Kensington Capital $8.75M Stockholder Settlement

If you held shares of Kensington Capital Acquisition Corporation (Kensington) Class A common stock as of November 23, 2020, at 4:30 p.m. Eastern Time, and did not redeem those shares, you may qualify to submit a claim for a cash payment from a class action settlement.

Kensington Capital Partners, LLC and certain individual defendants have agreed to pay $8,750,000 to settle a class action lawsuit. The lawsuit alleged that the defendants breached their fiduciary duties and made misleading statements in connection with the business combination between Kensington and QuantumScape, which may have impaired shareholders’ ability to make informed redemption decisions.

Who is eligible for a stockholder payout?

Class members must meet the following criteria:

• You held shares of Kensington Class A common stock as of November 23, 2020, at 4:30 p.m. Eastern Time (the “Redemption Deadline”).
• You were entitled to redeem your shares but did not do so.
• You are either the beneficial or record holder of those shares, or are their heir, successor-in-interest, transferee, or assign.

How much is the settlement payment?

• Pro Rata Cash Payment: Payment amount will be determined by the Plan of Allocation and what happened to each claimant's shares after the redemption deadline.
• Class members who sold or converted their Kensington shares to QuantumScape stock and sold those shares before the close of the market on March 2, 2023, at a price below $10.00, the recognized claim per share is $10.00 (the redemption price) minus your sale price, plus $0.10 in nominal damages per share.
• Class members who converted their Kensington shares to QuantumScape stock and held them or sold them after the close of the market on March 2, 2023, the recognized claim per share is $1.12, calculated as $10.00 minus $8.88 (the closing price of QuantumScape on March 2, 2023), plus $0.10 in nominal damages per share.

How to claim a class action settlement payout

To receive a settlement payment, class members must submit a Proof of Claim and Release form by the deadline of August 7, 2025. You can file a claim online or download the PDF claim form and mail it to the settlement administrator.

Settlement Administrator's mailing address: Kensington SPAC Settlement, Settlement Administrator, c/o Verita Global, P.O. Box 301170, Los Angeles, CA 90030-1170

Required proof

Claimants must provide supporting documentation which includes:

• Broker confirmation slips or statements showing holdings as of November 23, 2020
• Records of purchases and sales of Kensington or QuantumScape shares after November 23, 2020, through March 2, 2023
• Documents showing conversion of Kensington shares to QuantumScape shares
• Proof of QuantumScape shares held as of March 2, 2023, if applicable

Payout options

• Electronic payment
• Check mailed to the address provided

$8.75 Million settlement fund breakdown

The $8,750,000 settlement fund includes:

• Settlement administration costs: $500,000 or more with court approval
• Attorneys’ fees: Up to $1,750,000
• Attorneys’ expenses: To be presented to the court for approval at a later date
• Service award to plaintiff: Not to exceed $5,000, payable from attorneys’ fees
• Payments to approved claimants: Remaining settlement funds after deductions

Important dates

• Fairness Hearing: July 11, 2025
• Deadline to File a Claim: August 7, 2025
• Deadline to File Notice of Intention to Appear: June 18, 2025

When is the Kensington-QuantumScape De-SPAC settlement payout date?

Payments to class members with valid claims will be made after the settlement is granted final approval by the court and processing is complete.

Why did this class action settlement happen?

This class action lawsuit was filed because the plaintiff alleged that Kensington and its directors made materially false and misleading statements regarding the business combination with QuantumScape. The lawsuit claimed these actions impaired shareholders’ ability to make informed redemption decisions, potentially causing financial harm.

The defendants deny any wrongdoing, but agreed to settle to avoid the expense of continued litigation and a trial.

Sources

1. Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear
2. Settlement Website FAQ Page
3. Proof of Claim and Release Form