AMCI Acquisition Corp. II (NASDAQ:AMCI) announced that it has added a $5 million PIPE at $10 per share to its combination with carbon capture firm LanzaTech and its shareholders approved the transaction at a special meeting February 6.
In an 8-K filed this morning, AMCI II did not divulge redemption figures, but noted that as of the meeting, “certain conditions are not yet satisfied. The Closing is expected to occur once all such conditions are satisfied or waived.” The filing also describes the additional PIPE as an effort to satisfy the deal’s $230 million, minimum cash condition.
Total PIPE funds raised in the deal are now up to $185 million and the SPAC announced an FPA effectively backstopping up to two-thirds of AMCI II’s 15,000,000 public shares yesterday.
Following close, LanzaTech’s shares and warrants are expected to trade on the Nasdaq under the symbols “LNZA” and “LNZAW,” respectively.
In addition to PIPE commitments, LanzaTech has secured a $500 million partnership with Brookfield Renewable to co-develop and build new commercial-scale production plants that will utilize the company’s technology. Following the initial investment, Brookfield disclosed that it could commit to making an additional $500 million available if sufficient projects are available at the agreed milestones.
AMCI inked its $1.8 billion deal with LanzaTech in March 2022. The Chicago-based company is developing carbon-capture plants designed to provide a number of carbon negative outputs ranging from jet fuel to consumer packaging materials.
In December, it announced it had received a £25 million ($31 million) grant from the UK Department for Transport to further develop Project DRAGON, its sustainable aviation fuel initiative.
At the SPAC of Dawn As a rough week in the market comes to a close, at least one de-SPAC has some cause to show off. Many fashion brands were among the hard hit in recent days and not simply for macro reasons. Luis Vuitton-owner LVMH (PA:MC) dropped this week after an earnings miss led...
Shepherd Ave Capital Acquisition Corp. (Nasdaq: SPHAU) is the latest SPAC to file to IPO, making 24 new registration statements that have filed since June 1, 2024. So far, only two of those 24 have gone public, but it does indicate an active August. In SPACLand at least, August is never slow. As for Shepherd...
At the SPAC of Dawn SPACs have now priced 20 IPOs seven months into 2024 with an eye on beating 2023’s total of 31 IPOs. With a little more than 5 months left in the year, it’s expected that SPACs should at least match that number by only needing to price roughly two IPOs per...
DT Cloud Star announced the pricing of its $60 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “DTSQU”, Thursday, July 25, 2024. The new SPAC aims to combine with an established business with long-term financial visibility, but has not limited itself to a particular industry or sector....
Launch Two (NASDAQ:LPBBU) has filed for a $200 million IPO that shows how the market has shifted for new issuance since its sister SPAC Launch One (NASDAQ:LPAAU) filed just over a month ago. Both SPACs are underwritten by Cantor Fitzgerald and seeking nominally the same raise at IPO, but Launch Two is overfunding its trust...