Advent SPAC Presentation Deck
Transaction Summary
Advent Technologies, Inc.
Vasilis Gregoriou
Founder & CEO
Emory De Castro
CTO
Nick Stamp
CFO
AMCI Acquisition Corp.
Bill Hunter
CEO & President
AMCI & Advent Technologies - An ideal combination to unlock the Hydrogen Economy
Transaction Structure
AMCI Acquisition Corp. ("AMCI") has proposed to enter into a business combination with Advent Technologies,
Inc. ("Advent"), an innovation driven fuel cell technology company that is unlocking the Hydrogen Economy
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AMCI (NASDAQ:AMCI) is a publicly listed special purpose acquisition company with ~$153 million of cash held
in trust
2 Advent and AMCI are combining to advance the development and manufacturing of Advent's platform
technology that is based on high-temperature proton exchange membranes (HT-PEM)
The transaction will fully fund the next phase of Advent's expansion efforts to respond to significant and
immediate market opportunities
Advent's existing shareholders are rolling 100% of their equity
It is anticipated that the post-closing company will retain the Advent name and be listed on Nasdaq
The transaction is expected to close in Q4 2020
Valuation
Transaction implies pro forma enterprise value of $358 million (1)
2 2.9x 2024E Revenue projection of $122.8 million, compared to peer average of 18.4x(2,3)
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15.0x 2024E EBITDA projection of $23.8 million, compared to peer average of 97.8x(2,3)
Existing Advent shareholders will receive 52% of the pro forma equity (4)
Pro forma, Advent will have -$122 million of cash to help realize production ramp up
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(1) TEV based on equity value assuming $10/share, and $1.3mm of cash as of 6/30/2020, $121 million of new cash post-close and no debt. (2) Refer to page 36 for peer analysis. (3) Utilizes 2023E multiple
for peers when 2024E is not available. (4) Refer to page 35 for additional assumptions.
www.advent.energy
AMCI ADVENT
Acquisition Corp
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