AMCI Acquisition Corp. II (AMCI) Adds PIPE as Shareholders Approve LanzaTech Deal

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.