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LanzaTech Global, Inc., an industrial chemicals company with a market capitalization of approximately $193 million, announced today key changes in its finance leadership. According to InvestingPro data, the company faces significant financial challenges, with an EBITDA of -$94.8 million in the last twelve months. Sushmita Koyanagi has been appointed as the new Chief Accounting Officer, effective today. With a rich background in finance, Koyanagi brings expertise from previous senior roles at notable firms such as Equity LifeStyle Properties, JP Morgan Chase (NYSE:JPM), and Deloitte. Her academic credentials include a Master's in Accounting and a Bachelor of Accounting from Victoria and Delhi Universities, respectively.
The company also revealed that George Dimitrov, previously Vice President of Finance, will take on the role of Senior Vice President, Finance and Business Operations for the company's new venture, LanzaTech Nutritional Protein (LNP). Dimitrov's transition is part of LanzaTech's strategic move to tap into the burgeoning alternative protein market, which is estimated to be worth $1 trillion.
LNP is a microbial protein produced through LanzaTech’s proprietary gas fermentation process, and Dimitrov's in-depth understanding of the company's operations is expected to be invaluable in this new capacity.
Both Koyanagi and Dimitrov will report directly to LanzaTech’s Chief Financial Officer, Geoff Trukenbrod. In line with Koyanagi’s appointment, an employment agreement has been established, although no further details about the agreement have been disclosed. The company also confirmed that there are no familial relationships between Koyanagi and any of the company’s directors or executive officers, nor are there any reportable related party transactions.
The executive reshuffle comes at a time when LanzaTech is poised to enhance its biorefining capabilities and diversify its product offerings. The appointments are based on a press release statement and reflect the company's commitment to leadership and expertise in its pursuit of growth in new markets.
In other recent news, LanzaTech Global reported third-quarter revenue that missed expectations but guided for improved fourth-quarter earnings. The company also appointed energy veteran Thierry Pilenko to its Board of Directors, expanding the board to seven members. TD Cowen adjusted its outlook on LanzaTech, reducing the price target from $3.00 to $2.00 while maintaining a Hold rating.
In addition to these developments, LanzaTech finalized the termination of its Forward Purchase Agreement with ACM, settling the agreement with a cash payment of $10,039,350. The company was also awarded a $3 million grant by the U.S. Department of Energy for its Project ADAPT, which aims to convert carbon dioxide into sustainable isopropanol.
LanzaTech clarified its aim to secure a maximum of $150 million in financing, contrary to previous reports of a $250 million target. This includes $40.15 million already secured from an accredited investor. Furthermore, the company expanded its authorized common stock from 400 million to 600 million shares, following a Special Meeting of Stockholders.
Roth/MKM maintained a Buy rating for LanzaTech, highlighting the company's expansion into nutritional protein production. However, TD Cowen assigned a Hold rating due to expected deployment challenges.
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