By Josh Beckerman

Shares of LanzaTech Global Inc. fell 21% to $7.81 on their first trading day after a blank-check company merger.

AMCI Acquisition Corp. II combined with carbon capture business LanzaTech NZ Inc.

LanzaTech's investors include ArcelorMittal. ArcelorMittal and LanzaTech will jointly market ethanol under the Carbalyst brand name from ArcelorMittal's "Steelanol" project in Ghent, Belgium.

LanzaTech said Thursday that transaction proceeds of about $240 million are expected to fund its business plan through estimated cash flow break-even in 2024.

Write to Josh Beckerman at josh.beckerman@wsj.com

(END) Dow Jones Newswires

February 10, 2023 13:20 ET (18:20 GMT)

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