<SEC-DOCUMENT>0001193125-21-137766.txt : 20210429
<SEC-HEADER>0001193125-21-137766.hdr.sgml : 20210429
<ACCEPTANCE-DATETIME>20210428214652
ACCESSION NUMBER:		0001193125-21-137766
CONFORMED SUBMISSION TYPE:	424B3
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20210429
DATE AS OF CHANGE:		20210428

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			QuantumScape Corp
		CENTRAL INDEX KEY:			0001811414
		STANDARD INDUSTRIAL CLASSIFICATION:	MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES [3690]
		IRS NUMBER:				850796578
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B3
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-251433
		FILM NUMBER:		21866786

	BUSINESS ADDRESS:	
		STREET 1:		1730 TECHNOLOGY DRIVE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110
		BUSINESS PHONE:		(408) 452-2000

	MAIL ADDRESS:	
		STREET 1:		1730 TECHNOLOGY DRIVE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95110

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Kensington Capital Acquisition Corp.
		DATE OF NAME CHANGE:	20200505
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B3
<SEQUENCE>1
<FILENAME>d307357d424b3.htm
<DESCRIPTION>424B3
<TEXT>
<HTML><HEAD>
<TITLE>424B3</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Filed Pursuant to Rule 424(b)(3) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-251433</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>PROSPECTUS SUPPLEMENT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>(To Prospectus dated
March&nbsp;4, 2021) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>306,053,642 Shares of Class&nbsp;A Common Stock </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>6,650,000 Warrants </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt; margin-right:5%; text-indent:7%" ALIGN="center">


<IMG SRC="g307357g0429020531579.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement supplements the prospectus dated March&nbsp;4, 2021 (as supplemented to date,
the &#147;Prospectus&#148;), which forms a part of our Registration Statement on Post-Effective Amendment No.&nbsp;1 to the Form <FONT STYLE="white-space:nowrap">S-1</FONT> (Registration Statement
<FONT STYLE="white-space:nowrap">No.&nbsp;333-</FONT> 251433) filed with the Securities and Exchange Commission (the &#147;Commission&#148;) on March&nbsp;4, 2021 and declared effective by the Commission on March&nbsp;8, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Prospectus and this Prospectus Supplement relate to the disposition from time to time of 1) up to 306,053,642 shares of our Class&nbsp;A
Common Stock, which include Class&nbsp;A Common Stock issuable upon conversion of our Class&nbsp;B Common Stock, the exercise of certain private placement and public warrants (together, the &#147;Warrants&#148;), the exercise of certain stock
options, and the vesting of certain restricted stock units, and 2) up to 6,650,000 private placement warrants, which are held or may be held by the selling securityholders named in the Prospectus. We will not receive any proceeds from the sale of
our securities offered by the selling securityholders under the Prospectus. We will receive up to an aggregate of approximately $208,724,873.50 from the exercise of the Warrants assuming the exercise in full of all of the Warrants for cash at a
current exercise price of $11.50 per share. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement should be read in conjunction with the Prospectus, which is to be
delivered with this Prospectus Supplement. This Prospectus Supplement updates, amends and supplements the information included or incorporated by reference in the Prospectus. If there is any inconsistency between the information in the Prospectus
and this Prospectus Supplement, you should rely on the information in this Prospectus Supplement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Prospectus Supplement is not
complete without, and may not be delivered or utilized except in connection with, the Prospectus, including any amendments or supplements to it. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;29, 2021, we filed a Current Report on Form <FONT STYLE="white-space:nowrap">8-K</FONT> with the Commission. The portion of the
text of such Form <FONT STYLE="white-space:nowrap">8-K</FONT> that is treated as &#147;filed&#148; for purposes of Section&nbsp;18 of the Securities Exchange Act of 1934, as amended, is attached hereto. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>We are an &#147;emerging growth company,&#148; as defined under the federal securities laws, and, as such, may elect to comply with certain
reduced public company reporting requirements for future filings. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Investing in our securities involves a high degree of risk. In
reviewing the Prospectus and this Prospectus Supplement, you should carefully consider the matters described under the heading &#147;</B><B><I>Risk Factors</I></B><B>&#148; beginning on page 6 of the Prospectus. </B></P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>You should rely only on the information contained in the Prospectus, this Prospectus
Supplement or any Prospectus Supplement or amendment hereto. We have not authorized anyone to provide you with different information. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved of these securities or
determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">The date of this
prospectus supplement is April&nbsp;29, 2021. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B><FONT
STYLE="white-space:nowrap">FORM&nbsp;8-K</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT
REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Pursuant to Section&nbsp;13 or 15(d)</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>of the Securities Exchange Act of 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of report (Date of earliest event reported): April&nbsp;28, 2021 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>QuantumScape Corporation </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact Name of Registrant as Specified in Charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Delaware</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">001-39345</FONT></B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B><FONT STYLE="white-space:nowrap">85-0796578</FONT><BR></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"><B>(State or other jurisdiction<BR>of incorporation)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(I.R.S. Employer<BR>Identification Number)</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>1730 Technology Drive<BR>San Jose, California</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center"><B>95110<BR></B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" COLSPAN="3" ALIGN="center"><B>(Address of principal executive offices)</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>(Zip code)</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(408) <FONT STYLE="white-space:nowrap">452-2000</FONT> </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Registrant&#146;s telephone number, including area code) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Not Applicable </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Former
name or former address, if changed since last report) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Check the
appropriate box below if the <FONT STYLE="white-space:nowrap">Form&nbsp;8-K</FONT> filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Soliciting material pursuant to Rule <FONT STYLE="white-space:nowrap">14a-12</FONT> under the Exchange Act (17
CFR <FONT STYLE="white-space:nowrap">240.14a-12)</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">14d-2(b)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.14d-2(b))</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&#9744;</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><FONT STYLE="white-space:nowrap">Pre-commencement</FONT> communications pursuant to Rule <FONT
STYLE="white-space:nowrap">13e-4(c)</FONT> under the Exchange Act (17 CFR <FONT STYLE="white-space:nowrap">240.13e-4(c))</FONT> </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities registered pursuant to Section&nbsp;12(b)&nbsp;of the Act: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>

