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LanzaTech

Carbon recycling / climate biotechUSA
New to Unitard
📉 Public < $1B
Peak $1.34 BillionToday
−95%
from peak
  1. 🦄
    Became a unicorn
    Jun 2023
  2. 📈
    Peak valuation
    $1.34 Billion ’23
  3. 💔
    Became a Unitard
    Sep 2023
  4. 💸
    Last valuation
    ~$63M
Current status
Listed on Nasdaq (LNZA) since February 2023 via a merger with AMCI Acquisition Corp. II; 1-for-100 reverse stock split in August 2025; recapitalized in January 2026 with a private placement that converted its preferred stock; Jennifer Holmgren remains CEO
Live · LNZA· NasdaqCM
as of 2026-10-23
$4.81▲ 4.11% today
≈ $63 Million market cap · −95.3% from peak

The rise & fall

10 moments · 2005–2026

The key moments, with employee sentiment along the way.

2005
Founded in New Zealand
Sean Simpson and Richard Forster start a company that uses microbes to turn carbon-rich industrial gases into fuels and chemicals; Jennifer Holmgren becomes CEO in 2010.
SEC filing
Mar 8 ’22
SPAC deal with AMCI Acquisition Corp. II
The merger values LanzaTech at a $1.8B pro-forma enterprise value and is expected to bring about $275M, including a $125M PIPE.
LanzaTech
Feb 8 ’23
Merger closes; LNZA lists on Nasdaq
The shares end February at $4.66, below the $10 SPAC price.
SEC filing
Jun 30 ’23
The peak: about $1.34B in a summer rally$1.34B
The shares close June at $6.83, more than double May's $2.94, and stay above $6.40 through August.
digrin
Sep 2023
Slips below $1B
The September close of $4.67 is about $0.92B. It ends 2023 at $986M and has stayed below $1B since early 2024.
digrin
Apr 15 ’25
Going-concern warning
The 2024 annual report says there is substantial doubt about its ability to continue as a going concern, after a $137.7M net loss.
SEC filing
Aug 18 ’25
1-for-100 reverse stock split
The split aims to restore compliance with Nasdaq's minimum bid price rule; post-split trading starts August 19.
SEC filing
Jan 21 ’26
$20M private placement converts the preferred
Investors buy 4M shares at $5.00; the Series A preferred converts into about 3.25M common shares and its redemption terms fall away.
SEC filing
Oct 21 ’26
Market value near $65M$65.4M
About $65.4M at the October 21, 2026 close, roughly 95% below the 2023 peak.
stockanalysis.com
From the inside · Glassdoor reviews, 2024–26
Glassdoor reviewers praised the mission and colleagues but, from 2024, described repeated reorganizations, shifting priorities and layoffs, and faulted leadership's direction and communication.
Today
Still in the club — and still trading
Live · LNZA · NasdaqCMas of 2026-10-23
$4.81▲ 4.11% today≈ $63M cap · −95.3% from peak

💬 entries paraphrase anonymous, unverified reviews posted publicly on Glassdoor ↗; dated facts carry their source.

How it happened

LanzaTech, founded in New Zealand in 2005 by Sean Simpson and Richard Forster and now based in Skokie, Illinois, uses bacteria to turn industrial carbon emissions into ethanol and other chemicals. Jennifer Holmgren has run it since 2010. It went public on Nasdaq in February 2023 by merging with the SPAC AMCI Acquisition Corp. II.

The shares rallied that summer, and at the June 30, 2023 close of $6.83 the market value was about $1.34B. It fell back below $1B in September 2023 and has stayed there since early 2024. Its 2024 annual report flagged substantial doubt about its ability to continue as a going concern. A 1-for-100 reverse split followed in August 2025, and a $20M private placement in January 2026 converted its preferred stock into common shares.

Source: LanzaTech (Mar 8, 2022): AMCI Acquisition Corp. II merger at a $1.8B pro-forma enterprise value (a deal value, not the peak). FY2023 10-K: business combination completed Feb 8, 2023; 196,642,451 shares at Dec 31, 2023; non-affiliate market value $732.6M at the June 30, 2023 close. digrin monthly closes: $6.83 (Jun 2023), $6.48 (Jul), $6.62 (Aug), $4.67 (Sep); peak about $1.34B on June 30, 2023 ($6.83 x about 196.6M shares). stockanalysis.com: $986M at Dec 29, 2023; $271M at end-2024; $31.9M at end-2025; $65.45M at the Oct 21, 2026 close. FY2024 10-K: substantial doubt about going concern; 2024 net loss $137.7M. 8-K (Aug 15, 2025): 1-for-100 reverse split effective Aug 18, 2025. FY2025 10-K: Jan 21, 2026 private placement of 4M shares at $5.00 ($20M) and conversion of Series A preferred into 3,250,322 common shares.

Founders & leadership

  • Jennifer Holmgren
    CEO since 2010 (led at peak)
    Still there — CEOLinkedIn ↗
  • Sean Simpson
    co-founder & former chief scientific officer
    LinkedIn ↗
  • Richard Forster
    co-founder (deceased)
    No public profile matched

Current roles as self-reported on LinkedIn, retrieved 2026-10-22. See our methodology.

Disclosed investors (16)

Historical funding participation; lists may be incomplete and do not establish current ownership or investor losses.

* Lead in a funding round · Crunchbase ↗ · 2026-10-22 · Methodology · Leaderboard

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