Anzu Special Acquisition Corp I
ANZU · Nasdaq
NO ACTION REQUIRED
Nothing left to do
The purchase completed and the shares became shares in the company it bought. There is no deadline left to miss.
Cash at settlement
No cash-per-share figure was filed for this vehicle before it finished.
Last close
Daily close
No price history on file yet — daily closes accumulate from the market data feed.
Trust settled · There is no line to draw here. This vehicle has finished: the cash was paid back or spent closing the deal, so the last filed figure describes an account that no longer exists and would be a floor under nothing.
SpacBrain’s read
Trust settled
The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
In plain terms
- What it is
- A SPAC, listed on Nasdaq in March 2021.
- What it's doing now
- It agreed to buy Envoy Medical, Inc., a fully implantable hearing devices company. That purchase completed, and it stopped being a SPAC — the shares became shares in the business it bought.
- What you should know
- This SPAC has finished. The purchase completed, and the shares became shares in the company it bought — anyone who wanted the cash instead asked for it at the vote, so there is no cash left here to claim and no deadline left to miss.
At a glance
- Where it stands
- Closed (deSPAC)
- The business it bought
- Envoy Medical, Inc. — 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.
- Industry
- Health Care — fully implantable hearing devices
- Deal value
- not stated in the filings we hold
- Price vs cash at settlement
- no live price on file
- Cash in trust when it settled
- not yet extracted into a snapshot — the filings below may state it
- the last trust total filed while this was still a SPAC — the account has since been paid out or used to close the deal
- IPO
- 3 March 2021
- size not on file
- Headquarters
- 4875 WHITE BEAR PARKWAY, WHITE BEAR LAKE, MN, 55110
- Lead underwriter
- not extracted from the prospectus yet
- Key officers
- Lucas Brent T. (Chief Executive Officer) · McKhann Chas (Director) · Patel Mona Chetan (Director)
- Listed securities
- ANZU common
This vehicle has finished, so there is no window to file a cash-per-share figure for and none will follow. No estimate is shown in its place.
Nothing dated is on file. That is an absence in the record, not a statement that nothing is coming.
Yield to redemption
Nothing left to redeem — no yield to compute.
This SPAC has finished — its trust was paid back or used to close the deal, so there is nothing left to redeem and no yield to compute. A yield to redemption is a claim that you can hand these shares back for the trust cash. That account is closed, so this page will not print a number here.
What happened to the cash
The reasoning behind the verdict above, in the order the filings establish it.
- The deal closed — SPAC shares became the target's shares, so there is no trust left to redeem (nobody missed a window; holders who wanted cash elected it at the vote).
What has happened, and what is coming
2 dated milestonesEvery dated step from the day it listed to the next date you may have to act on. Where you have to do something, the day your broker needs the instruction is marked too.
- 3 March 2021IPOpassed
IPO size not on file
Presentations
archived in fullEvery investor deck this SPAC has filed, kept slide by slide, with the SEC original beside it.
Investor presentations · archived in full
The deal
terms as filedWhat it is buying, on what terms, and how much of the combined company new shares take from you.
- closedHealth Care
What Envoy Medical, Inc. does — read from envoymedical.com on 26 August 2026
Envoy Medical is a hearing health company focused on providing innovative technologies across the hearing health spectrum. They have pioneered fully implanted devices for hearing loss, including the Esteem active middle ear implant and the investigational Acclaim cochlear implant.
4875 White Bear Parkway, White Bear Lake, MN 55110Hearing HealthHearing ImplantsDeal structureSEC-primary — BCA 8-K / S-4 / DEFM14A- PIPE
- ≈ $10M · unsourced
PIPE terms — instrument, coupon, conversion price and any reset floor — are not sourced for this deal. The size above is itself unsourced — a stored figure no filing we hold states — so neither the size nor the terms should be read as cited.
stated in:0001104659-23-060442
The score
deterministic, from filed fieldsANZU is not in the scored universe, so no score is shown. A withheld score is a fact about the record, not a verdict about the company.
The score is only published for names that carry both a price and a filed cash-per-share figure — 294 of the tracked fleet today. The rest keep an empty dial rather than a modelled one, and fill in by themselves as the fields land.
The company
from SEC filingsRead the full profile
Anzu Special Acquisition Corp I was a blank-check company whose common stock traded on the Nasdaq Stock Market under the ticker COCH. The company priced its initial public offering on March 3, 2021, under SEC file number 333-252861. It was assigned SEC CIK 0001840877 and SEC SIC industry code 3842 for Orthopedic, Prosthetic & Surgical Appliances & Supplies. The vehicle completed a business combination and no longer files, with EDGAR now filing the CIK as Envoy Medical, Inc. The change in shell company status was established by an 8-K filed on October 5, 2023.