<TD WIDTH="34%"></TD>

<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Title of each class</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Trading</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Symbol(s)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Name of each exchange</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>on which registered</B></P></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Class&nbsp;A Common Stock, par value $0.0001 per share</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>QS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>The New York Stock Exchange</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>Redeemable warrants, each whole warrant exercisable for one share of Class&nbsp;A Common Stock at an exercise price of $11.50</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>QS.WS</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>The New York Stock Exchange</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act
of 1933 (&#167; 230.405) or <FONT STYLE="white-space:nowrap">Rule&nbsp;12b-2</FONT> of the Securities Exchange Act of 1934 (&#167; <FONT STYLE="white-space:nowrap">240.12b-2).</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Emerging growth company&nbsp;&nbsp;&#9746; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange
Act.&nbsp;&nbsp;&#9744; </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;2.02 Results of Operations and Financial Condition </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The information set forth under Item 4.02 is incorporated into this Item 2.02 by reference. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><FONT STYLE="white-space:nowrap">Item&nbsp;4.02&#151;Non-Reliance</FONT> on Previously Issued Financial Statements or a Related Audit Report or Completed
Interim Review </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;12, 2021, the Staff of the U.S. Securities and Exchange Commission (the &#147;SEC&#148;) issued the
&#147;Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (&#147;SPACs&#148;)&#148; (the &#147;Staff Statement&#148;). QuantumScape Corporation, a Delaware corporation (the
&#147;Company&#148;) has evaluated the applicability and potential impact of the Staff Statement on the Company&#146;s financial statements. The Staff Statement clarified guidance for all SPAC-related companies regarding the accounting and reporting
for their warrants that could result in the warrants issued by SPACs being classified as a liability measured at fair value, with <FONT STYLE="white-space:nowrap">non-cash</FONT> fair value adjustments recorded in earnings at each reporting period.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On April&nbsp;28, 2021, the Audit Committee of the Board of Directors of the Company (the &#147;Audit Committee&#148;), in consultation
with management of the Company, concluded that the Company&#146;s consolidated financial statements for the year ended December&nbsp;31, 2020 included in the Company&#146;s (i)&nbsp;Annual Report on Form <FONT STYLE="white-space:nowrap">10-K,</FONT>
filed on February&nbsp;23, 2021, (ii) Registration Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (Registration <FONT STYLE="white-space:nowrap">No.&nbsp;333-251433)</FONT> effective March&nbsp;8, 2021 and (iii)&nbsp;Registration
Statement on Form <FONT STYLE="white-space:nowrap">S-1</FONT> (Registration No.&nbsp;333- 254582) (the &#147;Affected Period&#148;) should no longer be relied upon based on the facts described below. Further, any previously furnished or filed
reports, earnings releases, guidance, investor presentations, or similar communications, regarding the Affected Period should also not be relied upon. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">In connection with making the determination to restate the financial statements covered by the Affected Period (the &#147;Restatement&#148;),
the Company reviewed and discussed the accounting treatment of its Warrants (as described below) and the Affected Period with Ernst&nbsp;&amp; Young LLP, its independent registered public accounting firm. The Company has determined that the Warrants
should be accounted for as liabilities measured at fair value, with <FONT STYLE="white-space:nowrap">non-cash</FONT> fair value adjustments recorded in earnings at each reporting period. It is expected that the liabilities on the Company&#146;s
balance sheet in its restated consolidated financial statements for the year ended December 31, 2020 will increase by approximately $675 to $705&nbsp;million, additional
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-capital</FONT></FONT> will decrease by approximately $95 to $125&nbsp;million, and expenses in its Statement of Operations will increase by approximately $565 to
$595&nbsp;million. These estimates are preliminary and subject to change as management completes the restatement. Our independent registered public accounting firm has not audited or reviewed these estimates. The Company plans to file an amendment
to each relevant filings as noted above to restate the Affected Period within the next two weeks. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31, 2021,
