This morning, AMCI Acquisition Corp. filed an amendment for their $200 million SPAC IPO with a few changes to the terms. Notably, AMCI has changed the number of warrants included in its unit from one-half of one redeemable warrant to one full warrant to purchase one share of Class A common stock. Furthermore, SPAC management will now have only 18 months to complete an acquisition rather than the original 24 months. Lastly, UBS has been added to the cover as lead manager.
The IPO size of $200 million remains the same, but the increase to the warrant and reducing the life to 18 months are significant. Roadshows are getting tougher and investors are getting choosier. Hence, terms are being sweetened to get some of these SPACs to sell. However, this should price next week – mostly likely next Thursday, for trading Friday. Changes noted below in blue:
AMCI Acquisition Corp. Summary of Terms:
- Focus: Global natural resources
- Size: $200 million
- 100.0% held in trust ($10.00 per share)
- Life: 18 months
- $10.00 unit comprised of one Share Class A Common Stock + 1 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. UBS is lead manager.
Ellenoff Grossman & Schole LLP and Skadden, Arps, Slate, Meagher & Flom LLP are Issuer’s Counsel and Underwriter’s Counsel, respectively.
Terms Tracker for the Week Ending July 3, 2025 Welcome to our weekly column where we discuss the findings from our IPO terms tracker based on the previous week’s pricings. We’re heading into the July 4th holiday, so we’ll keep this week’s column short and to the point. But before you head to the beach,...
Crown PropTech (OTC:CPTKW) has entered into a definitive agreement to combine with rare earth mining firm Mkango Resources (TSX-V:MKA) at a pre-money equity value of $400 million. London-based Mkango is working to commercialize a chain of rare earth mining and refining facilities in Africa and Europe. The combined company is expected to trade on the...
At the SPAC of Dawn One of the biggest sources of uncertainty in the SPAC market in recent years has been regulatory changes, but new shifts could be in its favor. SEC Chairman Paul Atkins told CNBC yesterday that the commission would review the rules for SPACs after “rather controversial” changes to the rules passed...
McKinley Acquisition Corporation (NASDAQ:MKLYU) has filed for a $150 million SPAC to hunt for an innovative target company with an experienced financial team that has dabbled in SPACs before. The new SPAC is offering investors one right to a 1/10 share in each unit with no overfunding of the trust, but it could provide a...
At the SPAC of Dawn The rain of SPACs has continued with four expected to make their debuts during today’s trading sessions after pricing their IPOs overnight. The largest of these, EQV Ventures II (NASDAQ:EVACU), even managed an upsize, making it the largest SPAC IPO since Ares II (NYSE:AACT) pulled together $450 million in 2023....