Material findings
from the full read of every filingEvery document this company files gets read whole — body and exhibits. These are the ones the read flagged as material, newest first, each citing its filing.
Investors must evaluate the risk that the company will be delisted from Nasdaq if the reverse split is not approved or fails to sustain the share price above $1.00, which would severely limit capital access and liquidity. The filing confirms the SPAC merger entity (Envoy Medical) is actively managing listing compliance rather than liquidating, but highlights significant operational and financial distress.
The PMA submission and positive clinical data mark key regulatory and clinical milestones toward potential commercialization, with the final module targeted for Q2 2027. The ATM termination and $19.7M cash position suggest the company believes its current capital is sufficient following a recent equity raise that brought in approximately $30M in gross proceeds.
Revenue of $51 thousand a quarter is immaterial next to a $5.6 million operating loss; the balance sheet improvement is entirely from equity issuance that roughly tripled the share count in six months.
An at-the-market facility is a standing route to sell shares into the market, so ending it removes both a source of continuing dilution and a source of ready funding. The filing gives no reason for the termination and names no replacement facility.
Two consecutive going-concern opinions sit alongside a Nasdaq 20% Rule warrant vote and a plan amendment lifting the 2023 pool to 10,000,000 shares - about 11.5% of Class A outstanding, or 8.8% counting pre-funded warrants. Holders are being asked to fund a company the auditor twice declined to affirm can continue, and to do it through dilution. The Anzu trust was released at the de-SPAC, so there is no cash floor beneath the stock.
A single related party, GAT, already holds convertible preferred and warrants representing roughly 3.6 million shares against 23.8 million outstanding, and this vote would add another warrant tranche above the Nasdaq 20% cap on top. The company is being financed by one insider-affiliated lender through successive debt-plus-warrant rounds, so control and dilution concentrate together. The Anzu trust was released at the de-SPAC.
Show 6 more material filings
The consideration formula adds the target's transaction expenses and then subtracts the part of them above a threshold: it is $150,000,000, less all Envoy debt outstanding other than the Envoy Convertible Notes, plus the Company Transaction Expenses, all divided by $10.00, minus the excess of those expenses over $10,000,000 divided by $10.00. The Fully Diluted Share Number counts Envoy common stock plus everything issued on conversion of the preferred, net exercise of the warrants and conversion of the notes. All outstanding Envoy options are cancelled for nominal consideration.
Envoy's own deal costs enter the consideration twice: the Aggregate Closing Merger Consideration is $150,000,000 less Envoy's debt other than its convertible notes, plus Company Transaction Expenses, divided by $10.00 — and is then reduced again by any Company Transaction Expenses above $10,000,000, also divided by $10.00. Envoy preferred stock, warrants and convertible notes all convert into common stock before the effective time and so sit inside the Fully Diluted Share Number, while all outstanding Envoy options are cancelled in exchange for nominal consideration.
This version's cover carries a second prospectus the merger issuance alone does not explain: an offer to exchange shares of Class A common stock for Series A Convertible Preferred Stock, a security with different rights from the Class A stock. The merger consideration itself is $150,000,000, less all Envoy debt other than the Envoy Convertible Notes, plus the Company Transaction Expenses, divided by $10.00, minus the excess of those expenses over $10,000,000 divided by $10.00. Envoy's outstanding options are cancelled at the effective time for nominal consideration.
Envoy's own transaction expenses cut the shares its holders receive above a threshold: the Aggregate Closing Merger Consideration starts from $150,000,000 adjusted for debt and expenses and divided by $10.00, then subtracts shares equal to any Company Transaction Expenses above $10,000,000 divided by $10.00. The Fully Diluted Share Number it is divided by already counts shares from converting preferred stock, net-exercising warrants and converting notes immediately before the effective time. Envoy's outstanding options are cancelled for nominal consideration rather than converted.
The exchange offer runs alongside the merger vote, so a holder faces two questions at once — whether to approve the combination and whether to swap common stock for Series A Convertible Preferred. The merger consideration itself is $150,000,000 less Envoy's debt other than its convertible notes, plus Company Transaction Expenses, divided by $10.00, then reduced again by any Company Transaction Expenses above $10,000,000 divided by $10.00; the Exchange Ratio is estimated at approximately 0.06397. All outstanding Envoy options are cancelled for nominal consideration.
