AMCI Acquisition Corp. II (NASDAQ:AMCI) announced this morning that it has closed its combination with carbon capture technology company LanzaTech.
The combined company’s shares are expected to begin trading on the Nasdaq on February 10 under the symbol “LNZA” and its warrants as “LNZAW”.
AMCI II shareholders approved the combination on February 6, but the SPAC noted certain closing conditions had not been satisfied at the time. It did, however, announce a $5 million addition to the transaction’s PIPE, bringing that facility to $185 million in value with the minimum cash condition set at $230 million.
The parties’ press release this morning notes that the deal is bringing in $240 million in total proceeds at close, and a post-announcement forward purchase agreement that AMCI II arranged to backstop shares could have contributed to the SPAC meeting the mark.
AMCI II 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.
At announcement, LanzaTech projected it would generate $178 million in revenue in 2023E and achieve EBITDA positivity in 2024E with $80 million in EBITDA from $436 million revenue.
ADVISORS
- Evercore Group L.L.C. is serving as exclusive financial advisor to AMCI.
- Barclays Capital Inc. is serving as exclusive financial advisor and capital markets advisor to LanzaTech.
- Goldman Sachs & Co. LLC, Barclays Capital Inc. and Evercore Group L.L.C. are serving as placement agents for the PIPE transaction for AMCI.
- Evercore Group L.L.C. and Goldman Sachs & Co. LLC are serving as capital markets advisors to AMCI.
- White & Case LLP is serving as legal advisor to AMCI.
- Covington & Burling LLP is serving as legal advisor to LanzaTech.
- Ropes & Gray LLP is serving as legal advisor to the placement agents.
Mobiv Acquisition Corp. (NASDAQ:MOBV) announced this afternoon that it has closed its combination with EV motorcycle-maker SRIVARU. Shareholders originally approved the deal at a special meeting held back on September 28, but at that time, the parties expected the transaction to take just a week to close. Redemptions whittled Mobiv’s IPO share pool of 10,005,000 down...
Achari Ventures I (NASDAQ:AVHI) has entered into a definitive agreement to combine with medtech firm Vaso Corporation at an equity value of $176 million, or 19.5x its 2022 adjusted EBITDA. Wuxi, China-based Vaso provides IT services and sales support to medical device manufacturers. The combined company is expected to trade on the Nasdaq under the...
EF Hutton Acquisition Corp. I (NASDAQ:EFHT) announced this morning that its shareholders have approved its business combination with E.C.D. Auto Design. At the meeting, there were 5,089,203 shares of common stock, representing approximately 76.82% of the issued and outstanding shares of common stock, present. In connection with the meeting, the company’s stockholders holding 3,470,945 shares,...
Legato Merger Corp. III (NYSE:LEGT) filed for a $175 million IPO yesterday afternoon, becoming the fourth SPAC to file this week. While the other three SPACs that filed their S-1s earlier this week intend to pursue targets in the financial services and biotech industries, Legato III, similar to the earlier Legato SPACs, will focus on...
At the SPAC of Dawn This week ends with an unusually busy earnings calendar as 172 US-listed companies report quarterly figures today. Among them is Exela Technologies (NASDSAQ:XELA), which completed a combination with Quinpario 2 in 2017. The billing software company has gone on to do another SPAC deal on November 29, this time spinning...