AMCI Acquisition Corp. II (NASDAQ:AMCI) announced this afternoon that it has adjourned its special meeting to complete its transaction with sustainable materials-maker LanzaTech.
The meeting, which was scheduled to occur today at 11:00 a.m., has been pushed back until Friday, February 3, at 3:00 p.m.
The SPAC originally financed the deal with $150 million from its current trust supplemented by a $125 million PIPE at $10 per share. Several months after its deal announcement, AMCI was able to secure an additional $50 million PIPE from Woodside Energy (ASX:WDS) as part of an effort to fully cover the transaction’s minimum cash condition with committed capital. The deal initially featured a minimum cash closing condition of $250 million but the parties later reduced this to $230 million.
Additionally, LanzaTech was able to secure 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.
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