AMCI Acquisition Corp. II (NASDAQ:AMCI) announced that it has added a $5 million PIPE at $10 per share to its combination with carbon capture firm LanzaTech and its shareholders approved the transaction at a special meeting February 6.
In an 8-K filed this morning, AMCI II did not divulge redemption figures, but noted that as of the meeting, “certain conditions are not yet satisfied. The Closing is expected to occur once all such conditions are satisfied or waived.” The filing also describes the additional PIPE as an effort to satisfy the deal’s $230 million, minimum cash condition.
Total PIPE funds raised in the deal are now up to $185 million and the SPAC announced an FPA effectively backstopping up to two-thirds of AMCI II’s 15,000,000 public shares yesterday.
Following close, LanzaTech’s shares and warrants are expected to trade on the Nasdaq under the symbols “LNZA” and “LNZAW,” respectively.
In addition to PIPE commitments, LanzaTech has secured a $500 million partnership with Brookfield Renewable to co-develop and build new commercial-scale production plants that will utilize the company’s technology. Following the initial investment, Brookfield disclosed that it could commit to making an additional $500 million available if sufficient projects are available at the agreed milestones.
AMCI 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.
In December, it announced it had received a £25 million ($31 million) grant from the UK Department for Transport to further develop Project DRAGON, its sustainable aviation fuel initiative.
Compass Digital (NASDAQ:CDAQ) has entered into a definitive agreement to combine with renewable energy firm EEW at a pro forma enterprise value of $386 million. London-based EEW is a solar, hydrogen and energy storage project developer with 1.4 GW of solar projects sold to date in Australia, the UK, Spain, and Sweden. The combined company...
Evergreen (NASDAQ:EVGR) has entered into a definitive agreement to combine with enterprise software firm Forekast at a pre-money enterprise value of $105 million. The company provides data analytics and customer engagement tools backed by some degree of AI automation to improve efficiencies for its business clients. The combined company is expected to trade on the...
At the SPAC of Dawn The auto-reply messages are off. SPACs are definitively back from vacation and in the thick of it. Two new SPACs are set to debut in trading today in Vine Hill (NASDAQ:VCICU) and Andretti II (NASDAQ:POLEU) and two SPACs have also landed their search on new targets, which could pull a...
Vine Hill Capital Investment Corp. announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “VCICU”, Friday, September 6, 2024. The new SPAC intends to focus its search on a target business in the industrial and services industries, where it believes the expertise...
Andretti Acquisition Corp. II announced the pricing of its $200 million IPO and its units are expected to begin trading on the Nasdaq under the symbol “POLEU”, Friday, September 6, 2024. The new SPAC intends to mount a broad search for a target with an attractive financial profile and a seasoned management team. Andretti II’s...