LanzaTech issues $40M Series A preferred stock; converts $40.2M notes; plans workforce reduction

LanzaTech Global, Inc.

Issued 20M Series A Convertible Senior Preferred shares for $40M to a large existing investor; $40.2M Convertible Notes due 2029 converted into 34M common shares.
Agreed to issue warrants for 780M common shares at $0.0000001 per share, exercisable after shareholder approvals and a $35-60M subsequent financing.
Preferred Stock has 8% annual dividend (accrued), three votes per conversion share, one board seat; mandatory redemption at 1.5x liquidation value on certain events.
Workforce reduction at Skokie, Illinois facility expected to take effect around June 1, 2025.
Company must seek shareholder approvals for reverse stock split, increased authorized shares, and issuance of common stock at $0.05 per share.

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