Anzu Special Acquisition Corp I Stockholders Approve Business Combination with Envoy Medical Corporation
27 Septiembre 2023 - 3:10PM
Business Wire
Anzu Special Acquisition Corp I (the “Company”) (NASDAQ: “ANZU,” “ANZUU” and “ANZUW”),
announced today that its stockholders voted to approve the Business
Combination Agreement with Envoy Medical Corporation (“Envoy”), and the transactions contemplated thereby
(the “Business Combination”) at the
Company’s special meeting of stockholders held on September 27,
2023 (the “Special Meeting”).
Pursuant to the Business Combination Agreement, Merger Sub will
merge with and into Envoy, with Envoy surviving the merger as a
wholly owned subsidiary of the Company (the “Merger”). Following the closing of the Merger (the
“Closing”), the Company will be
renamed “Envoy Medical, Inc.”, which is referred to herein as “New
Envoy.”
Over 99% of the votes cast at the Special Meeting were cast in
favor of the approval of the Business Combination. The Company’s
stockholders also voted to approve all other proposals presented at
the Special Meeting, each of which are described in more detail in
the Company’s proxy statement/prospectus filed with the Securities
and Exchange Commission on September 14, 2023 (the “Proxy Statement”).
Based on the results of the Special Meeting, and subject to the
satisfaction or waiver of certain other closing conditions as
described in the Proxy Statement, the Business Combination is
expected to be consummated on September 29, 2023. Following the
Closing, the Company intends to change its name to Envoy Medical,
Inc., with its Class A Common Stock and warrants expected to begin
trading on the Nasdaq Stock Market (“Nasdaq”) under the symbols “COCH” and “COCHW”,
respectively.
Additionally, the Company announced today that it has cancelled
the special meeting of stockholders previously scheduled for
September 29, 2023 (the “Extension
Meeting”) to, among other things, vote upon a proposal to
extend the date by which the Company could complete a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination. The Company
determined that the Extension Meeting is no longer necessary since
the Business Combination is expected to close prior to September
30, 2023, its current business combination deadline.
About Anzu Special Acquisition Corp I
The Company is a blank check company formed for the purpose of
effecting a merger, share exchange, asset acquisition, stock
purchase, reorganization or similar business combination with one
or more businesses. The Company intends to focus on high-quality
businesses with transformative technologies for industrial
applications.
Additional information on Anzu Special Acquisition Corp I is
available at https://anzuspac.com/.
About Envoy Medical Corporation
Envoy Medical Corporation, headquartered in White Bear Lake,
Minnesota, is a privately held hearing health company focused on
providing innovative medical technologies across the hearing loss
spectrum. Envoy’s technologies are designed to shift the paradigm
within the hearing industry and bring both providers and patients
the hearing devices they desire.
Envoy is dedicated to pushing hearing technology beyond the
status quo to provide patients with improved access, usability,
independence and ultimately quality of life.
Forward-Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the United States
Private Securities Litigation Reform Act of 1995. Forward-Looking
statements may be identified by the use of words such as
“estimate,” “plan,” “project,” “forecast,” “intend,” “will,”
“expect,” “anticipate,” “believe,” “seek,” “target” or other
similar expressions that predict or indicate future events or
trends or that are not statements of historical matters, but the
absence of these words does not mean that a statement is not
forward-looking. Such statements may include, but are not limited
to, statements regarding the anticipated timing of the completion
of the Business Combination and the listing of New Envoy’s
securities on Nasdaq, as well as any information concerning
possible or assumed future operations of Envoy. The forward-looking
statements contained in this press release reflect the Company’s
current views about future events and are subject to numerous known
and unknown risks, uncertainties, assumptions and changes in
circumstances that may cause its actual results to differ
significantly from those expressed in any forward-looking
statement. The Company does not guarantee that the transactions and
events described will happen as described (or that they will happen
at all). In particular, there can be no assurance that the Business
Combination will close on the expected timeline or at all. These
forward-looking statements are subject to a number of risks and
uncertainties, including, but not limited to, the ability to meet
the conditions of the Business Combination; the occurrence of any
event, change or other circumstances that could give risk to the
termination of the Business Combination Agreement or any other
agreement described in the Proxy Statement; New Envoy’s performance
following the Business Combination; changes in the market price of
shares of New Envoy’s Class A Common Stock after the Business
Combination, which may be affected by factors different from those
currently affecting the price of shares of the Company’s Class A
Common Stock; Envoy’s success in retaining or recruiting, or
changes required in, its officers, key employees or directors
following the Business Combination; unpredictability in the medical
device industry, the regulatory process to approve medical devices,
and the clinical development process of Envoy products; competition
in the medical device industry, and the failure to introduce new
products and services in a timely manner or at competitive prices
to compete successfully against competitors; disruptions in
relationships with Envoy’s suppliers, or disruptions in Envoy’s own
production capabilities for some of the key components and
materials of its products; changes in the need for capital and the
availability of financing and capital to fund these needs; Envoy’s
ability to realize some or all of the anticipated benefits of the
Business Combination; changes in interest rates or rates of
inflation; legal, regulatory and other proceedings could be costly
and time-consuming to defend; changes in applicable laws or
regulations, or the application thereof on Envoy; a loss of any of
Envoy’s key intellectual property rights or failure to adequately
protect intellectual property rights; if the Company’s stockholders
fail to properly demand redemption rights, they will not be
entitled to convert their Class A Common Stock into a pro rata
portion of the funds held in the Company’s trust account; the
Company’s board of directors did not obtain a third-party fairness
opinion in determining whether to proceed with the Business
Combination; the financial and other interests of the Company’s
board of directors may have influenced its decision to approve the
Business Combination; New Envoy’s ability to maintain the listing
of its securities on Nasdaq following the Business Combination; the
effects of catastrophic events, including war, terrorism and other
international conflicts; and other risks and uncertainties set
forth in the section entitled “Risk Factors” and “Cautionary Note
Regarding Forward Looking Statements” in the Proxy Statement and in
other reports the Company files with the SEC. If any of these risks
materialize or the Company’s assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. While forward-looking statements
reflect the Company’s good faith beliefs, they are not guarantees
of future performance. The Company disclaims any obligation to
publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, new information, data
or methods, future events or other changes after the date of this
press release, except as required by applicable law. You should not
place undue reliance on any forward-looking statements, which are
based only on information currently available to the Company.
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version on businesswire.com: https://www.businesswire.com/news/home/20230927339234/en/
Matt Kreps Darrow Associates Investor Relations (214) 597-8200
mkreps@darrowir.com
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