Core Insights - The Pekin production segment is crucial for Alto Ingredients' investment thesis, driving earnings power, diversification, and long-term strategic positioning [1] Group 1: Pekin Production Segment - Pekin is Alto's largest production site, offering integrated operations that extend beyond conventional fuel ethanol, including higher-margin industrial alcohols and essential ingredients, which diversifies revenue [2] - In 2024, the Pekin Campus generated $585 million from alcohol and essential ingredient sales, selling approximately 214 million gallons of alcohol and 906,300 tons of essential ingredients [2][10] - Pekin's strategic value is enhanced by access to premium alcohol markets, which have steadier demand compared to fuel ethanol, reducing vulnerability to corn costs and energy pricing [3] Group 2: Strategic Initiatives - Alto is shifting towards higher-value and lower-carbon products, expanding carbon dioxide capture and utilization at its facilities, which adds a high-margin revenue stream and supports sustainability goals [4] Group 3: Peer Comparison - Green Plains Inc. is facing sales volatility due to fluctuating ethanol prices and is diversifying towards higher-margin protein and renewable ingredients, which may improve stability in the long term [5] - Gevo, Inc. is generating modest sales as it develops renewable fuel projects, with expectations for growth as projects reach commercialization [6] Group 4: Financial Performance - Alto Ingredients' stock has increased by 65% over the past year, outperforming the industry [9] - The stock is currently overvalued with a price-to-earnings multiple of 17.94, higher than the industry average of 16.89 [11] - The Zacks Consensus Estimate for Alto's fourth-quarter 2025 EPS has remained unchanged, with projections indicating year-over-year increases in revenues and earnings for 2026 [13][14]

Washington, D.C. 20549 PRE-EFFECTIVE AMENDMENT NO. 3 TO Table of Contents As filed with the Securities and Exchange Commission on May 22, 2023 Registration No: 333-269735 UNITED STATES SECURITIES AND EXCHANGE COMMISSION FORM S-1 REGISTRATION STATEMENT UNDER (Primary Standard Industrial Classification Code Number) (I.R.S. Employer THE SECURITIES ACT OF 1933 LanzaTech Global, Inc. (Exact name of registrant as specified in its charter) Delaware 8731 92-2018969 (State or other jurisdiction of incorporation or o ...

Table of Contents As filed with the Securities and Exchange Commission on March 28, 2023 Registration No: 333-269735 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 LanzaTech Global, Inc. (Exact name of registrant as specified in its charter) Delaware 8731 92-2018969 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I ...

Table of Contents As filed with the Securities and Exchange Commission on March 28, 2023 Registration No: 333-269735 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 PRE-EFFECTIVE AMENDMENT NO. 1 TO FORM S-1 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 LanzaTech Global, Inc. (Exact name of registrant as specified in its charter) Delaware 8731 92-2018969 (State or other jurisdiction of incorporation or organization) (Primary Standard Industrial Classification Code Number) (I ...