Benzinga | Dec 22, 2020 09:17AM EST

Advent Technologies Inc. And MCI Acquisition Corp. Announce Institutional Investors have Committed To Private Investment Of $65M

PIPE Upsized by $20 Million Above Initial Target

Participants Include Certain Funds Managed by Affiliates of BNP Paribas, Among Other Institutional Investors

Advent Technologies Inc. ("Advent"), an innovation-driven company in the fuel cell and hydrogen technology space, and AMCI Acquisition Corp. ("AMCI"), a publicly listed special purpose acquisition company (NASDAQ:AMCI), are pleased to announce that institutional investors, including certain funds managed by affiliates of BNP Paribas, have committed to a private investment of $65 million in the form of 6.5 million shares of common stock of the combined company at a price of $10.00 per share (the "PIPE"), which will close concurrently with the previously announced proposed business combination between Advent and AMCI.

The PIPE transaction will provide the combined company with the capital resources to better enable it to accelerate product development and support participation in future joint ventures with Tier1 and OEM manufacturers in the areas of aerospace, automotive, marine, and off-grid power.

On October 13, 2020, Advent and AMCI announced that they had entered into a definitive agreement and plan of merger for a business combination that would result in Advent becoming a wholly-owned subsidiary of AMCI, and with the Advent shareholders receiving shares of AMCI. Upon the closing of the transaction, AMCI will change its name to "Advent Technologies Holdings, Inc.", and it is expected that its common stock and public warrants will be listed on the NASDAQ. The combined company will continue to operate under the current Advent management team, led by Chief Executive Officer, Dr. Vasilis Gregoriou. The proposed business combination, if approved by the stockholders of AMCI and Advent, is currently expected to close in Q1 2021.

Advent's CEO and Founder, Dr. Vasilis Gregoriou, said: "We are excited and honored by the vote of confidence from the investors in this PIPE. We look forward to the completion of the business combination and executing on our strategic plan."

AMCI's CEO William Hunter added: "We are pleased to have such high-quality partners involved in this financing to support our combination with Advent. This capital, along with the cash in trust, will be utilized to grow Advent's business and ensure that it will be a leader in the highly attractive hydrogen economy."

The PIPE investment, combined with expected funds on hand at the closing of the merger, will result in a pro forma post-money equity valuation of $461 million, assuming no redemptions by AMCI shareholders and no purchase price adjustments.

Jefferies LLC is acting as Lead Placement Agent and Fearnley Securities, Inc. is also acting as Placement Agent for the PIPE transaction.