Nth Cycle Moves Toward Public Listing via Kensington SPAC Merger
Nth Cycle, a mineral refining startup focused on domestic critical materials production, has submitted a draft registration statement to the SEC. The move marks a key step in its proposed merger with Kensington Capital Acquisition Corp. VI, a transaction that values the combined entity at approximately $585 million.
The partnership aims to scale Nth Cycle’s proprietary electroextraction platform and modular OYSTER system, technologies designed to process rare earths, copper, and battery materials. By localizing refining capacity, the company seeks to reduce reliance on foreign-controlled supply chains, which currently process roughly 85% of global mineral-rich materials. Dr. Megan O'Connor, CEO of Nth Cycle, stated that the modular nature of their system allows for faster deployment and lower capital intensity compared to traditional, large-scale refineries.
Kensington Chairman Justin Mirro noted that the company’s technology addresses a critical bottleneck in the U.S. supply chain. If the merger receives shareholder approval and clears regulatory hurdles, the new entity will operate as Nth Cycle Holdings, Inc., and trade on the NYSE under the ticker symbol NTH. The financial structure of the deal includes $230 million currently held in Kensington’s trust, alongside a $100 million PIPE investment, with $40 million already committed by investors.
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