Anzu Special Acquisition I reconvened and then adjourned its shareholders meeting without conducting any business. The meeting has been adjourned until 9:30 a.m., Eastern on Feb. 28.
Shareholders were due to vote yesterday on a proposal to extend the SPAC's merger deadline from March 4 to Sept. 30.
Anzu in an amended proxy filing had said it signed an agreement with a rated insurance agency to cover any excise tax liability for the SPAC, its sponsor, or the respective directors, officers, and managing members in the event of a liquidation in 2023. That insurance is conditioned on shareholder approval of the deadline extension. Anzu's sponsor has agreed to provide funds for the premiums, fees and expenses associated with the insurance agreement. Funds provided by the sponsor will be in the form of a working capital loan.
The SPAC earlier this month announced a non-binding letter of intent to pursue a potential merger with Envoy Medical, which has developed an FDA-approved cochlear implant to aid individuals with severe hearing loss. The SPAC expects to execute a definitive agreement by the end of this month. Terms would include a requirement that Anzu have at least $40 million in trust at closing. Read more.