approximately 8.7&nbsp;million Warrants remained outstanding; the Company anticipates that the incremental <FONT STYLE="white-space:nowrap">non-cash</FONT> <FONT STYLE="white-space:nowrap">non-operating</FONT> expense on its Statement of Operations
related to the Warrants will be approximately <FONT STYLE="white-space:nowrap">$20-$40&nbsp;million</FONT> for the three months ended March 31, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company&#146;s management is also in the process of assessing the effectiveness of the Company&#146;s internal control over financial
reporting and its disclosure controls and procedures. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Audit Committee and the Company&#146;s management have discussed the matters
disclosed in this Item 4.02(a) with Ernst&nbsp;&amp; Young LLP. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Corporate History and Background </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On November&nbsp;25, 2020, the original QuantumScape Corporation, now named QuantumScape Battery, Inc., consummated a business combination (the
&#147;Business Combination&#148;) with Kensington Capital Acquisition Corp., a SPAC (&#147;Kensington&#148;). Legacy QuantumScape became a wholly-owned subsidiary of Kensington, and Kensington changed its name to QuantumScape Corporation. Our
Class&nbsp;A Common Stock and public warrants are listed on the New York Stock Exchange (the &#147;NYSE&#148;) under the symbols &#147;QS&#148; and &#147;QS.WS&#148;, respectively. Prior to the Business Combination, Kensington issued a total of
approximately 18.1&nbsp;million warrants (the &#147;Warrants&#148;), which were assumed by the Company as part of the Business Combination, such Warrants are exercisable for the Company&#146;s Class&nbsp;A Common Stock. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Certain statements included in this Current Report on Form
<FONT STYLE="white-space:nowrap">8-K,</FONT> which are not historical facts, are forward-looking statements, including statements about the approximate effect of the Restatement on the Company&#146;s previously issued financial statements and the
filing of amended filings to reflect the Restatement. Such forward-looking statements speak only as of the date of this Current Report. These forward-looking statements are based on management&#146;s current expectations, assumptions and beliefs
regarding future events and are based on currently available information as to the outcome and timing of future events, certain of which are beyond the Company&#146;s control, and actual results may differ materially depending on a variety of
important factors. These factors include, but are not limited to, the discovery of additional information relevant to the Affected Period, higher than expected charges after completing the Restatement process, and delays in filing amended filings
for the Affected Period due to the Company&#146;s efforts to complete the Restatement and respond to SEC comments, if any. Any or all of these occurrences could cause actual results to differ from those in the forward-looking statements. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;7.01 Regulation FD </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On
April&nbsp;28, 2021, the Company issued a press release related to the matters described in Item 4.02. A copy of the press release is included as Exhibit 99.1 and incorporated herein by reference. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B>Item&nbsp;9.01</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Financial Statements and Exhibits </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>(d)</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Exhibits </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>

<TD></TD>

<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD WIDTH="93%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Exhibit<BR>No.</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman"><B>Description</B></P></TD></TR>


<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">News release of the Company dated April&nbsp;28, 2021, announcing the response to the SEC guidance applicable to warrants issued by SPACs.</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>

</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, hereunto duly authorized. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: April 29, 2021 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>

<TD WIDTH="7%"></TD>

<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>


<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>QUANTUMSCAPE CORPORATION</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000">&nbsp;</TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Michael McCarthy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">Name: Michael McCarthy</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Title: Chief Legal Officer and Head of Corporate</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Development</P></TD></TR>
</TABLE></DIV>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt; margin-right:5%; text-indent:7%" ALIGN="center">


