AMCI Acq. AMCIU = 1C, 1W
1 Warrant + 11.50
New extended date February 22 , 2020
October 19 cancelled the 1.50 warrant buyback. What a shit deal this is.
October 16 , 2020 meeting extended deadline. $60mm in redemptions? New presentation shows 60 less in truust. Now $93 million.
Sponsor is not investing $50mm called for in forward purchase agreement
Minimum cash requirement $60 mm per cc 10/13.
CXLED AMCI will also amend its warrants at the closing of the business combination to cash-out all of its outstanding warrants for a payment of $1.50 per warrant, subject to approval by its warrantholders.
May 15 vote Extension Amendment Proposal is approved ......plus (ii) $0.025 for each public share ........ from June 20, 2020 until October 20, 2020 (the “Additional Loans” and, collectively with the Initial Loan, the “Loans”). For example, if the Company takes until October 20, 2020 to complete its business combination, which would represent five calendar months, our Sponsor or its designees would make aggregate Loans of approximately $0.125 for each public share that is not redeemed.......through October 20, 2020 to complete the initial business combination, the redemption amount per share at the meeting for such business combination or the Company’s subsequent liquidation will be approximately $10.305 per share, in comparison to the current redemption amount of approximately $10.18 per share
Stockholders holding 7,126,888 shares of the Company’s Class A common stock exercised their right to redeem such shares for a pro rata portion of the funds in the Company’s trust account (“Trust Account”). As a result, approximately $72.6 million (approximately $10.18 per share) will be removed from the Trust Account to pay such holders
May 11, 2020 (GLOBE NEWSWIRE) -- AMCI Acquisition Corp. (the “Company”) is pleased to announce that it has entered into a non-binding letter of intent (the “Letter of Intent”) with an established mining company (the “Third Party”) for an initial business combination. Under the terms of the Letter of Intent, the Company would acquire an attractive portfolio of copper production interests (the “Portfolio”). The Portfolio is underpinned by a long-standing, producing operation located in one of the world’s most productive copper belts, which is forecasted to produce in excess of 50,000 metric tons of copper in 2021. The new copper production focused business will be led by an experienced management team with a world-class development and operating track record. The Company will seek to utilize its initial asset base and financial and technical capability to pursue an aggressive growth strategy in the copper industry, including further asset development, acquisitions and industry consolidation. The Company’s management believes copper presents an attractive investment opportunity given the commodity’s significant demand growth potential, driven by copper’s use in electric vehicles, renewable energy and antimicrobial applications, and believes that copper has upside pricing potential relative to current market levels.
William Hunter, the Company’s Chief Executive Officer, said “We believe that copper represents an exciting opportunity due to the rapid growth of demand for this critical battery metal, which is further enhanced by the current commodity price environment. We are excited to take our first step in the global copper industry through the acquisition of an attractive suite of copper production interests.”
1 Warrant + 11.50. Call 18.
Trust at IPO. $220,520,770, (or $10.00 per Unit)
18 months, Closed Nov, 27, 2018.
Sole Book-Running Manager Jefferies
Lead Manager UBS Investment Bank
November 20, 2018, the Company consummated its initial public offering (“IPO”) of 20,000,000 units (the “Units”). The Company had granted the underwriters for the IPO (the “Underwriters”) a 45-day option to purchase up to 3,000,000 additional Units to cover over-allotments, if any (“Over-Allotment Units”). On November 27, 2018, the Underwriters exercised the option in part and purchased an aggregate of 2,052,077 Over-Allotment Units, which were sold at an offering price of $10.00 per Unit, generating gross proceeds of $20,520,770.
As previously reported on a Current Report on Form 8-K of the Company, on November 20, 2018, simultaneously with the consummation of the IPO, the Company completed the private sale (the “Private Placement”) of an aggregate of 5,500,000 warrants (the “Private Placement Warrants”) to AMCI Sponsor LLC (the “Sponsor”) at a purchase price of $1.00 per Private Placement Warrant, generating gross proceeds to the Company of $5,500,000. .
