Similar to what Nebula (NEBU) did ahead of their extension vote, AMCI Acquisition Corp. (AMCI) put out a teaser tonight on a potential combination in an effort to peak enough interest with investors that they do not redeem. The strategy worked quite well with Nebula, which had zero shares redeemed at it’s extension vote.
AMCI stated that the combination would be with an “established mining company,” and while so far it’s just a letter of intent, AMCI would acquire a portfolio of copper production interests, which is, “underpinned by a long-standing, producing operation located in one of the world’s most productive copper belts, which is forecasted to produce in excess of 50,000 metric tons of copper in 2021.“
The press release goes further on to say that the Company would, “seek to utilize its initial asset base and financial and technical capability to pursue an aggressive growth strategy in the copper industry, including further asset development, acquisitions and industry consolidation. The Company’s management believes copper presents an attractive investment opportunity given the commodity’s significant demand growth potential, driven by copper’s use in electric vehicles, renewable energy and antimicrobial applications, and believes that copper has upside pricing potential relative to current market levels.“
AMCI is looking to extend their deadline to October 20, 2020, with a contribution to trust of $0.025 per share per month and the vote will be held this Friday, May 15th.