Anzu Special Acquisition I in an 8-K filing said four of its executives, including the CFO and General Counsel, as well as the board chairman, are resigning over the SPAC’s changes in direction, including the evaluation of new, unspecificed targets.
Anzu in the filing provided no hint of its new strategic direction. The SPAC originally said it intends to focus “on high-quality businesses with transformative technologies for industrial applications.”
The SPAC’s board now consists of three directors, down from five.
The resignations triggered threat of a Nasdaq delisting, as the Anzu audit committee no longer has the requisite number of members un regulations of the exchange. However, Anzu said it expects to resolve the Nasdaq matter within the cure period.
Anzu raised $420 million in a March 2021 IPO and secured forward purchase agreements for another $120 million last December. In addition, the forward purchasers have a right of first offer on up to $120 million of Anzu’s securities if the SPAC determines to raise capital by a PIPE. Read more.
