Nth Cycle to go public via $585 million SPAC merger on NYSE

Nth Cycle, a U.S. critical‑minerals refining company, announced a business combination with Kensington Capital Acquisition Corp. VI that will list the company on the New York Stock Exchange under the ticker “NTH.” The SPAC deal values Nth Cycle at an implied enterprise value of about $585 million and is expected to close in the fourth quarter, subject to shareholder and regulatory approvals.

The company operates the first U.S. refinery that produces high‑purity nickel‑cobalt mixed hydroxide from recycled battery feedstock and has secured a 10‑year, $1.1 billion off‑take agreement with Trafigura, along with strategic development agreements with rare‑earth firms. The transaction will bring up to $230 million from Kensington’s trust and a common‑stock PIPE of up to $100 million, of which $40 million has been committed. Nth Cycle’s modular OYSTER system uses electro‑extraction technology to recover nickel, cobalt, copper, lithium and rare‑earth elements with lower emissions, supporting U.S. efforts to on‑shore critical‑minerals supply chains that currently rely on China and Indonesia.