

Forward-Looking Statements

The information in this press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or historical fact included in this press release, regarding Kensington's proposed business combination with QuantumScape and Kensington's ability to consummate the business combination with QuantumScape are forward-looking statements. When used in this press release, the words "could," "should," "will," "may," "believe," "anticipate," "intend," "estimate," "expect," "project," the negative of such terms and other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. These forward-looking statements are based on management's current expectations and assumptions about future events and are based on currently available information as to the outcome and timing of future events. Except as otherwise required by applicable law, Kensington and QuantumScape disclaim any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release. Kensington and QuantumScape caution you that these forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond the control of Kensington and QuantumScape. In addition, Kensington and QuantumScape caution you that the forward-looking statements contained in this press release are subject to the following factors: (i) the occurrence of any event, change or other circumstances that could delay the business combination or give rise to the termination of the agreements related thereto; (ii) the outcome of any legal proceedings that may be instituted against Kensington or QuantumScape regarding the business combination; (iii) the inability to complete the business combination due to the failure to obtain approval of the stockholders of Kensington, or other conditions to closing in the transaction agreements; (iv) the risk that the proposed business combination disrupts Kensington's or QuantumScape's current plans and operations; (v) QuantumScape's ability to realize the anticipated benefits of the business combination, which may be affected by, among other things, competition and the ability of QuantumScape to grow and manage growth profitably following the business combination; (vi) costs related to the business combination; (vii) changes in applicable laws or regulations; (viii) the possibility that QuantumScape may be adversely affected by other economic, business, and/or competitive factors; and (ix) the possibility that the expected timeframe for, and other expectations regarding the development and performance of, QuantumScape's products will differ from current assumptions. Should one or more of the risks or uncertainties described in this press release, or should underlying assumptions prove incorrect, actual results and plans could different materially from those expressed in any forward-looking statements. Additional information concerning these and other factors that may impact the operations and projections discussed herein can be found in the Proxy Statement and Kensington's periodic filings with the SEC.  Kensington's SEC filings are available publicly on the SEC's website at www.sec.gov.

Contacts
Investor Contact:
D.F. King & Co., Inc.
Geoffrey Weinberg
(877) 478-5045
(Banks and Brokers: (212) 269-5550)
KCAC@dfking.com / gweinberg@dfking.com

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SOURCE Kensington Capital Acquisition Corp.