A total of $220,520,770, (or $10.00 per Unit) comprised of $216,110,354 of the proceeds from the IPO (including the Over-Allotment Units) and $4,410,416 of the proceeds of the sale of the Private Placement Warrants, was placed in a U.S.-based trust account at J.P. Morgan Chase Bank, N.A., maintained by Continental Stock Transfer & Trust Company, acting as trustee.
Trust $230.0 million if the underwriters’ over-allotment option is exercised in full ($10.00 per unit in either case) will be deposited into a trust account in the United States at J.P. Morgan Chase Bank, N.A.,.
Our sponsor (or its designees) has agreed to enter into a contingent forward purchase contract with us, to purchase up to 5,000,000 units for $10.00 each, in a private placement to occur concurrently with the closing of our initial business combination, for an aggregate purchase price of up to $50,000,000.
If a registration statement covering the shares of Class A common stock issuable upon exercise of the warrants is not effective by the 60th business day after the closing of our initial business combination, warrantholders may, until such time as there is an effective registration statement and during any period when we will have failed to maintain an effective registration statement, exercise warrants on a “cashless basis”
Our sponsor is an affiliate of the AMCI Group of companies, or AMCI. AMCI, founded in 1986 by Hans J. Mende and Fritz R. Kundrun, is a privately held natural resources investment management company that manages various assets in the natural resource industry globally, owning businesses across the value chain of energy and metal commodities with strategic investments in steelmaking coal, minerals, metals, energy and transportation. AMCI has invested over $1.5 billion in more than 40 Natural Resource and METS transactions and employs an investment philosophy focused on adding value across the spectrum. We intend to identify and acquire a business that could benefit from a hands-on partner with extensive operational experience and that presents potential for an attractive risk-adjusted returns. Our management team has extensive experience in identifying and executing acquisitions in the steelmaking coal, mineral, energy and transportation sectors including companies which provide services to these sectors. AMCI also has a long history of partnering with leading global private equity investors who are seeking to invest in the natural resources sector including prior investments with funds managed by Riverstone Holdings, Blackstone Group and First Reserve Corporation. In addition, our team has significant experience working with some of AMCI’s private companies in preparing for and executing an initial public offering and serving as active owners and directors, working closely with these companies to help create value in the public markets. We are led by our management team of Hans Mende, our Chairman, William Hunter, our Chief Executive Officer, President and Chief Financial Officer, Brian Beem, our Executive Vice President and Nimesh Patel, our Executive Vice President. Messrs. Mende, Hunter, Beem and Patel are affiliated with our sponsor AMCI Group. Over the course of their careers, Messrs. Mende, Hunter, Beem and Patel have developed a broad international network of contacts and corporate relationships that we believe will serve as a critical source of investment opportunities. We will seek to capitalize on the global network and investing as well as the operating experience of our management team to identify, acquire and operate one or more businesses or assets in the Natural Resources and METS sectors. Given the global nature of the business, we intend to pursue transactions within or outside of the United States. We believe that our management team is well positioned to take advantage of investment opportunities and that AMCI’s deep domain expertise and broad global network will allow us to identify, evaluate and consummate a business combination. Notably, we believe that the current market environment, which has forced many Natural Resources and METS related companies into a state of undercapitalization, has significantly increased the number of investment opportunities in the sector. Past performance of our management team and AMCI is not a guarantee either (i) of success with respect to any business combination we may consummate or (ii) that we will be able to identify a suitable candidate for our initial business combination. You should not rely on the historical performance record of our management team or AMCI as indicative of our future performance. None of our officers or directors has any management experience with blank check companies or special purpose acquisition corporations in the past. The members of our management team are not required to devote any significant amount of time to our business and are concurrently involved with other businesses. There is no guarantee that our current officers and directors will continue in their respective roles, or in any other role, after our initial business combination, and their expertise may only be of benefit to us until our initial business combination is completed, if at all.