QUESTIONS AND ANSWERS ABOUT THE STOCKHOLDER MEETING
The questions and answers below highlight only selected information from this proxy statement and only briefly address some commonly asked questions about the Stockholder Meeting and the proposals to be presented at the Stockholder Meeting. The following questions and answers do not include all the information that is important to Anzu stockholders. Stockholders are urged to read carefully this entire proxy statement, including the other documents referred to herein, to fully understand the proposals to be presented at the Stockholder Meeting and the voting procedures for the Stockholder Meeting, which will be held on September 29, 2023, at 10:00 a.m., Eastern Time. The Stockholder Meeting will be held as a virtual meeting, or at such other time, on such other date and at such other place to which the meeting may be postponed or adjourned. You can participate in the Stockholder Meeting, vote, and submit questions via live webcast by visiting .
Q: Why am I receiving this proxy statement?
A: Anzu is a blank check company incorporated as a Delaware corporation and formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.
Following the closing of Anzu’s initial public offering on March 4, 2021 (the “IPO”) and the partial exercise of the underwriters’ over-allotment option, $425,000,000 ($10.00 per unit offered in the IPO (the “Units”)) from the net proceeds of the sale of the Units in the IPO and the sale of private placement warrants (the “Private Placement Warrants”) to Anzu SPAC GP I LLC, a Delaware limited liability company (the “Sponsor”), was placed in a trust account established at the consummation of the IPO that holds the proceeds of the IPO (the “Trust Account”).
Like most blank check companies, Anzu’s Amended and Restated Certificate of Incorporation (as amended to date, the “Certificate of Incorporation”) provides for the return of the IPO proceeds held in the Trust Account to the holders of shares of Class A common stock, par value $0.0001 per share (the “Class A Common Stock”), issued as part of the Units (the “Public Shares”) if there is no qualifying business combination(s) consummated on or before September 30, 2023 or such earlier date as determined by the Board (the “Current Termination Date”).
Anzu believes that it might not, despite its best efforts, be able to complete its initial business combination on or before the Current Termination Date and would be forced to liquidate and dissolve. As previously disclosed, Anzu entered into the Business Combination Agreement, dated April 17, 2023 (as amended to date, the “Business Combination Agreement”) by and among Envoy Medical Corporation, a Minnesota corporation (“Envoy”), Envoy Merger Sub, Inc., a Delaware corporation and wholly owned subsidiary of Anzu (“Merger Sub”) and Anzu, pursuant to which, and subject to certain conditions, Merger Sub will merge with and into Envoy, with Envoy surviving the merger as a wholly owned subsidiary of Anzu (the “Merger” and, together with the other transactions contemplated by the Business Combination Agreement and any other agreement executed and delivered in connection therewith, the “Envoy Business Combination”). References herein to “New Envoy” mean Anzu after giving effect to the closing of the Merger (the “Closing”), at which time Anzu will be renamed “Envoy Medical, Inc.”
Concurrently with the execution and delivery of the Business Combination Agreement, Anzu and the Sponsor entered into the sponsor support and forfeiture agreement (the “Sponsor Support Agreement”), pursuant to which the Sponsor has agreed, among other things, (i) subject to and upon the Closing, to forfeit 10,010,000 shares of Class B Common Stock less the Retained Sponsor Shares (as defined below), (ii) subject to and upon the Closing, to forfeit all 12,500,000 Private Placement Warrants and (iii) to vote 10,500,000 shares of Class B Common Stock held by the Sponsor (the “Covered Shares”), or approximately 70.3% of the issued and outstanding shares of Common Stock as of the date of the Sponsor Support Agreement, in favor of any approval of an