AMCI shareholders approved merger with Advent Technologies, stock ticker changes to ADN – Idaho Reporter

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AMCI shareholders approved merger with Advent Technologies, stock ticker changes to ADN

The Cambridge, MA fuel cell company will make its debut on the stock market on Feb. 4, replacing the SPAC’s old ticker symbol AMCI with ADN. That’s after AMCI Acquisition Corp. (NASDAQ:AMCI) investors voted to approve a merger between the two companies.

Upon the consummation of the Business Combination, AMCI will change its name to ‘‘Advent Technologies Holdings, Inc.’

The late October announcement that AMCI would attempt to merge with Advent provided the fuel cell company an avenue to go public.

The merger values ADN at $358 million pro forma post-money enterprise value at a share price of $10.00. 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.

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