Welcome to the Kensington SPAC Settlement Website
The information contained on this website is only a summary of the information presented in more detail in the Notice of Pendency and Proposed Settlement of Stockholder Class Action, Settlement Hearing, and Right to Appear (“Notice”). Because this website is just a summary, you should review the Notice for additional details.
Summary of the Action and Settlement
This website relates to a proposed settlement of a stockholder class action (“Action”) brought by plaintiff Sheadrick Richards (“Plaintiff”) against defendants Jagdeep Singh, Fritz Prinz, Justin Mirro, Robert Remenar, Thomas LaSorda, Anders Pettersson, Mitchell Quain, and Donald Runkle (collectively, the “Individual Defendants”) and Kensington Capital Partners, LLC (together with the Individual Defendants, the "Defendants") asserting claims for breaches of fiduciary duty or alleged aiding and abetting of such breaches. Defendants deny any and all allegations of wrongdoing, fault, liability, or damages alleged in this Action.
The Court has not decided in favor of Defendants or Plaintiff. Instead, both sides have agreed to a settlement of the Action for $8.75 million in cash (“Settlement”) for the benefit of the Class. On July 11, 2025, the Court will hold a Settlement Hearing to consider final approval of the Settlement and related matters.
If you are a member of the Class, you are subject to the Settlement. The Class consists of:
All Persons who held shares of Kensington Class A common stock as of the Redemption Deadline, either of record or beneficiary, and who were entitled to, but did not, redeem their shares, including their heirs, successors-in-interest, successors, transferees, and assigns, but excluding the Excluding Persons. Excluded from the Class are Jagdeep Singh, Fritz Prinz, Justin Mirro, Robert Remenar, Thomas LaSorda, Aders Pettersson, Mitchell Quain, Donald Runkle, Kensington Capital Partners, LLC, Dipender Saluja, Jurgen Leohold, J.B. Straubel, Brad Buss, John Doerr, Vinod Khosla, and their legal representatives, heirs, successors, or assignees, as well as any Person, firm, trust, corporation, or other entity related to or affiliated with any such excluded party (together, the "Excluded Persons").
Please read the Notice to fully understand your rights and options. Copies of the Notice and Proof of Claim and Release can be found in the Case Documents and File Claim tabs at the top of this page.
Payments to eligible claimants will be made only if the Court approves the Settlement and Plan of Allocation, after any appeals are resolved, and after the completion of all claims processing. Please be patient, as this process will take some time to complete.
YOUR LEGAL RIGHTS AND OPTIONS IN THIS SETTLEMENT
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TO RECEIVE A PAYMENT FROM THE SETTLEMENT, CLASS MEMBERS MUST SUBMIT A PROOF OF CLAIM AND RELEASE.
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If you are a member of the Class, you may be eligible to receive a distribution from the Settlement proceeds. Eligible Class Members must submit a Proof of Claim and Release in order to receive a distribution from the Settlement, if approved by the Court. If you are eligible for a distribution from the Settlement, it will be paid to you directly.
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OBJECT TO THE SETTLEMENT BY SUBMITTING A WRITTEN OBJECTION SO THAT IS RECEIVED NO LATER THAN JUNE 18, 2025.
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If you are a member of the Class and would like to object to the proposed Settlement, the proposed Plan of Allocation, and/or Plaintiffs' Counsel's Fee Application, including Plaintiffs' application for a service award, you may write to the Court and explain the reasons for your objection.
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ATTEND A HEARING ON JULY 11, 2025, AT 11:00 A.M., AND FILE A NOTICE OF INTENTION TO APPEAR SO THAT IT IS RECEIVED NO LATER THAN JUNE 18, 2025.
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Filing a written objection and notice of intention to appear that is received by June 18, 2025 allows you to speak in Court, at the discretion of the Court, about your objection. In the Court's discretion, the July 11, 2025 hearing may be conducted by telephone or videoconference. If you submit a written objection, you may (but you do not have to) attend the hearing and, at the discretion of the Court, speak to the Court about your objection.
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IMPORTANT DATES AND DEADLINES
| Submit Proof of Claim: |
August 7, 2025 |
| File Notice of Intention to Appear: |
June 18, 2025 |
| Submit Objection: |
June 18, 2025 |
| Settlement Hearing: |
July 11, 2025, at 11:00 a.m. |
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