AMCI Acquisition Corp. II (AMCI) Closes LanzaTech Deal
by Nicholas Alan Clayton on 2023-02-09 at 7:26am

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.
Recent Posts
by Nicholas Alan Clayton on 2024-05-23 at 3:58pm

Churchill VII (NYSE:CVII) has upped its enterprise value of target CorpAcq by +10.1% to $1.74 billion from $1.58 billion, according to a refreshed investor presentation released this morning. The new deck also provides some new numbers on CorpAcq’s estimated 2023 results and sheds some light on why Churchill VII may have postponed its May 21...

by Nicholas Alan Clayton on 2024-05-23 at 11:59am

Centurion Acquisition Corp. (NASDAQ:ALFUU) has filed for a $250 million IPO with a commitment by its sponsor group to try and get to its full allotment in-house. The S-1 includes language that “The sponsor limited partners have expressed to us an interest in purchase up to an aggregate of approximately $283,500,000 of the units in this...

by Nicholas Alan Clayton on 2024-05-23 at 7:54am

At the SPAC of Dawn When British regulators adopted new SPAC rules in 2021, it was in part to try and lure more business back to UK exchanges while the SPAC boom was ongoing in the US. Instead, UK-based SPAC volume has remained low and the country’s latest SPAC deal will actually take its target...

by Nicholas Alan Clayton on 2024-05-22 at 1:59pm

Perceptive Capital Solutions (NASDAQ:PCSC) has filed for a $75 million IPO with an experienced team able to drive ambitious terms. It becomes just the second SPAC in six months to file for a vehicle without either warrants or rights and it would become one of a select few teams that have gotten such a vehicle...

by Nicholas Alan Clayton on 2024-05-22 at 7:42am

At the SPAC of Dawn Autonomous driving de-SPACs gained a new playground this week as the UK has passed expansive new legislation allowing for autonomous vehicle testing and use on British roads. The new law will clarify liability issues around collisions and beef up its regulatory arm that considers new vehicles to be approved for...

logo

Copyright © 2023 SPACInsider, Inc. All Rights Reserved