Envoy Medical, Inc. Files Amendment to Quarterly Report

TL;DR

<b>Envoy Medical, Inc. has filed an amendment to its Q3 2023 10-Q report.</b>

AI Summary

Envoy Medical, Inc. (COCHW) filed a Amended Quarterly Report (10-Q/A) with the SEC on January 17, 2024. Envoy Medical, Inc. filed an amendment (10-Q/A) to its quarterly report for the period ended September 30, 2023. The company's Class A common stock trades under the symbol COCH on The Nasdaq Stock Market LLC. Redeemable warrants, exercisable for Class A common stock at $11.50 per share, also trade under the symbol COCHW on The Nasdaq Stock Market LLC. Envoy Medical, Inc. was formerly known as Anzu Special Acquisition Corp I, with a name change effective January 15, 2021. The company is registered in Delaware and its principal executive offices are located at 4875 White Bear Parkway, White Bear Lake, MN.

Why It Matters

For investors and stakeholders tracking Envoy Medical, Inc., this filing contains several important signals. This amendment indicates potential updates or corrections to the previously filed quarterly financial information, which could impact investor understanding of the company's performance and financial health. The filing confirms the company's listing on the Nasdaq Stock Market under COCH and COCHW, providing key details for investors tracking its securities.

Risk Assessment

Risk Level: low — Envoy Medical, Inc. shows low risk based on this filing. The filing is an amendment to a 10-Q, which is a routine periodic report. There is no immediate indication of significant negative events or financial distress within the provided header information.

Analyst Insight

Investors should review the full amended 10-Q filing to understand the specific changes and their implications for Envoy Medical, Inc.'s financial position and operational status.

Key Numbers

• 20230930 — Quarterly Period End Date (Conformed Period of Report)
• 20240117 — Filing Date (Filed as of Date)
• 001-40133 — SEC File Number (Commission File Number)
• 86-1369123 — IRS Number (IRS Employer Identification No.)
• 11.50 — Warrant Exercise Price (Redeemable Warrants exercise price)

Key Players & Entities

• Envoy Medical, Inc. (company) — Filer name
• COCH (company) — Trading Symbol for Class A common stock
• COCHW (company) — Trading Symbol for Redeemable Warrants
• The Nasdaq Stock Market LLC (company) — Exchange where securities are registered
• Anzu Special Acquisition Corp I (company) — Former company name
• 11.50 (dollar_amount) — Exercise price for redeemable warrants

FAQ

Industry Context

Envoy Medical, Inc. operates in the orthopedic, prosthetic, and surgical appliances & supplies industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, specifically Section 13 or 15(d), and Rule 405 of Regulation S-T for interactive data files.

What Investors Should Do

1. Review the full amended 10-Q filing for specific details on changes from the original report.
2. Analyze the financial statements and disclosures within the amendment for any material updates.
3. Monitor future filings for continued financial performance and operational developments.

Year-Over-Year Comparison

This is an amendment to a previously filed 10-Q report. The specific changes and their impact compared to the original filing are not detailed in the provided header information.

Key Financial Figures

• $0.0001 — stered Class A common stock, par value $0.0001 per share COCH The Nasdaq Stock Market
• $11.50 — A common stock at an exercise price of $11.50 per share COCHW The Nasdaq Stock Market

Filing Documents

• f10q0923a1_envoymedical.htm (10-Q/A) — 1179KB
• f10q0923a1ex31-1_envoy.htm (EX-31.1) — 14KB
• f10q0923a1ex31-2_envoy.htm (EX-31.2) — 14KB
• f10q0923a1ex32-1_envoy.htm (EX-32.1) — 6KB
• f10q0923a1ex32-2_envoy.htm (EX-32.2) — 5KB
• 0001213900-24-004149.txt (&nbsp;) — 6276KB
• coch-20230930.xsd (EX-101.SCH) — 63KB
• coch-20230930_cal.xml (EX-101.CAL) — 31KB
• coch-20230930_def.xml (EX-101.DEF) — 326KB
• coch-20230930_lab.xml (EX-101.LAB) — 560KB
• coch-20230930_pre.xml (EX-101.PRE) — 339KB
• f10q0923a1_envoymedical_htm.xml (XML) — 738KB

SIGNATURES

SIGNATURES 46 i PART I. FINANCIAL INFORMATION Item 1. Unaudited Condensed Financial Statements ENVOY MEDICAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (RESTATED, UNAUDITED) (In thousands, except share and per share amounts) September 30, 2023 (as restated) December 31, 2022 Assets Current assets: Cash $ 7,440 $ 183 Restricted cash – dividends 5,400 - Restricted cash – other 4,000 - Accounts receivable, net 109 41 Other receivable 1,000 - Inventories 1,397 1,295 Prepaid expenses and other current assets 997 129 Total current assets 20,343 1,648 Property and equipment, net 378 331 Operating lease right-of-use assets (related party) 494 577 Total assets $ 21,215 $ 2,556 Liabilities and stockholders' equity (deficit) Current liabilities: Accounts payable $ 3,381 $ 1,003 Accrued expenses 4,052 608 Payable to related party 4,000 - Convertible notes payable, current portion (related party) - 448 Operating lease liability, current portion (related party) 149 125 Product warranty liability, current portion 228 335 FPA put option liability 34 - Forward purchase agreement warrant liability 846 - Total current liabilities 12,690 2,519 Convertible notes payable, net of current portion (related party) - 33,397 Product warranty liability, net of current portion 2,025 2,143 Operating lease liabilities, net of current portion (related party) 440 565 Warrant liability 1,274 - Warrant liability (related party) - 127 Total liabilities 16,429 38,751 Commitments and contingencies (see Note 14) Stockholders' equity (deficit): Series A Preferred stock, $ 0.0001 par value; 10,000,000 and zero shares authorized as of September 30, 2023, and December 31, 2022, respectively; 4,500,000 and zero shares issued and outstanding as of September 30, 2023, and December 31, 2022, respectively - - Class A Common stock, $ 0.0001 par value; 400,000,000 shares

financial statements

financial statements. Description of error corrected: The previously reported Forward purchase agreement assets included a prepayment amount, as described above and in Note 3, Merger , which was incorrectly classified as an asset instead of as an equity transaction. Additionally, the remaining balance of the prepaid forward contract, including the in-substance written put option ("FPA put option liability") and maturity consideration was incorrectly netted with the prepayment amount and presented as a net asset, instead of being separately presented as a liability. These errors impacted the Forward purchase agreement assets, the FPA put option liability, the Forward purchase agreement warrant liability and Additional paid-in capital in the condensed consolidated balance sheet and condensed consolidated equity 6 The effect of the correction of the error noted above on the relevant financial statement line items is as follows: As of September 30, 2023 As Previously Reported Adjustments As Restated Condensed Consolidated Balance Sheet Forward purchase agreement assets 2,386 ( 2,386 ) — Total current assets 22,729 ( 2,386 ) 20,343 Total assets $ 23,601 $ ( 2,386 ) $ 21,215 FPA put option liability — 34 34 Forward purchase agreement warrant liability 1,793 ( 947 ) 846 Total current liabilities 13,603 ( 913 ) 12,690 Total liabilities $ 17,342 $ ( 913 ) $ 16,429 Additional paid-in capital 257,385 ( 1,473 ) 255,912 Total stockholders' equity (deficit) $ 6,259 $ ( 1,473 ) $ 4,786 Total liabilities and stockholders' equity (deficit) $ 23,601 $ ( 2,386 ) $ 21,215 Period Ended September 30, 2023 As Previously Reported Adjustments As Restated

View Full Filing

View this 10-Q/A filing on SEC EDGAR