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LanzaTech NZ plans to go public through merger with SPAC AMCI Acquisition Corp. II (AMCI) as part of an agreement that promotes clean technologies company at an implied pro forma enterprise value of approximately $1.8 billion.
After closing, the combined company will be called LanzaTech, with shares expected to trade on the Nasdaq under the symbol LNZA.
LanzaTech has developed carbon recycling technology that uses bacteria to turn emissions into fuel and chemicals that can be used for other industrial purposes. The company licenses the technology to companies to help them decarbonize their operations.
Under the agreement, the combined company is expected to receive gross proceeds of $275 million, which includes $150 million in cash held by AMCI, assuming no buyout by AMCI shareholders, as well as a committed common equity PIPE financing of approximately $125 million.
PIPE investors include AMCI, Arcelor Mittal, BASF, K1W1, Khosla Ventures, Mitsui & Co., New Zealand Superannuation Fund, Oxy Low Carbon Ventures, Primetals Technologies, SHV Energy and Trafigura.
The transaction is expected to close in the third quarter, subject to shareholder approval by both companies.
ACMI Acquisition Corp. It is the second SPAC sponsored by the AMCI, which invests in industrial companies. The group’s first SPAC, AMCI Acquisition Corp. I, merged with Advent Technologies Holdings (NASDAQ: DNA)a developer of fuel cell and hydrogen technologies, in February 2021.
For more information on SPAC, see SA’s SPAC news page.
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