LanzaTech NZ Inc said on Tuesday it plans to go public by merging with special purpose acquisition company AMCI Acquisition Corp II, in a deal that values the carbon recycling technology company at $2.2 billion.
Shares in the blank-check company, which said after raising money in August that it planned to focus on sustainability, decarbonization and energy transition, rose 1.55per cent to $9.85 in premarket trading. Dealmaking in the SPAC market has been stifled by tightening regulatory scrutiny and high investor redemptions, while a steep decline in shares of companies such as Grab Holdings Ltd and BuzzFeed Inc that went public through SPACs mergers has also soured sentiment.
It spun out sustainable aviation fuel company LanzaJet in 2020, whose investors include All Nippon Airways, British Airways and the Microsoft Climate Innovation Fund.