Kensington VI and Nth Cycle Submit Draft S-4 for Business Combination Valued at $585 Million
On August 7, 2026, Kensington Capital Acquisition Corp. VI and Nth Cycle, Inc. announced the confidential submission of a draft Form S-4 to the SEC for their business combination, first agreed on July 21, 2026. The filing says the transaction is subject to SEC review, customary closing conditions, and approval by Kensington shareholders, and it implies a pro forma enterprise value of approximately $585 million, assuming no redemptions. Shareholder proceeds depend on redemptions, with up to $230 million from the Kensington trust and a PIPE of up to $100 million, of which $40 million has been committed.
Key points
- Business Combination Agreement signed July 21, 2026; draft Form S-4 submitted confidentially on August 7, 2026.
- Combined company would be named Nth Cycle Holdings, Inc., with common stock expected to list on the NYSE under the ticker NTH.
- Implied pro forma enterprise value of approximately $585 million, assuming no redemptions by Kensington shareholders.
- Up to $230 million from Kensington's trust, subject to redemptions, plus a PIPE of up to $100 million with $40 million committed to date.
The filing
Written by AI on Nov 9, 2026, 11:48 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on August 07, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.