Anzu SPAC I signs definitive merger with Envoy Medical at 15M share valuation; $10M PIPE from sponsor

Envoy Medical, Inc.

Anzu SPAC entered into a business combination agreement with Envoy Medical; Envoy valued at 15M shares of Anzu Class A common stock.
Sponsor to invest $10M in PIPE for Series A Preferred Stock at $10/share with 12% dividend and conversion at $11.50.
Sponsor to forfeit 10,010,000 Class B shares and all 12.5M private placement warrants at closing.
Stockholders may exchange non-redeemed shares for Series A Preferred Stock in exchange offer.
Deal subject to stockholder approval, HSR clearance, Nasdaq listing; outside date Sep 30, 2023.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Envoy Medical, Inc. entered into Business Combination Agreement with Anzu Special Acquisition Corp I, Envoy Merger Sub, Inc., and Envoy Medical Corporation valued at Aggregate Closing Merger Consideration of 15 million shares of Anzu Class A Common Stock (effective 2023-04-17).

Action: entry
Agreement: merger
Counterparty: Anzu Special Acquisition Corp I, Envoy Merger Sub, Inc., and Envoy Medical Corporation
Value: Aggregate Closing Merger Consideration of 15 million shares of Anzu Class A Common Stock
Effective: 2023-04-17

Exact text from the filing

On April 17, 2023, Anzu Special Acquisition Corp I, a Delaware corporation (“ Anzu ”), entered into a business combination agreement (as it may be amended, supplemented or otherwise modified from time to time, the “ Business Combination Agreement ”), by and among Anzu, Envoy Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of Anzu (“ Merger Sub ”), and Envoy Medical Corporation, a Minnesota corporation (“ Envoy ”).

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33 material agreements filed in the last 30 days. Browse all material agreements →

Envoy Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-046443

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