SPACInsider Logo
AMCI Acquisition Corp. Amends Terms
by Kristi Marvin on 2018-11-09 at 10:29am

This morning, AMCI Acquisition Corp. filed an amendment for their $200 million SPAC IPO with a few changes to the terms. Notably, AMCI has changed the number of warrants included in its unit from one-half of one redeemable warrant to one full warrant to purchase one share of Class A common stock.  Furthermore, SPAC management will now have only 18 months to complete an acquisition rather than the original 24 months.  Lastly, UBS has been added to the cover as lead manager.

The IPO size of $200 million remains the same, but the increase to the warrant and reducing the life to 18 months are significant.  Roadshows are getting tougher and investors are getting choosier.  Hence, terms are being sweetened to get some of these SPACs to sell. However, this should price next week – mostly likely next Thursday, for trading Friday.  Changes noted below in blue:

AMCI Acquisition Corp. Summary of Terms:

  • Focus:  Global natural resources
  • Size: $200 million
  • 100.0% held in trust ($10.00 per share)
  • Life: 18 months
  • $10.00 unit comprised of one Share Class A Common Stock + 1 Warrant 
  • Warrant call for redemption trigger: > $18.00 (cash or cashless exercise)
  • At-risk Capital: $5.5 million (5,500,000 warrants at $1.00)
  • Limitation on Redemption Rights: 15%
  • Underwriter fees: 2.0% + 3.5% deferred
  • Forward purchase by Sponsor: $50 million (5,000,000 units at $10.00)

 

Jefferies is sole book-running manager. UBS is lead manager.
Ellenoff Grossman & Schole LLP and Skadden, Arps, Slate, Meagher & Flom LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.

Recent Posts
by Marlena Haddad on 2022-12-06 at 5:43pm

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC Liquidations: Broadscale, Revolution Healthcare, Research Alliance II, and Kairos Broadscale Acquisition Corp. to Liquidate  On December 6, 2022, stockholders of Broadscale Acquisition Corp. (NASDAQ:SCLE) approved amendments to change the termination date from February 17,...

by Nicholas Alan Clayton on 2022-12-06 at 1:02pm

Roth CH Acquisition IV Co. (NASDAQ:ROCG) has entered into a definitive agreement to combine with renewable energy equipment-maker Tigo for pre-money equity consideration of $600 million. Campbell, California-based Tigo manufacturers components that optimize and enhance safety for solar panel arrays, with installations on seven continents The combined company is expected to trade on the Nasdaq...

by Marlena Haddad on 2022-12-06 at 12:55am

  Below is a daily summary of links to the latest SPAC news and rumors gathered across the web.  Latest SPAC News: Portugal real estate developer Vic Properties in merger talks with BurTech Caner-Led Aggregate Is Said to Discuss Vic Properties SPAC Deal Aggregate Holdings SA is in talks to take its Portuguese unit Vic...

by Marlena Haddad on 2022-12-06 at 11:11am

SportsMap Tech Acquisition Corp. (NASDAQ:SMAP) has entered into a definitive agreement to combine with intelligent thermal imaging provider Infrared Cameras Holdings (ICI) at a pre-money equity valuation of $100 million. Beaumont, Texas-based Infrared Cameras Holdings develops and manufactures infrared-sensor systems, offering handheld and fixed hardware. The combined company is expected to trade on the Nasdaq once the...

by Nicholas Alan Clayton on 2022-12-06 at 10:24am

Ares Acquisition Corporation (NYSE:AAC) has entered into a definitive agreement to combine with nuclear power company X-energy at an enterprise value of $2.2 billion. Rockville, Maryland-based X-energy has developed small modular nuclear reactor technology designed to provide nuclear plants for projects ranging from individual industrial sites to regional utilities. The combined company is expected to...

Privacy Policy|Terms Of Use
Copyright © 2022 SPACInsider, Inc. All Rights Reserved