Nth Cycle announced SPAC merger with Kensington Capital Acquisition at $585M pre-deal equity value

Nth Cycle/OYSTER

Nth Cycle announced a SPAC merger with Kensington Capital Acquisition, valuing the company at $585M pre-deal equity. The deal is expected to raise about $200M in gross proceeds. The company is expanding its black mass refining capacity in Ohio with the support of Trafigura, the commodities trader.

• Transaction values Nth Cycle at $585M pre-deal equity; expected to close in late 2026
• Trafigura committed to an offtake agreement and is a co-investor in the SPAC merger
• Ohio facility commissioning in fall 2026; Trafigura offtake agreement covers high volumes
• OYSTER process recovers >95% nickel and cobalt from battery black mass at battery-grade purity