Anzu Special Acquisition I secured forward purchase agreements with certain institutional investors, anchored by Arena Capital Advisors and Fir Tree Partners, for up to $120 million in conjunction with a potential business combination. The FPA includes up to $80 million of convertible notes and up to $40 million of Class A common stock.
Purchasers of stock also would receive from the sponsor a fraction of a warrant at no consideration.
In addition, the forward purchasers have a right of first offer on up to $120 million of the company’s equity securities if the SPAC determines to raise capital by a PIPE in connection with its initial business combination. Anzu raised $420 million in a March IPO.
The SPAC has said it intends to focus “on high-quality businesses with transformative technologies for industrial applications.” Read more.