<IMG SRC="g307357g88j55.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>QuantumScape Announces Response to SEC Guidance Applicable to Warrants Issued by Special Purpose
Acquisition Companies (&#147;SPACs&#148;) </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>SAN JOSE, CA (April 28, 2021)</B> &#150; QuantumScape Corporation (NYSE: QS, &#147;QuantumScape,&#148;
or &#147;Company&#148;) is announcing that as a result of recent guidance provided by the SEC on April&nbsp;12, 2021 regarding the accounting and reporting of warrants issued by SPACs (the &#147;Staff Statement&#148;), it will restate its
consolidated financial statements as of and for the year ended December 31, 2020 to change the accounting treatment of its public and private placement warrants (&#147;Warrants&#148;). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There will be no cash<B> </B>impact to QuantumScape&#146;s business or historical financial statements in the affected period due to this restatement. The
change in the accounting treatment of the warrants has no effect on QuantumScape&#146;s ongoing operations or future plans. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The restatement pertains to
the accounting treatment for Warrants that were outstanding at the time of the business combination of the legacy QuantumScape Corporation with Kensington Capital Acquisition Corp. on November&nbsp;25, 2020 (the &#147;Business Combination&#148;).
Consistent with market practice among SPACs, these Warrants had previously been accounted for as equity. In consideration of the Staff Statement, QuantumScape intends to restate its historical financial statements to account for the Warrants as
liabilities. These Warrants will be marked to market with <FONT STYLE="white-space:nowrap">non-cash</FONT> fair value adjustments recorded into earnings at the end of each reporting period. The Company preliminarily estimates that the change in
accounting method will cause the liabilities on the restated QuantumScape balance sheet as of December 31, 2020 to increase by approximately $675 to $705&nbsp;million, additional
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-capital</FONT></FONT> to decrease by approximately $95 to $125&nbsp;million, and <FONT STYLE="white-space:nowrap">non-cash</FONT>
<FONT STYLE="white-space:nowrap">non-operating</FONT> expenses in the Statement of Operations for the three and twelve months ended December 31, 2020 to increase by approximately $565 to $595&nbsp;million. The change in the accounting treatment of
the Warrants does not change the Company&#146;s previously disclosed <FONT STYLE="white-space:nowrap">non-GAAP</FONT> operating metrics for the three and twelve months ended December 31, 2020. These estimates are preliminary and subject to change as
management completes the restatement. Our independent registered public accounting firm has not audited or reviewed these estimates. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following
provides additional detail regarding how we currently anticipate the restatement will affect our various financial statements: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Opening Balance Sheet Impact:</I><I></I>&nbsp;As of the date of the Business Combination, the fair value of
the Warrants will be reflected as warrant liabilities on our balance sheet with a corresponding offset in additional <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-capital</FONT></FONT> within stockholder&#146;s equity.
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Statement of Operations Impact: </I>Subsequent&nbsp;to the close of the Business Combination, changes in the <FONT
STYLE="white-space:nowrap">non-cash</FONT> fair value of the Warrants are recognized in our Statement of Operations below operating loss as &#147;Change in fair value of assumed common stock warrant liabilities&#148; with a corresponding amount
recognized in our balance sheet when Warrants are exercised, and at each reporting period for outstanding Warrants. The impact to the Statement of Operations may fluctuate and may result in <FONT STYLE="white-space:nowrap">non-cash</FONT> income or
expense, and will generally depend on changes in the Company&#146;s stock price, the number of Warrants exercised, and the number of Warrants outstanding at each reporting period. </P></TD></TR></TABLE>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Balance Sheet Impact:</I><I></I>&nbsp;When Warrants are exercised, the fair value of the liability is
reclassified to additional <FONT STYLE="white-space:nowrap">paid-in</FONT> capital within stockholder&#146;s equity. The cash received for the exercise of warrants is reflected in cash and cash equivalents, and the corresponding offset is reflected
in additional <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-capital</FONT></FONT> in stockholder&#146;s equity. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Cash Flow Statement Impact:</I><I></I>&nbsp;The changes in fair value of the Warrants have no impact on net
cash provided by (used for) operating activities. The cash received for the exercise of Warrants is reflected in cash flows from financing activities. </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="5%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>Statement of Stockholders&#146; Equity Impact:</I><I></I>&nbsp;The impact to additional <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-capital</FONT></FONT> as of the opening balance sheet is highlighted above. Subsequent exercises of the Warrants result in a reduction of our Warrant liabilities with a
corresponding increase to additional <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">paid-in-capital</FONT></FONT> in stockholder&#146;s equity. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">As of March&nbsp;31, 2021, QuantumScape had approximately 8.7&nbsp;million Warrants outstanding, which represent less than half of the 18.1&nbsp;million
Warrants originally issued by Kensington Capital Acquisition Corp. The Company anticipates that the incremental <FONT STYLE="white-space:nowrap">non-cash</FONT> <FONT STYLE="white-space:nowrap">non-operating</FONT> expense on its Statement of
Operations related to the Warrants will be approximately <FONT STYLE="white-space:nowrap">$20-$40&nbsp;million</FONT> for the three months ended March 31, 2021. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">QuantumScape intends to complete the restatement of its consolidated financial statements as of and for the year ended December 31, 2020 within the next two
weeks. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>About QuantumScape Corporation </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">QuantumScape
is a leader in the development of next generation solid-state lithium-metal batteries for use in electric vehicles.&nbsp;The company&#146;s mission is to revolutionize energy storage to enable a sustainable future.</P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For additional information, please visit <U>www.quantumscape.com</U>. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Management&#146;s Use of <FONT STYLE="white-space:nowrap">Non-GAAP</FONT> Financial Measures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in this press release letter references certain <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures as defined by SEC rules.
These <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures are in addition to, and not a substitute for or superior to, measures of financial performance prepared in accordance with U.S. GAAP. There are a number of limitations related
to the use of these <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures versus their nearest GAAP equivalents. For example, other companies may calculate <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures differently
or may use other measures to evaluate their performance, all of which could reduce the usefulness of our <FONT STYLE="white-space:nowrap">non-GAAP</FONT> financial measures as tools for comparison. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Forward Looking Statements </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The information in this press
release includes &#147;forward-looking statements&#148; within the meaning of Section&nbsp;27A of the Securities Act and Section&nbsp;21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of present or
historical fact included in this press release, including, without limitation, statements regarding the timing and potential effects of the restatement to QuantumScape&#146;s financial statements, are forward-looking statements. </P>
</DIV></Center>


