Kensington Capital Acquisition Corp. II announced a private placement of an aggregate of 8,000,000 warrants to be issued at a price of $0.75 per warrant for gross proceeds of $6,000,000 on January 20, 2021. The transaction will include participation from Kensington Capital Sponsor II LLC. Each warrant is exercisable to purchase one share of Class A common stock at $11.50 per share, subject to adjustment. The transaction is expected to close concurrently with the closing of the public offering. The company will issue 8,800,000 placement warrants if the over-allotment option is exercised in full. The placement warrants are non-redeemable in nature. The warrants will not be transferable, assignable or salable until 30 days after the consummation of our initial business combination, except to permitted transferees. The warrants will expire at 5:00 p.m., New York City time, five years after the completion of our initial business combination or earlier upon redemption or liquidation.