Anzu Special Acquisition Corp I Reports $3.1 Million Net Income in Q2 2022

Anzu Special Acquisition Corp I reported a net income of $3.1 million for the second quarter of 2022, a significant increase from the $371,144 recorded in the same period of 2021. For the first half of 2022, the company achieved a net income of $15.6 million, compared to a net loss of $1.1 million in the first half of 2021. The improved financial performance was primarily driven by a $3.5 million gain from changes in the fair value of warrant liabilities and $563,376 in interest income from marketable securities held in the Trust Account. Operating expenses for the second quarter were $901,356, down from $1.1 million in the prior year, reflecting a more efficient cost structure.

The company’s total assets as of June 30, 2022, stood at approximately $427.2 million, slightly up from $426.9 million at the end of 2021. Current assets increased to $940,688, primarily due to a rise in cash holdings, which reached $476,948, compared to $149,845 at the end of 2021. However, current liabilities surged to $5.3 million from $2.7 million, largely due to increased accounts payable and accrued expenses. The company reported a working capital deficit of $4.3 million, compared to a surplus of $2.1 million a year earlier.

Strategically, Anzu Special Acquisition Corp I has been actively pursuing potential business combinations, focusing on high-quality businesses with transformative technologies for industrial applications. The company has not yet completed any acquisitions but continues to evaluate various opportunities. As of June 30, 2022, the company had 42.5 million shares of Class A common stock subject to possible redemption, valued at $425.3 million, reflecting a slight increase in redemption value from $425 million at the end of 2021.

Operationally, the company has maintained a consistent headcount of 10,625,000 shares of Class B common stock, which are not subject to redemption. The company has also established a working capital loan of $1.5 million from its sponsor, which is intended to support operational expenses until a business combination is finalized. The company has until March 4, 2023, to complete its initial business combination, or it will face mandatory liquidation. Management has indicated that while they are optimistic about identifying a suitable target, there are no guarantees regarding the completion of a business combination.

Looking ahead, Anzu Special Acquisition Corp I remains focused on leveraging its capital resources to identify and execute a successful business combination. The company is committed to utilizing the funds held in its Trust Account for this purpose, while also managing its operational costs effectively. The management team continues to monitor market conditions and potential acquisition targets, with the aim of maximizing shareholder value through strategic growth initiatives.