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Advent Technologies and AMCI Acquisition Corp. have successfully completed their business combination, creating Advent Technologies Holdings, Inc., which will trade under the ticker 'ADN' starting February 5, 2021. The merger raised $158.3 million, enhancing Advent's capabilities in fuel cell technology with over 50 international patents and 15 years of research. New leadership includes former AMCI CEO William Hunter as President and CFO. The combination aims to accelerate product development and address challenges in the hydrogen economy.
AMCI Acquisition Corp. has scheduled a virtual stockholder meeting for February 2, 2021, at 10:00 a.m. ET to approve its proposed merger with Advent Technologies Inc. Stockholders of record as of January 8, 2021, can vote electronically. Additionally, the SEC has declared effective AMCI's Form S-4 registration statement related to the merger, which includes a proxy statement mailed to stockholders. If approved, the company will rename itself Advent Technologies Holdings, Inc.
AMCI Acquisition Corp. (NASDAQ: AMCI) announced a Special Meeting for stockholders regarding its business combination with Advent Technologies Inc. on February 2, 2021. Stockholders of record as of January 8, 2021, will receive a proxy statement. If approved, Advent will become a wholly-owned subsidiary, and the entity will operate as Advent Technologies Holdings, Inc. under the new symbol “ADN.” The closing is anticipated shortly after the Special Meeting, subject to conditions being met.
Advent Technologies and AMCI Acquisition Corp. announced a $65 million private investment in public equity (PIPE) from institutional investors, including BNP Paribas. This investment will provide the combined company with vital resources to enhance product development and foster joint ventures in various sectors, including aerospace and automotive. The merger between Advent and AMCI is set to close in Q1 2021, subject to shareholder approval, changing AMCI's name to Advent Technologies Holdings, Inc. The post-transaction equity valuation is estimated to be $461 million.
Advent Technologies has successfully completed a Department of Energy HydroGen Program, collaborating with institutions like Northeastern University and the University of Delaware. This initiative focused on enhancing hydrogen production through next-generation water electrolysis, leading to significant cost savings. The team reduced the cost of hydrogen production to approximately $1.20/kg, exceeding the DOE target. Notably, they demonstrated feasibility in electrolyzing saltwater without harmful byproducts. Advent is positioned to leverage these advancements for the hydrogen economy's growth, aligning with its merger with AMCI Acquisition Corp.
Advent Technologies has appointed Katherine E. Fleming to its Board of Directors amidst its merger with AMCI Acquisition Corp (NASDAQ: AMCI) and impending Nasdaq listing. Dr. Fleming, with over 15 years of experience in higher education leadership, is expected to enhance Advent's strategic and financial planning. As Provost of New York University, she directed financial resources and strategic priorities. Her board appointment will be effective upon merger closure, aiming to strengthen ties with academia and promote clean energy research, bolstering Advent's innovation-driven mission.
