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1. It's like a publicly traded "empty shell" company, whose only job is to find and acquire one private business in the automotive sector to bring to the stock market.
2. Think of it as a "blank check" on the stock market, specifically raised to buy a private company from the car industry and take it public.
3. It's essentially a specialized "treasure hunt" on the stock market, where the treasure is a private automotive company it aims to acquire and make public.

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• Initial Business Combination: The company's primary activity is to identify and complete a merger, share exchange, asset acquisition, or similar business combination with one or more businesses, primarily in the global automotive and automotive-related sector.

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Based on the provided description, Amprius Technologies (AMPX) is a Special Purpose Acquisition Company (SPAC). A SPAC is a blank check company formed for the purpose of acquiring an existing private company, thereby taking it public.

As such, Amprius Technologies (AMPX) does not currently have major customers as it does not sell products or services to other companies or individuals.

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Tom Stepien, Chief Executive Officer

Appointed CEO of Amprius Technologies in January 2026, Tom Stepien previously served as the company's President from May 2025. He possesses over 35 years of leadership experience spanning energy storage, advanced manufacturing, and technology innovation. Prior to Amprius, Stepien was CEO of South 8 Technologies, where he led the commercialization of liquefied gas electrolytes for lithium-ion batteries. He also served as an Operating Partner at KCK Group, a private equity firm focused on industrial technologies, and co-founded and led Primus Power, a long-duration stationary energy storage company. Stepien held various leadership roles at Applied Materials for over a decade.

Ricardo C. Rodriguez, Chief Financial Officer

Ricardo C. Rodriguez was appointed Chief Financial Officer of Amprius Technologies in October 2025. He brings over two decades of leadership experience in finance, strategy, and operations across the automotive, mobility, and technology sectors. Before joining Amprius, Rodriguez served as CFO and Treasurer of Aspen Aerogels, Inc., a publicly traded advanced materials company, where he helped raise growth capital and expand operations. He also held the position of Chief Strategy Officer at Aspen Aerogels. From February 2019 to November 2021, he was a Corporate Strategy Director at Aptiv, a global automotive technology company, where he established the Vehicle Electrification Systems group. Rodriguez began his career in investment banking at Lazard, specializing in automotive mergers and acquisitions.

C. Ionel Stefan, Chief Technology Officer

C. Ionel Stefan serves as the Chief Technology Officer at Amprius Technologies.

Ronnie Tao, Vice President of Sales

Ronnie Tao leads Amprius Technologies' global efforts to deliver its silicon-anode batteries to customers. With over 14 years of experience in the battery industry across Asia, Europe, and North America, he is recognized for opening new markets, scaling customer partnerships, and delivering cutting-edge electrification solutions.

Mr. Bakke, General Manager - US Operations

Mr. Bakke oversees Amprius Technologies' domestic manufacturing and operational strategy. He has extensive expertise in quality systems and manufacturing, with significant experience in the automotive and aerospace sectors. Mr. Bakke is known for driving operational excellence and has led successful initiatives in lean manufacturing, ERP deployment, supply chain optimization, and quality assurance.

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The key risk to Amprius Technologies, as described in the background, is its inability to complete an initial business combination. As a newly organized, blank check company, its entire purpose is to effect a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. The background explicitly states that the company has not yet selected any business combination target and has not initiated any substantive discussions, directly or indirectly, with any potential target. The failure to identify a suitable target and successfully complete such a transaction within its operational timeframe would fundamentally undermine its stated purpose and viability.

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• Broad Adoption of Silicon Anode Batteries: The increasing demand and adoption of Amprius's proprietary silicon anode batteries, particularly its second-generation SiCore platform, are expected to significantly contribute to revenue growth. These batteries offer superior energy density, enabling extended flight times and increased payload capacity for applications in aviation, such as drones and high-altitude pseudo satellites, which is a key performance differentiator for customers.
• Expansion of Customer Base and New Program Wins: Amprius has demonstrated substantial growth in its customer base, expanding to over 550 customers in 2025 and securing new customer wins like Nokia Drone Networks. Continued growth from both existing clients and new program acquisitions across various end markets, including aviation, electric vehicles, and light electric vehicles, is projected to drive further revenue increases.
• Strategic Manufacturing Expansion and Partnerships: The company is actively expanding its global contract manufacturing network, including new partnerships in South Korea and a strategic U.S.-based manufacturing collaboration with Nanotech Energy. This expansion, which has secured over 2.0 GWh of worldwide contract manufacturing capacity, is crucial for scaling production, meeting accelerating market demand, and ensuring compliance with regulations like the U.S. National Defense Authorization Act (NDAA) for defense and aerospace customers.
• Product Innovation and Development for Emerging Markets: Amprius is focused on developing advanced battery technologies for new applications and markets. This includes the development of a large format 500 watt-hour per kilogram battery cell in collaboration with AeroVironment, expected to be completed in 2025, and agreements with Fortune 500 companies to develop high energy cycle cells for the light electric vehicle market. These innovations are anticipated to unlock new revenue streams.
• Government Contracts and NDAA Compliance: Securing and fulfilling government contracts, such as the Defense Innovation Unit (DIU) contract for prototyping NDAA-compliant SiCore pouch cells for military unmanned autonomous systems, is a significant revenue driver. The company's full compliance with NDAA requirements positions it for accelerated business with defense and critical infrastructure customers.

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Share Issuance

• Amprius Technologies completed an at-the-market (ATM) equity offering program, authorized for up to $100.0 million, under which it issued 25.5 million shares of common stock, generating approximately $97.5 million in net proceeds.
• During the three months ended December 31, 2025, the company raised approximately $19.6 million in net proceeds from the ATM program at an average price of $11.17 per share, at which point the program was terminated.
• The number of outstanding shares increased from 84.47 million in 2022 to 110.57 million in 2024 and 130.48 million in 2025, reaching 134.5 million by the end of 2025.

Inbound Investments

• The business combination with Kensington Capital Acquisition Corp. IV (SPAC) on September 14, 2022, resulted in gross proceeds of approximately $87 million for Amprius.
• These initial proceeds from the SPAC merger were intended to support the construction of the company's gigawatt-hour scale manufacturing facility.
• A $14.8 million contract from the Defense Intelligence Unit (DIU) is expected to largely fund capital expenditures for 2026.

Capital Expenditures

• Capital expenditures in Q4 2025 were $2.4 million, representing a 469.3% increase from the prior quarter, focused on long-term assets and infrastructure.
• Total capital expenditures were $3.207 million in 2023, $3.064 million in 2024, and $4.2 million in 2025.
• Expected capital expenditures for 2026 are under $10.0 million, with a primary focus supported by a $14.8 million DIU contract as the company transitions to a "capital-light manufacturing model."