debt
confidence high
sentiment neutral
materiality 0.70
LanzaTech secures up to $150M convertible note financing; $40.15M issued initially
LanzaTech Global, Inc.
- Convertible note purchase agreement for up to $150M; initial closing of $40.15M on August 6, 2024.
- Notes bear 8% annual interest, mature August 2029; interest may be paid in cash or added to principal.
- Notes convertible into common stock at valuation cap of $1.52 (adjusted to $1.25 if less than $80M raised in 60 days).
- Mandatory conversion upon qualified equity financing; conversion price at lower of QEF price minus 10% or valuation cap.
- Company to seek stockholder approval for conversion above 19.9% of outstanding shares; special meeting within 60 days.