AMCI Acquisition Corporation (AMCI) Shareholders Approve Advent Deal

AMCI Acquisition Corporation (NASDAQ:AMCI) filed the results of their shareholder meeting held yesterday to approve its combination with fuel cell developer company Advent Technologies, revealing only 1,606 shares opted to redeem.

This is a positive result for AMCI, which didn’t always have as rosy an outlook in front of it. After initially raising $220.5 million in its November 2018 IPO, it lost 58.9% of its trust to redemptions through two extension votes. But, despite those bumps in the road, it made it to a winning deal as the market has been consistently receptive to combinations with new energy targets.

No word yet on closing dates, but the company previously stated they would apply for the common stock and public warrants to trade on Nasdaq under the symbols “ADN” and “ADNW”, respectively.

AMCI initially announced its $319 million combination with Advent on October 13. Advent Technologies develops, manufactures, and sells high-temperature PEM membranes for higher efficiency and more flexible fuel cells, as well as Membrane & Electrode Assembly (MEA) that helps produce the electrochemical reaction needed to separate electrons.

ADVISORS

• Cantor Fitzgerald is serving as financial advisor to Advent.
• Ropes & Gray LLP is serving as legal advisor to Advent.
• Jefferies LLC is serving as capital markets advisor to AMCI.
• Ellenoff, Grossman & Schole LLP is serving as legal advisor to AMCI.