Anzu Special Acquisition I today announced a definitive merger agreement with Envoy Medical, which has developed an FDA-approved cochlear implant to aid individuals with severe hearing loss. Terms call for Envoy to receive 15 million Anzu I shares at $10 each.
Anzu has agreed to sell $10 million in stock to its sponsor in a PIPE. The SPAc further has a shareholderr support agreement in which investors controlling 40.1% of the SPAC's outstanding stock have agreed to support the deal.
Envoy has secured a bridge note for up to $10 million.
Anzu raised $420 million in an IPO more than two years ago. In December 2021 the SPAC secured forward purchasxe agreements for up to $120 million with institutional investors anchored by Arena Capital Advisors and Fir Tree Partners. The parties also have a right of first offer on up to $120 million of the SPAC's stock if Anzu decides to raise a PIPE in connection with a deal.
The parties in February announed the signing of a non-binding LOI for a deal. At that time the companies said a definitive agreement would include a requirement that Anzu have at least $40 million in trust at closing. There is no mention of a minimum $40 million cash condition in today's regulatory filing outlining the deal. Read more.
Source: Anzu Special Acquisition I and Envoy Medical Merging in 0M Deal