AMCI II in an 8-K filing today said it secured funding commitments for a $55 milllion PIPE that would be used to support its proposed merger with LanzaTech, a carbon capture company.
The additional PIPE funding represents the parties’ efforts to raise additional capital to satisfy the minimum closing cash condition of $250 million. This latest PIPE investment is in addition to the 12.5 million shares of AMCI Class A Common Stock that the SPAC agreed to sell in a private placement to close immediately prior to the merger closing.
At deal announcement in March, the combined company was expected to receive gross proceeds of approximately $275 million, including AMCI’s $150 million of cash in trust (assuming no redemptions) as well as the PIPE funds.
LanzaTech earlier this month announced a partnership with Brookfield Renewable to co-develop and build new commercial-scale production plants that will employ LanzaTech’s CCT technology, which transforms captured carbon into valuable raw material commodities. The funding partnership commits an initial $500 million to be invested by Brookfield Renewable in constructing and operating new CCT projects that have achieved certain pre-agreed milestones. Read more.
