Electric Vehicle Battery Hopeful QuantumScape Dives After Hours on News of Stock Flotation

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QuantumScape (NYSE: QS) wasn’t exactly an electric stock in after-hours trading Monday, following the post-market disclosure that it is floating a fresh stock issue. The maker of batteries for electric vehicles (EVs) will issue 13 million shares of its Class A common stock. It will also grant the flotation’s underwriters, led by Goldman Sachs and Morgan Stanley, a 30-day option to buy up to an additional, collective 1.95 million shares.

QuantumScape said it will utilize its share of the resulting proceeds “to build a larger QS-0 pre-pilot line than recently announced; to cover its full share of equity contributions to its joint venture with [Volkswagen] for the previously disclosed 20GWh expansion of QS-1 joint manufacturing facility; and for working capital and general corporate purposes.”

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