Anzu Special Acquisition Corp I Reports Q2 2021 Financial Results with Net Income of $371,144

Anzu Special Acquisition Corp I reported its financial results for the second quarter of 2021, revealing a net income of $371,144 for the three months ended June 30, 2021, contrasting with a net loss of $1,099,292 for the six-month period. The company, which went public on March 4, 2021, generated gross proceeds of $425 million from its initial public offering (IPO) and an additional $12.5 million from the sale of private placement warrants. As of June 30, 2021, Anzu held total assets of approximately $427.8 million, a significant increase from $119,992 at the end of 2020, primarily due to the IPO proceeds.

The company’s balance sheet showed current assets of $2.8 million, including cash and cash equivalents of $1.7 million, and cash held in a trust account amounting to $425 million. Current liabilities totaled $670,637, with accounts payable and accrued expenses contributing to this figure. The substantial increase in assets and liabilities reflects the company's transition from a blank check company to one actively seeking a business combination, as it has not yet commenced operations.

Anzu's operational focus remains on identifying high-quality businesses with transformative technologies for industrial applications. The company has been actively reviewing potential acquisition targets but has not finalized any business combination as of the reporting date. The management indicated that they have sufficient funds to pursue these opportunities, with a deadline to complete a business combination by March 4, 2023. The company does not expect to generate operating revenues until after such a transaction is completed.

In terms of organizational changes, Anzu's capital structure has evolved, with 4,333,119 shares of Class A common stock and 10,625,000 shares of Class B common stock outstanding as of June 30, 2021. The company also reported a derivative warrant liability of $25.6 million, reflecting the fair value of warrants issued in connection with the IPO. The management noted a material weakness in internal controls related to the accounting for these warrants, which were reclassified as liabilities following guidance from the SEC.

Looking ahead, Anzu Special Acquisition Corp I aims to leverage its capital to identify and execute a business combination that aligns with its strategic focus. The company is committed to utilizing the funds in its trust account for this purpose while managing its operational expenses through cash held outside the trust account. The management remains optimistic about finding suitable acquisition targets that can drive growth and profitability in the future.