- PIPE Upsized by $20 Million Above Initial Target
- Participants Include Certain Funds Managed by Affiliates of BNP Paribas, Among Other Institutional Investors
CAMBRIDGE, Mass.–Advent Technologies Inc. (“Advent”), an innovation-driven company in the fuel cell and hydrogen technology space, and AMCI Acquisition Corp. (“AMCI”), a publicly listed special purpose acquisition company (NASDAQ: AMCI), are pleased to announce that institutional investors, including certain funds managed by affiliates of BNP Paribas, have committed to a private investment of $65 million in the form of 6.5 million shares of common stock of the combined company at a price of $10.00 per share (the “PIPE”), which will close concurrently with the previously announced proposed business combination between Advent and AMCI.
The PIPE transaction will provide the combined company with the capital resources to better enable it to accelerate product development and support participation in future joint ventures with Tier1 and OEM manufacturers in the areas of aerospace, automotive, marine, and off-grid power.
On October 13, 2020, Advent and AMCI announced that they had entered into a definitive agreement and plan of merger for a business combination that would result in Advent becoming a wholly-owned subsidiary of AMCI, and with the Advent shareholders receiving shares of AMCI. Upon the closing of the transaction, AMCI will change its name to “Advent Technologies Holdings, Inc.”, and it is expected that its common stock and public warrants will be listed on the NASDAQ. The combined company will continue to operate under the current Advent management team, led by Chief Executive Officer, Dr. Vasilis Gregoriou. The proposed business combination, if approved by the stockholders of AMCI and Advent, is currently expected to close in Q1 2021.
Advent’s CEO and Founder, Dr. Vasilis Gregoriou, said: “We are excited and honored by the vote of confidence from the investors in this PIPE. We look forward to the completion of the business combination and executing on our strategic plan.”
AMCI’s CEO William Hunter added: “We are pleased to have such high-quality partners involved in this financing to support our combination with Advent. This capital, along with the cash in trust, will be utilized to grow Advent’s business and ensure that it will be a leader in the highly attractive hydrogen economy.”
The PIPE investment, combined with expected funds on hand at the closing of the merger, will result in a pro forma post-money equity valuation of $461 million, assuming no redemptions by AMCI shareholders and no purchase price adjustments.
Jefferies LLC is acting as Lead Placement Agent and Fearnley Securities, Inc. is also acting as Placement Agent for the PIPE transaction.
About Advent Technologies
Advent Technologies is an innovation-driven company in the fuel cell and hydrogen technology space. Our vision is to accelerate electrification through advanced materials, components, and next-generation fuel cell technology. Our technology applies to electrification (fuel cells) and energy storage (flow batteries, hydrogen production) markets, which we commercialize through partnerships with Tier1s, OEMs, and System Integrators. For more information on Advent Technologies, please visit the company’s website at https://www.advent.energy/
About AMCI Acquisition Corp.
AMCI Acquisition Corp. (NASDAQ: AMCI) is a blank check company incorporated for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses that are critical to the growing urbanization, electrification, and infrastructure needs of the world. AMCI consummated its initial public offering on NASDAQ in November 2018.