QuantumScape Announces Closing of Public Offering of Class A Common Stock

SAN JOSE, Calif.--(BUSINESS WIRE)--QuantumScape Corporation (NYSE: QS), a leader in developing next-generation solid-state lithium-metal batteries, today announced the closing of its previously announced underwritten public offering of 37,500,000 shares of its Class A common stock for gross proceeds of $300 million, before deducting the underwriting discount and commissions and estimated offering expenses. QuantumScape has granted the underwriters a 30-day option to purchase up to an additional 5,625,000 shares of its Class A common stock at the public offering price less the underwriting discount.

Evercore ISI and Morgan Stanley acted as joint lead book-running managers for the Offering. Goldman Sachs & Co. LLC and UBS Investment Bank acted as additional book-running managers.

The public offering was made pursuant to a shelf registration statement on Form S-3 that was filed by QuantumScape with the U.S. Securities and Exchange Commission (the "SEC") on July 29, 2022, and became effective on August 10, 2022. The offering was made only by means of a preliminary prospectus supplement and an accompanying prospectus relating to the offering which have been filed with the SEC and are available on the SEC's website at www.sec.gov. A copy of the final prospectus may also be obtained by contacting: Evercore Group L.L.C., Attention: Equity Capital Markets, 55 East 52nd Street, 35th Floor, New York, New York 10055, by telephone at 888-474-0200, or by email at [e-mail]; or Morgan Stanley & Co. LLC, Attention: Prospectus Department, 180 Varick Street, 2nd Floor, New York, NY 10014.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About QuantumScape Corporation

QuantumScape is on a mission to transform energy storage with solid-state lithium-metal battery technology. The company’s next-generation batteries are designed to enable greater energy density, faster charging and enhanced safety to support the transition away from legacy energy sources toward a lower carbon future.