The sponsor gives up most of what it holds and buys preferred instead: under the sponsor support and forfeiture agreement it forfeits 10,010,000 shares of Class B common stock less the Retained Sponsor Shares and all 12,500,000 private warrants, while committing to vote 10,500,000 Class B shares, approximately 70.3% of the outstanding. Separately it subscribes for 1,000,000 shares of New Envoy Series A Convertible Preferred at $10.00 per share for $10,000,000 of gross proceeds, and that preferred ranks senior to the Class A common on dividends and on liquidation.
Filings
live EDGAR feedEverything this company has filed with the SEC recently, newest first, each with a plain summary of what changed and why it matters.
What changed: The filing reports the appointment of Robert Potashnick as Chief Accounting Officer and Vice President of Finance for Envoy Medical, Inc., effective August 24, 2026. The document details his compensation package: a base salary of $315,000 per year, an initial target bonus equal to 15% of his base salary contingent on performance goals, and an initial equity award of 250,000 stock options at an exercise price of $0.746 per share (the closing price of Class A Common Stock on the hire date). It also notes he is entitled to six months of severance compensation under certain termination conditions. Mr. Potashnick previously served as Interim-Chief Financial Officer on a contractor basis since June 2025. Why it matters: This filing discloses a change in principal financial and accounting officers, which is material for investors tracking management stability and governance. The specific terms of the employment agreement, including the equity grant size and exercise price, provide insight into the company's retention strategy and potential dilution. As the SPAC Anzu Special Acquisition Corp I is CLOSED, this filing pertains solely to the post-merger operating entity, Envoy Medical, Inc., rather than any SPAC-specific redemption or extension mechanics.
What changed: Envoy Medical, Inc. filed a preliminary proxy statement for a special stockholder meeting on October 12, 2026, to vote on a reverse stock split proposal with a ratio range of 1-for-5 to 1-for-25, authorized for implementation by December 31, 2026. The filing cites Nasdaq delisting risks due to failure to maintain a $1.00 minimum bid price, noting an initial notice received November 19, 2025, and a subsequent compliance deadline of November 16, 2026. Why it matters: Investors must evaluate the risk that the company will be delisted from Nasdaq if the reverse split is not approved or fails to sustain the share price above $1.00, which would severely limit capital access and liquidity. The filing confirms the SPAC merger entity (Envoy Medical) is actively managing listing compliance rather than liquidating, but highlights significant operational and financial distress.
What changed: Envoy Medical (NASDAQ: COCH) reported Q2 2026 results with $19.7M cash on hand, submitted the first of four FDA PMA modules for its Acclaim cochlear implant, and terminated its $15M ATM equity facility. The company also reported positive 12-month Stage 1 clinical trial data showing a 38.0 percentage point improvement in CNC word recognition scores. Why it matters: The PMA submission and positive clinical data mark key regulatory and clinical milestones toward potential commercialization, with the final module targeted for Q2 2027. The ATM termination and $19.7M cash position suggest the company believes its current capital is sufficient following a recent equity raise that brought in approximately $30M in gross proceeds.
What changed: Q2 2026 10-Q of Envoy Medical, Inc. (Nasdaq: COCH). Cash rose to $19,679 thousand at June 30, 2026 from $3,739 thousand at December 31, 2025 and total assets to $23,949 thousand from $8,558 thousand, funded by a February 2026 offering of Class A common stock, pre-funded warrants and Series A warrants; Class A shares outstanding rose to 77,194,595 from 28,934,960. Total liabilities were $20,255 thousand and stockholders' equity turned to $3,303 thousand from a $(12,158) thousand deficit. Why it matters: Revenue of $51 thousand a quarter is immaterial next to a $5.6 million operating loss; the balance sheet improvement is entirely from equity issuance that roughly tripled the share count in six months.
combination deadline, going-concern doubt, sponsor loans outstandingnothing moved · 3 with no prior record of ours
- Combination deadline
- 2028-12-31 · unchanged
- Going-concern doubt
- stated · unchanged
- Sponsor loans outstanding
- $10K · unchanged
The clause …“the Company agreed to extend the expiration date of the Term Loan Warrants to December 31, 2028. Prior to the extension, the Term Loan Warrants had expiration dates ranging from February 27, 2026 to June 26, 2027. In addition, Glen A.”…
The clause …“in consolidation. 2. Summary of Significant Accounting Policies Liquidity and Going Concern Since inception, the Company has historically incurred negative operating cash flows and losses from operations as the Company advances the”…
The clause …“additional advances of $ 2,500 under the February 2024 Term Loan. The outstanding balance on the February 2024 Term Loan, net of discount, was $ 10,369 at the time the debt was extinguished as discussed below. The February 2024”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: Envoy Medical, Inc., successor to Anzu Special Acquisition Corp I, terminated its At The Market Offering Agreement dated January 17, 2025, effective June 24, 2026, reported under Item 1.02. A press release on the termination is attached as Exhibit 99.1 and is furnished rather than filed. Why it matters: An at-the-market facility is a standing route to sell shares into the market, so ending it removes both a source of continuing dilution and a source of ready funding. The filing gives no reason for the termination and names no replacement facility.
