Thursday evening, AMCI Acquisition Corp. filed for a $200 million SPAC IPO with a focus on the global natural resources sector and related infrastructure, value chain and logistics businesses. AMCI will be led by Hans Mende, as Executive Chairman of the Board, and William Hunter, as CEO, CFO and Director.
Mr. Mende is a big presence is the natural resources space having founded American Metals and Coal International (AMCI) and AMCI Capital, which comprise the AMCI Group of companies. AMCI Group manages natural resources assets across the value chain of energy and metal commodities with strategic investments in steelmaking coal, minerals, metals, energy and transportation and has invested over $1.5 billion in more than 45 Natural Resource and METS transactions.
Again, this is a standard SPAC structure of 100% in trust, 1 share + 1/2 warrant structure, but there is the addition of a $50 million forward purchase of units by the sponsor (AMCI).
In addition, this will Jefferies fourth cover since August and third as book-runner (Forum II, Spartan Energy, Arya Sciences, AMCI). Jefferies has really come out swinging in the past three months and will be a serious challenger in the forthcoming league tables.
AMCI Acquisition Corp. Summary of Terms:
- Focus: Global natural resources
- Size: $200 million
- 100.0% held in trust ($10.00 per share)
- Life: 24 months
- $10.00 unit comprised of one Share Class A Common Stock + 1/2 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.
Ellenoff Grossman & Schole LLP and Skadden, Arps, Slate, Meagher & Flom LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.
At the SPAC of Dawn There are signs that the macro environment for SPACs is gradually improving, but the Screaming Eagle team yesterday announced a non-redemption agreement for its combination with Lionsgate Studios. Such agreements are generally a lever one pulls when a SPAC expects a potentially turbulent closing. All in all, the terms for...
Israeli tech firms have made up an outsized proportion of SPAC activity and despite the ongoing tensions in its region, that dealmaking is continuing unabated. In fact, the SPAC named for the particular mission of taking Israeli firms public through SPACs, Israel Acquisition Corp. (NASDAQ:ISRL) in fact just took one step closer in completing that...
At the SPAC of Dawn Although the market has largely recovered from a negative stretch last week, the roller coaster is tilted back downward for Trump Media (NASDAQ:DJT), which slid -8% yesterday to $32.57 – one of its lowest points since closing with Digital World last month. Other SPACs and de-SPACs are having a more...
Remember the metaverse? Many do not. Meta’s (NASDAQ:META) attempted transition to virtually living and working seemed to mark a trend that went up and down quickly, but one SPAC deal has both survived that roller coaster and may rise with a second. Back in December 2022, Newbury Street (NASDAQ:NBST) announced a $1.85 billion combination with...
At the SPAC of Dawn Tucked into the bill that provides $95 billion in funding to American allies passed by the House this weekend is another measure that is likely to have far more impact on at least one pending deal in SPAC world. It would appear that the timing was fortuitous for TikTok rival...