Full Press Release Details
ENVOY MEDICAL CORPORATION AND ANZU SPECIAL ACQUISITION
CORP I COMPLETE BUSINESS COMBINATION
NASDAQ to list Envoy Medical, developer of an FDA-designated
breakthrough device for hearing loss - a novel fully implanted cochlear device
White Bear Lake, Minnesota and Tampa, Florida - September 29,
2023 - Anzu Special Acquisition Corp I ("Anzu") (NASDAQ: "ANZU," "ANZUU" and "ANZUW"),
a special purpose acquisition company, and Envoy Medical Corporation ("Envoy" or "Envoy Medical"), a hearing health
company, announced today the completion of their previously announced business combination ("the Business Combination"), resulting
in Envoy becoming a publicly listed company. The combined company will operate under the name "Envoy Medical, Inc." and its
Class A common stock and warrants are expected to commence trading on October 2, 2023, on the Nasdaq stock exchange under the new ticker
symbols "COCH" and "COCHW", respectively.
"Millions of people have significant hearing loss that may not
be adequately treated by hearing aids, a market that we believe will continue to expand as the population ages. We believe that many prospective
patients do not seek cochlear implants because they are not satisfied with the currently available options for treatment. In the coming
quarters, we anticipate being able to report key milestones in our ongoing clinical trial at the Mayo Clinic and our planned pivotal trial
at several of premier cochlear implant centers in the United States," said Brent Lucas, Chief Executive Officer of Envoy Medical.
"We believe that achieving a fully implanted cochlear implant - enabling people to not recharge or change their battery daily
or have to worry about external components on their head, among many other potential benefits - will encourage more people with
clinically indicated hearing loss to get a cochlear implant and improve their quality of life."
"Anzu believes that Envoy is a leading innovator in an attractive
industry with strong growth prospects, competing in a market estimated at over $80 billion in untapped potential opportunity in the United
States," said Whitney Haring-Smith, Chief Executive Officer at Anzu Special Acquisition Corp I. "We believe that Envoy Medical's
Acclaim device may be the first fully implanted cochlear implant commercialized in the United States and is designed to have longer expected
battery life than existing competitors."
About Envoy Medical (Nasdaq: COCH)
Envoy Medical, headquartered in White Bear Lake, Minnesota, is a Nasdaq
listed hearing health company providing innovative medical technologies across the hearing loss spectrum, all designed to shift the paradigm
within the hearing industry and bring both providers and patients the hearing devices they desire.
Envoy is dedicated to pushing hearing technology beyond the status
quo to provide patients with improved access, usability, independence and ultimately quality of life. Learn more at https://www.envoymedical.com.
About Anzu Special Acquisition Corp I
Anzu 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.
Anzu intends to focus on high-quality businesses with transformative technologies for industrial applications.
Forward-Looking Statements
This press release includes "forward-looking statements"
within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995.
Forward-Looking statements may be identified by the use of words such as "estimate," "plan," "project,"
"forecast," "intend," "will," "expect," "anticipate," "believe,"
"seek," "target" or other similar expressions that predict or indicate future events or trends or that are not
statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements
may include, but are not limited to, statements regarding the listing of the combined company's securities on Nasdaq, as well as
any information concerning possible or assumed future operations of Envoy. The forward-looking statements contained in this press release
reflect the current views of Anzu and Envoy, as the case may be, about future events and are subject to numerous known and unknown risks,
uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly from those expressed
in any forward-looking statement. These forward-looking statements are subject to a number of risks and uncertainties, including, but
not limited to, Envoy's performance following the Business Combination; changes in the market price of shares of the combined company's
securities after the Business Combination, which may be affected by factors different from those currently affecting the price of shares
of Anzu's common stock; Envoy's success in retaining or recruiting, or changes required in, its officers, key employees or
directors following the Business Combination; unpredictability in the medical device industry, the regulatory process to approve medical
devices, and the clinical development process of Envoy products; competition in the medical device industry, and the failure to introduce
new products and services in a timely manner or at competitive prices to compete successfully against competitors; disruptions in relationships
with Envoy's suppliers, or disruptions in Envoy's own production capabilities for some of the key components and materials
of its products; changes in the need for capital and the availability of financing and capital to fund these needs; Envoy's ability
to realize some or all of the anticipated benefits of the Business Combination; changes in interest rates or rates of inflation; legal,
regulatory and other proceedings could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application
thereof on Envoy; a loss of any of Envoy's key intellectual property rights or failure to adequately protect intellectual property
rights; Anzu's board of directors did not obtain a third-party fairness opinion in determining whether to proceed with the Business
Combination; the financial and other interests of Anzu's board of directors may have influenced its decision to approve the Business
Combination; the combined company's ability to maintain the listing of its securities on Nasdaq following the Business Combination;
the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set
forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward Looking Statements" in Anzu's
registration statement on Form S-4 (File No. 333-271920) filed by Anzu with the U.S. Securities and Exchange Commission (the "SEC")
and declared effective on September 14, 2023 and other documents filed with the SEC from time to time. If any of these risks materialize
or Anzu's or Envoy's assumptions prove incorrect, actual results could differ materially from the results implied by these
forward-looking statements. While forward-looking statements reflect Anzu's and Envoy's good faith beliefs, they are not guarantees
of future performance. Both Anzu and Envoy disclaim any obligation to publicly update or revise any forward-looking statement to reflect
changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date of this
press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which are
based only on information currently available to both Anzu and Envoy.
Darrow Associates Investor Relations