Show the other 10 filings
The sponsor
The people who set this company up, what they have done before, and the advisers around the deal.
No sponsor entity is named in the filings parsed for this SPAC so far.
A missing score, not a score of zero — why
A Sponsor Score is only published once the sponsor’s prior vehicles have been verified on EDGAR and their post-close outcomes priced. That record does not exist for this sponsor yet, so no number and no tier is shown. That is a missing score, not a score of zero — and not a neutral 50 either.
Coverage so far: 301 of 1284 tracked SPACs (23%) are attached to a scored sponsor. This card fills in by itself as the research lands.
The record
The reference detail — how the shares were structured at listing, how thinly they trade, and where the company is registered.
Show the reference detail
Unit structure
from 424B4 0001213900-26-015232
Trading & liquidity
Company profile
Directors & officers
- Lucas Brent T.Chief Executive Officer
- McKhann ChasDirector
- Patel Mona ChetanDirector
- Potashnick RobertInterim CFO
- Kantor SusanDirector
- BRYNELSEN CHARLESDirector
Institutional holders
from SC 13G/13DFunds that have declared a stake above 5%. Heavy ownership by arbitrage funds usually means heavy cash-outs at the next vote.
Show the declared stakes
3 filers with a stake on file · 0 re-affirmed in the last 12 months. A stake with no amendment since is the filer’s last word on it, not proof it is still held — and percentages filed in different years are percentages of different floats, because this vehicle’s share count collapses at every redemption.
- Walleye Capital LLC5.5% · SC 13GNov 13, 2024 stale
- ARISTEIA CAPITAL LLC5.2% · SC 13GNov 14, 2024 stale
- GLAZER CAPITAL, LLCwith 1 other reporting person on the same schedule0.0% · SC 13G/AFeb 14, 2023 stale
One line per filer, not per reporting person: a joint schedule names the management company, its funds and often the individual who controls them, and all of them report the same shares. Click a name for that filer’s whole footprint across every SPAC it has declared a stake in.
News
company wires and the financial pressReporting we have matched to this ticker. Headlines belong to the outlets that wrote them.
Show the headlines
- Anzu Special Acquisition Corp I Stockholders Approve Business Combination with Envoy Medical Corporation
Business Wireundated by the source
Sources on file
harvested pages, kept in fullEvery public page we have read about this company, stored in full so a source can never go missing.
Show the sources
33 full SEC filing texts archived — searchable, never lost.
- Vault note — ANZU (Anzu Special Acquisition Corp I)
vault-note · /vault/tickers/ANZU
- Vault deal note — Envoy Medical, Inc. (ANZU)
vault-note · /vault/deals/envoy-medical-inc
- Envoy Medical plans major stock and warrant sale | COCH IPO Registration (S-1)
news · stocktitan.net
- Ihre Datenschutzeinstellungen
news · consent.yahoo.com
- Envoy Medical, Inc. | TMX Newsfile
news · newsfilecorp.com
- About Envoy Medical | Hearing Health Company
company-site · envoymedical.com
- Hearing Health Company | Hearing Loss and Devices | Envoy Medical
company-site · envoymedical.com
In plain English
tap a term to open itEvery piece of jargon this page could have used, and what it actually means.
Open the plain-English guide
No floor / floorlessthe cash guarantee is gone — the price is unprotected
A SPAC's downside protection is not the cash in trust; it is your right to demand that cash. Once the redemption window closes, the cash stays with the company and the share can trade anywhere.
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Broker action datethe day your broker needs the instruction — earlier than the official date
Brokers batch redemption instructions to the transfer agent, so the practical cutoff is roughly two business days before the published deadline. This is the date that actually costs people the floor.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Trust discountbuying below the cash held for you
Only meaningful while a redemption right exists. On a floorless name the same arithmetic is not a discount, it is the market pricing distress, and this product will not call it a yield.
Dilutionhow much of the company new shares take from you
Sponsor promote, PIPE shares, warrants and rights all issue stock that did not pay $10 for it. The headline deal value is before that; the effective value is after.
Pro-forma equitywhat the company is valued at once the deal closes
The combined company's equity value assuming the announced terms and the redemptions that have actually happened.
