Envoy Medical Files 8-K on Agreements and Equity Sales
Ticker: COCHW · Form: 8-K · Filed: Jul 25, 2024 · CIK: 1840877
Sentiment: neutral
Topics: material-definitive-agreement, financial-obligation, equity-sale
TL;DR
Envoy Medical dropped an 8-K detailing new financial obligations and equity sales. Watch closely.
AI Summary
Envoy Medical, Inc. entered into a Material Definitive Agreement on July 22, 2024, related to the creation of a direct financial obligation. The company also reported on unregistered sales of equity securities and filed financial statements and exhibits. The filing details are associated with the company's operations in orthopedic, prosthetic & surgical appliances & supplies.
Why It Matters
This 8-K filing indicates significant corporate actions by Envoy Medical, including financial obligations and equity transactions, which could impact its financial structure and future operations.
Risk Assessment
Risk Level: medium — The filing involves material definitive agreements, financial obligations, and unregistered equity sales, suggesting potential financial shifts and regulatory considerations.
Key Players & Entities
- Envoy Medical, Inc. (company) — Registrant
- July 22, 2024 (date) — Date of earliest event reported
- 001-40133 (company) — SEC File Number
- 86-1369123 (company) — IRS Number
- Anzu Special Acquisition Corp I (company) — Former Company Name
FAQ
What type of Material Definitive Agreement did Envoy Medical, Inc. enter into?
The filing indicates the entry into a Material Definitive Agreement, but the specific details of the agreement are not provided in this excerpt.
When was the earliest event reported in this 8-K filing?
The earliest event reported in this 8-K filing occurred on July 22, 2024.
What is Envoy Medical, Inc.'s SIC code and industry?
Envoy Medical, Inc.'s Standard Industrial Classification (SIC) code is 3842, for Orthopedic, Prosthetic & Surgical Appliances & Supplies.
Has Envoy Medical, Inc. previously operated under a different name?
Yes, Envoy Medical, Inc. was formerly known as Anzu Special Acquisition Corp I, with a date of name change on January 15, 2021.
What are the key items reported in this 8-K filing?
This 8-K filing reports on the entry into a Material Definitive Agreement, the creation of a Direct Financial Obligation, unregistered sales of equity securities, and financial statements and exhibits.
Filing Stats: 667 words · 3 min read · ~2 pages · Grade level 10.6 · Accepted 2024-07-24 18:27:30
Key Financial Figures
- $0.0001 — tered Class A Common Stock, par value $0.0001 per share COCH The Nasdaq Stock Mar
- $11.50 — A Common Stock at an exercise price of $11.50 per share COCHW The Nasdaq Stock Ma
- $2,500,000 — voy Medical, Inc. (the "Company"), drew $2,500,000 under the promissory note (the "Note")
- $10,000,000 — Note to the maximum principal amount of $10,000,000. As a commitment fee for the $2,500,00
- $2 — ). The Warrant has an exercise price of $2.25, equal to the closing price on the d
Filing Documents
- ea0209956-8k_envoy.htm (8-K) — 30KB
- 0001013762-24-000821.txt ( ) — 243KB
- coch-20240722.xsd (EX-101.SCH) — 4KB
- coch-20240722_def.xml (EX-101.DEF) — 26KB
- coch-20240722_lab.xml (EX-101.LAB) — 36KB
- coch-20240722_pre.xml (EX-101.PRE) — 25KB
- ea0209956-8k_envoy_htm.xml (XML) — 6KB
01: Entry Into a Material Definitive Agreement
Item 1.01: Entry Into a Material Definitive Agreement On July 22, 2024, Envoy Medical, Inc. (the "Company"), drew $2,500,000 under the promissory note (the "Note") issued on February 27, 2024 by the Company to GAT Funding, LLC ("GAT"), an entity controlled by Glen Taylor, who is a member of the Company's board of directors and controlling stockholder of the Company. The additional draw brings the aggregate principal amount owed under the Note to the maximum principal amount of $10,000,000. As a commitment fee for the $2,500,000 draw under the Note, the Company issued GAT a warrant to purchase 250,000 shares of its Class A Common Stock (the "Warrant"). The Warrant has an exercise price of $2.25, equal to the closing price on the date of the draw, and a termination date of February 27, 2026. Item2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 of this Current Report on Form 8-K regarding the draw under the Note is incorporated by reference into this Item 2.03. Item3.02 Unregistered Sales of Equity Securities. The information set forth in Item 1.01 of this Current Report on Form 8-K regarding the Warrant and the shares of Class A Common Stock issuable thereunder is incorporated by reference into this Item 3.02. The issuance of shares of the Company's common stock underlying the Warrants will be made in reliance on the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D thereunder. Item9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 1
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ENVOY MEDICAL, INC. July 24, 2024 By: /s/ David R. Wells David R. Wells Chief Financial Officer 2