Thought Leadership  •  November 25, 2020

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DFIN Drives Success for SPAC During Turbulent COVID-19 Conditions

The formation of a SPAC, by its very nature, requires equal measures of speed, accuracy, and minimal costs  to properly launch and position the company for ultimate success. Missteps impacting any one of the deal-making triad can lead to irreversible repercussions and to lost opportunities – and that’s during smooth economic conditions.

“DFIN went above and beyond our expectations. They were the right  price, the right platform, and the right people to get this monumental task  done. Plus, they have all of the post-acquisition tools required for all SEC  filings and annual reporting.”

Justin Mirro, CEO, Kensington Capital Acquisition Corp.

For Kensington Capital Acquisition Corp. (KCAC), the magnitude of complexity associated with the SPAC formation was exponentially compounded due to the global COVID-19 pandemic.

Office lock downs caused by the crisis forced KCAC’s team of executives, advisors, and legal counselors to work in isolation from remote home offices. In order to keep their SPAC vision moving forward when the rest of the world was at a standstill, the KCAC turned to Donnelley Financial Solutions (DFIN).

DFIN SPAC Tools Provide Freedom For Real Time Collaboration  

With DFIN’s SPAC platform, KCAC was able to drive its venture through to bell-ringing while keeping the entire project on budget. The platform provided a suite of essential cloud-based tools to seamlessly connect and manage all of the moving parts associated with SPAC SEC documentation and filings.

Cost Conscious Strategy, Powerful Technology, And DFIN Acumen Pave The Way For A Winning Finish

DFIN’s SPAC platform is an amalgamation of encrypted,  real time tools for data research and analysis, SEC filing and reporting with an interface designed for anyone familiar with Word and Excel. The platform is augmented by DFIN human intelligence, which represents industry leading knowledge in SEC disclosure data, current regulations, and compliance matters.

With the DFIN platform and on-call support, the KCAC team was able to concurrently collaborate in a safe, deeply encrypted virtual environment while still having instant access to pertinent research, SEC filing documentation, and DFIN’s 24/7 on-call experts.  Document changes were made in real time, saving critical time and money.

“Our tools and talent are equipped to keep all of a SPAC’s moving parts advancing quickly and easily – even during a global pandemic. We let Kensington know they could do the work on  our platform or they could turn  the project over to our team.  Either way, the SPAC would be  filed fast and accurately.”

Craig Clay, President Of Global Capital Markets, DFIN

DFIN’s streamlined, cost-conscious process saved Kensington critical time and money resulting in the successful formation of the new KCAC.U SPAC offering, which at publication, is valued at $230m, making Kensington well-positioned for strong deal-making  when opportunity strikes.
With its successful SPAC launch, Kensington is seeking targets in the automotive sector ranging from mergers, stock purchases, and business combinations.

“We were able to jump in with none of the usual lag time associated with learning software and network systems allowing us to complete our IPO weeks ahead of schedule. DFIN’s platform is just like using Word and Excel.” 

Dan Huber, CFO, Kensington Capital Acquisition Corp.

To learn more, download the case study below.

DFIN Drives Success for SPAC During Turbulent COVID-19 Conditions