LanzaTech sues Vellar over disputed acceleration of Forward Purchase Agreement; faces $10M+ claims

LanzaTech Global, Inc.

On July 24, 2024, LanzaTech filed suit against Vellar in NY Supreme Court for breach of Forward Purchase Agreement and related claims.
Vellar notified LanzaTech of a VWAP Trigger Event on July 1, 2024, accelerating Maturity to July 22, 2024, demanding $7.5M + $2.54M.
LanzaTech believes the VWAP Notice is invalid, no payments are owed, and intends to vigorously pursue its claims.
The agreement involves 2,990,000 common shares purchased at $10.1574/share; Vellar allegedly sold shares in violation of terms.

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