LanzaTech's Pathway to Decarbonization Pitch
Pro Forma Ownership Analysis at Various Trading Prices
($ in millions, except per-share data)
Share Price
SPAC Public Shares
SPAC Public Warrants
SPAC Founder Shares
$6.00
15
$8.00
15
$10.00
15
$12.00
$14.00
$16.00
$18.00
$20.00
15
15
15
15
15
0
1
2
3
3
4
4
4
4
4
4
4
4
SPAC Founder Warrants
0
1
1
1
1
PIPE Shareholders'
13
13
13
13
13
13
13
13
Projected Financing²
13
13
13
13
13
13
13
13
Previous Owners and Management Rollover Equity
182
182
182
182
182
182
182
Post-Money Equity Value
$1,353
$1,804
$2,255
$2,711
$3,184
$3,657
$4,130
182
$4,603
Implied Returns ($mm)
Illustrative IPO Investor 1-Year Return 3,4
3
Illustrative PIPE Investor 1-Year Return³
SPAC Founder Gain ($s)
Illustrative Founder 1-Year Return
Implied Ownership
SPAC Public Stockholders
SPAC Founder
PIPE Shareholders'
Projected Financing²
Legacy Lanza Tech Owners & Mgmt.
Total
Implied Dilution from Promote & Founder Warrants
(40%)
(20%)
23%
53%
83%
113%
143%
(40%)
(20%)
20%
40%
60%
80%
100%
$19
$27
$34
$43
$58
$72
$87
$101
543%
757%
971%
1,236%
1,650%
2,064%
2,479%
2,893%
$6.00
$8.00
$10.00
$12.00
$14.00
$16.00
$18.00
$20.00
6.7%
6.7%
6.7%
6.8%
7.2%
7.5%
7.7%
7.9%
1.7%
1.7%
1.7%
1.7%
1.9%
2.1%
2.2%
2.3%
5.5%
5.5%
5.5%
5.5%
5.5%
5.5%
5.4%
5.4%
5.5%
5.5%
5.5%
5.5%
5.5%
5.5%
5.4%
5.4%
80.6%
100.0%
80.6%
100.0%
80.6%
100.0%
80.4%
79.9%
79.5%
79.2%
79.0%
100.0%
100.0%
100.0%
100.0%
100.0%
1.7%
1.7%
1.7%
1.7%
1.9%
2.1%
2.2%
2.3%
LanzaTech
Source: LanzaTech management, AMCI II disclosure
Note: Assumes no redemptions. Warrant dilution calculated using Treasury Stock Method
1 Assumes PIPE size of ~$125mm. 2 Assumes a Projected Financing. 3Assumes investor entry price of $10/share. 4 Includes public common shares and public warrants.
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