Anzu Special Acquisition Corp I Announces Closing of $420 Million Initial Public Offering

Rhea-AI Summary

Anzu Special Acquisition Corp I (NASDAQ: ANZUU) completed its IPO, raising $420 million by offering 42 million units at $10 each. The units contain one share of Class A common stock and one-third of a redeemable warrant, which allows purchase of additional shares at $11.50. Trading began on March 2, 2021, on Nasdaq. The company aims to merge or acquire firms with transformative industrial technologies. BofA Securities and Barclays served as joint lead managers for the offering, which includes an option for underwriters to purchase an additional 6.3 million units.

Positive

• Raised $420 million in IPO, enhancing capital for future acquisitions.
• Focus on high-quality businesses with transformative technologies may lead to significant market opportunities.

Negative

• No assured completion of business combination, presenting uncertainty.
• Potential dilution risk with underwriters' option to purchase additional units.

Anzu Special Acquisition Corp I (NASDAQ: ANZUU) (the “Company”) today announced the closing of its initial public offering of 42,000,000 units at a price of $10.00 per unit, generating total gross proceeds of $420 million before deducting underwriting discounts and commissions and other offering expenses payable by the Company.

The units began trading on The Nasdaq Capital Market (the “Nasdaq”) under the ticker symbol “ANZUU” on March 2, 2021. Each unit consists of one share of the Company’s Class A common stock and one-third (1/3) of one redeemable warrant of the Company. Each whole warrant entitles the holder to purchase one share of the Company’s Class A common stock at a price of $11.50 per share, and only whole warrants are exercisable. Once the securities comprising the units begin separate trading, the shares and warrants are expected to be traded on the Nasdaq under the symbols “ANZU” and “ANZUW,” respectively.

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.

BofA Securities and Barclays are the joint lead book-running managers for the offering. The Company granted the underwriters a 45-day option to purchase up to an additional 6,300,000 units to cover over-allotments, if any.

A final prospectus relating to and describing the final terms of the offering has been filed with the SEC. The offering was made only by means of a prospectus. Copies of the prospectus may be obtained from BofA Securities, Attention: Prospectus Department, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte, NC 28255-0001, or by emailing dg.prospectus_requests@bofa.com; or Barclays Capital Inc., c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, email: Barclaysprospectus@broadridge.com, tel: 888-603-5847.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

Forward-Looking Statements

This press release contains statements that constitute “forward-looking statements,” including with respect to the Company’s plans for a business combination and the underwriters’ over-allotment option. No assurance can be given that the offering discussed above will be completed on the terms described, or at all, or that the net proceeds of the offering will be used as indicated. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the “Risk Factors” section of the Company’s preliminary prospectus relating to the offering filed with the U.S. Securities and Exchange Commission (the “SEC”). Copies are available on the SEC’s website, www.sec.gov. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210305005584/en/

FAQ

What is the purpose of Anzu Special Acquisition Corp I's IPO?

The IPO aims to raise capital for potential mergers and acquisitions with high-quality businesses in transformative technologies.

How much capital did Anzu Special Acquisition Corp I raise in its IPO?

Anzu raised $420 million by offering 42 million units at $10 per unit.

When did Anzu Special Acquisition Corp I begin trading on Nasdaq?

Trading began on March 2, 2021, under the ticker symbol 'ANZUU'.

What are the terms of the warrants in Anzu Special Acquisition Corp I's offering?

Each whole warrant allows the purchase of one share of Class A common stock at a price of $11.50.

Who managed the IPO for Anzu Special Acquisition Corp I?

BofA Securities and Barclays served as the joint lead book-running managers for the IPO.