Morrison Foerster is advising Anzu Special Acquisition Corp I (Nasdaq: ANZUU) (“Anzu”), a publicly traded special purpose acquisition company, on its merger with Envoy Medical Corporation (“Envoy”), a leader in producing and designing hearing implants.
Upon closing, the combined company will be named Envoy Medical, Inc. and is expected to remain listed on Nasdaq with an anticipated implied enterprise value of approximately $150 million and no material debt expected to be outstanding.
Envoy makes and designs hearing implants, including a middle-ear implant commercially available in the United States since 2010. Envoy is also developing a fully implanted electronic device, known as a cochlear implant, which has received “breakthrough” designation from the U.S. Food and Drug Administration.
The MoFo deal team advising Anzu on the transaction is led by M&A partners David Slotkin (Washington, D.C.), Mitchell Presser (New York), and Aly El Hamamsy (New York) and M&A associates Dustin McKenzie (Washington, D.C.) and Julie Siegel (San Francisco); capital markets partners Justin Salon (Washington, D.C.),Andrew Campbell (Washington, D.C.), and David Kaufman (New York) and capital markets associate Chris Rolle (Washington, D.C.); and transactions associates Shams Haidari (Washington, D.C.), Leemor Banai (Washington, D.C.),and Elizabeth McGuire (Washington, D.C.).