ARShow much upside you get per unit of downside
SpacBrain's asymmetric-return score. It is deterministic — the same inputs always produce the same number — and it is capped, not zeroed, when the floor is gone.
De-SPACthe day the SPAC becomes the real company
The shares stop being a claim on a pot of cash and start being equity in an operating business. Roughly 80% of recent de-SPACs traded below $10 within a year.
Outside datethe contractual long-stop for closing the deal
A deadline between the SPAC and its target, not between the SPAC and you. It confers no right to cash, which is exactly why it must never be counted as a redemption window.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.
Accreted NAV (estimate)the last filed cash figure, plus the interest it should have earned since
A model, not a filing: last filed value compounded at the 3-month T-bill for the days elapsed. Always shown in italic with the word estimate, and never printed beside a filed number without it.
Ask the brain
from its filingsData provenance & audit trail5 internal entries
Written by SpacBrain’s data agents whenever a figure is captured, corrected or flagged, and kept verbatim so every number on this page can be traced back to the filing that states it. This is a running log, not the current record: an early entry may be superseded by a later correction — the panels above always hold the current values.
admitted from EDGAR's QUARTERLY FORM INDEX, walked without any SIC filter. The SIC 6770 census could not reach this registrant: EDGAR reassigns a shell's SIC the day it stops being one, and this CIK now files under 3842 (Orthopedic, Prosthetic & Surgical Appliances & Supplies). The screen found it by filing SHAPE instead — S-1 2021-02-08 → 8-A12B 2021-03-01 → 424B4 2021-03-03 — which nothing rewrites. Admission rule: src/lib/universe-admit.ts. SIC 3842 + self-described blank check in 424B4 0001104659-21-031572; 424B 0001104659-21-031572 priced 2021-03-03 under S-1 0001104659-21-014526 (file 333-252861, an offering for cash); common ticker ANZU off 10-Q 0001104659-22-061413 (2022-05-16); lifecycle EXITED. The pricing prospectus was filed under SEC file number 333-252861, which belongs to S-1 0001104659-21-014526 (2021-02-08) — a registration of shares sold for CASH, which is what makes it an IPO rather than merger consideration. Blank-check status from the registrant's own first-person sentence in that prospectus (EDGAR full-text search, 424B4 2021-03-03). Ending PROVEN, not inferred: CLOSED per 8-K 0001013762-23-002246 (2023-10-05) — 8-K item 5.06 "Change in Shell Company Status" (EDGAR item index, items: 1.01,2.01,3.01,3.02,3.03,5.01,5.02,5.03,5.06,9.01). EDGAR now files this CIK as "Envoy Medical, Inc." — the SPAC's own name is kept here and the successor is the target. ipoSizeM and deadline left NULL: gross-proceeds prose conflates the over-allotment with the offering, and a charter deadline belonging to a vehicle that has ended is a date nobody can act on. ipoDate is the 424B pricing date.
[CLOSED-RENAME] EDGAR CIK 0001840877 records "Anzu Special Acquisition Corp I" ending 2023-09-29; the registrant continues as "Envoy Medical, Inc.". The rename is the SEC's own record of what the vehicle became, keyed by CIK. Closed 2023-09-29. No deal value is set — a rename says what was acquired, never for how much. No date column is set: Deal has announcedAt, voteDate and expectedCloseAt and nowhere to record an actual close, so the SEC's date is kept here until that column exists. [DEAL-STRUCTURE-MINED] pipeSizeM=10 from primary filings (0001104659-23-060442).
pipeBasis set to UNSOURCED: the size came from the research seed / an earlier record and no filing we hold states it — surfaces now label it "unsourced"; an LLM re-read to FILED replaces this when credits allow
OTHER -> BIOTECH, on S-4/A 0001104659-23-100182: "Envoy Medical Corporation is a hearing health company dedicated to providing patients with improved access, usability, independence and quality of life through "
BIOTECH -> HEALTHCARE. The quote this segment was SET FROM contradicts it: S-4/A 0001104659-23-100182 (2023-09-13) — "Envoy Medical Corporation is a hearing health company dedicated to providing patients with improved access, usability, independence and quality of life". Envoy Medical makes the Acclaim, a fully implantable cochlear implant — a Class III medical DEVICE. Its own sentence says "hearing health company … providing patients", which is the vocabulary of care and of devices. There is no therapeutic anywhere in it. BIOTECH is a drug developer; diagnostics, devices, care delivery and health services are HEALTHCARE — the axis SEGMENT_LEXICON already encodes. Spac.segment untouched: a mandate and a purchase are different facts. integrity A1.