LanzaTech to go public in $2.2 bln SPAC deal (updated)
08/03/2022 12:40
(Adds PIPE, company background)
March 8 (Reuters) - LanzaTech NZ Inc said on Tuesday it
plans to go public by merging with special purpose acquisition
company AMCI Acquisition Corp II AMCI.O , in a deal that values
the carbon recycling technology company at $2.2 billion.
The deal is expected to raise gross proceeds of nearly $275
million, comprising AMCI's $150 million cash held in a trust
account and a private investment in public equity (PIPE) of
nearly $125 million funded by investors including ArcelorMittal
and BASF.
A SPAC typically sells shares at $10 apiece, puts the cash
in a trust account, and then searches for a company with which
it can merge, taking the merged company public in the process.
Illinois-headquartered LanzaTech says it harnesses biology
and data to create climate-safe materials and fuels and also
recycles carbon waste.
The deal is likely to close in the third quarter of 2022 and
the combined company is expected to trade on the Nasdaq under
the symbol "LNZA".
(Reporting by Mehnaz Yasmin in Bengaluru; Editing by Shinjini
Ganguli and Vinay Dwivedi)
((Mehnaz.Yasmin@thomsonreuters.com;))