<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Except as otherwise required by applicable law, QuantumScape disclaims any duty to update any
forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release, including any subsequent guidance or clarifications that the SEC may provide
on this matter. Should underlying assumptions prove incorrect, actual effect to QuantumScape&#146;s financial statements could differ materially from those expressed in any forward-looking statements. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Contacts: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Investors </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">ir@quantumscape.com </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>For Media </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">media@quantumscape.com </P>
</DIV></Center>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>g307357g0429020531579.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g307357g0429020531579.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" !, ,@# 2(  A$! Q$!_\0
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MCN/%7@;3]4NP/M+J4E*]&921G\<44 87Q&^'MWK]Y:^(?#UR+77[+&QB=HE
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+ 4444 %%%% '_]D!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>g307357g88j55.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g307357g88j55.jpg
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M 0$! 0$! 0        $" P0%!@<("0H+$  " 0,# @0#!04$!    7T! @,
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M(MG;<DZC^*)^C#VZB@#K* "@ H * "@ H * "@ H * "@ H * "@ H * "@
MH * "@#F/A]$L/@BPB4 %&E# ?WA*V[]<T =/0 4 % !0 4 % !0 4 % &5K
M_AW3/$NGFRU.W$B [D=3MDB8=&1ARI'J* ,C3]6O_#^I1:)XBG\^*8A;'4R@
M593C_5R]ED]#T;M@\4 =90 4 % !0 4 % !0 4 % !0 4 % !0 4 % !0 4
M% !0!G:1I@TJ.[A0CR9+J2>,#MO.YA_WT6_#% $ESK&EV4OE76I6D$G]V695
M/Y$T 6HIHIXQ)#(LD9Z,A!!_&@!] !0 4 % !0 4 % !0!!>6=MJ%G+:7<*3
M6\JE7C<9!% &/I#WND7$>C:E,US&V?L5VV-SJ!_JW_VP._\ $ 3U!H WZ "@
M H * &2S101-)-(L<:\EG. /QH @M-3T_4"PLKZWN2O7R95?'Y&@"U0 4 %
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MF8JP<D =V()_&@#SCX=?%S0?"?PWDT;48KD:C;-+Y<21Y$NXDCG^'!.#GTH
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M'\2]/\:Z3:Z?H4,TMA;3+-/=/&5 <A@J 'VW?EQTH Z'X[?\DS\*_P#72/\
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M6V1F/ ZDCF@#>551 B*%51@ #  H RM3\+Z!K4RS:IHMC>2KP'GMU=A^)&:
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E@!: "@ H * "@ H * "@ H * "@ H * "@ H * "@ H * /_V0$!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
