Envoy Medical Files 8-K with Material Agreement
Ticker: COCHW · Form: 8-K · Filed: Aug 28, 2024 · CIK: 1840877
Sentiment: neutral
Topics: material-agreement, corporate-event, filing
Related Tickers: COCH
TL;DR
Envoy Medical (COCH) filed an 8-K, looks like a big deal happened on Aug 27th.
AI Summary
Envoy Medical, Inc. filed an 8-K on August 28, 2024, reporting on events that occurred on August 27, 2024. The filing indicates a material definitive agreement was entered into, along with other events and the submission of financial statements and exhibits. The company, previously known as Anzu Special Acquisition Corp I, is involved in orthopedic, prosthetic, and surgical appliances.
Why It Matters
This 8-K filing signals a significant development for Envoy Medical, Inc., potentially impacting its business operations, financial standing, and investor relations.
Risk Assessment
Risk Level: medium — 8-K filings often contain material information that can significantly impact a company's stock price, requiring careful investor attention.
Key Players & Entities
- Envoy Medical, Inc. (company) — Registrant
- Anzu Special Acquisition Corp I (company) — Former name of registrant
- August 27, 2024 (date) — Earliest event reported
- August 28, 2024 (date) — Date of report
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 the provided text.
What are the 'Other Events' reported in this 8-K filing?
The filing mentions 'Other Events' as an item information, but the specific nature of these events is not detailed in the provided text.
When was Envoy Medical, Inc. previously known as?
Envoy Medical, Inc. was formerly known as Anzu Special Acquisition Corp I, with a date of name change on January 15, 2021.
What is Envoy Medical, Inc.'s Standard Industrial Classification (SIC) code and industry?
Envoy Medical, Inc.'s SIC code is 3842, which corresponds to 'ORTHOPEDIC, PROSTHETIC & SURGICAL APPLIANCES & SUPPLIES'.
What is the par value of Envoy Medical, Inc.'s Class Common Stock?
The par value of Envoy Medical, Inc.'s Class Common Stock is $0.0001 per share.
Filing Stats: 731 words · 3 min read · ~2 pages · Grade level 10.1 · Accepted 2024-08-28 08:33:08
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
- $10,000,000 — Note") in the principal amount of up to $10,000,000 to GAT Funding, LLC ("GAT"), an entity
- $2,500,000 — nditions, the Company may draw funds in $2,500,000 tranches under the Note up to a total o
- $5,000,000 — At the initial closing the Company drew $5,000,000 in principal from the Note. As a commi
- $2.97 — A Common Stock at an exercise price of $2.97 per share. Item 8.01 Other Events On
Filing Documents
- ea0212623-8k_envoy.htm (8-K) — 34KB
- ea021262301ex99-1_envoy.htm (EX-99.1) — 16KB
- 0001213900-24-073129.txt ( ) — 272KB
- coch-20240827.xsd (EX-101.SCH) — 4KB
- coch-20240827_def.xml (EX-101.DEF) — 26KB
- coch-20240827_lab.xml (EX-101.LAB) — 36KB
- coch-20240827_pre.xml (EX-101.PRE) — 25KB
- ea0212623-8k_envoy_htm.xml (XML) — 6KB
01: Entry Into a Material Definitive Agreement
Item 1.01: Entry Into a Material Definitive Agreement On August 27, 2024, Envoy Medical, Inc. (the "Company") issued a promissory note (the "Note") in the principal amount of up to $10,000,000 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. Upon meeting certain conditions, the Company may draw funds in $2,500,000 tranches under the Note up to a total of $10,000,000. The Note has a five year term and matures on August 27, 2029. The principal amount drawn bears interest at a rate of 8.0% per annum and is paid quarterly in arrears after the second anniversary of the Note. Interest will accrue and not be paid for the first two years of the term, and will compound and be added to the principal balance of the Note on the first and second anniversaries of the Note. The Company may prepay the accrued interest and principal of the Note without penalty, with 10 days' notice. At the initial closing the Company drew $5,000,000 in principal from the Note. As a commitment fee, the Company will issue GAT warrants to purchase 250,000 shares of its Class A Common Stock for each $2,500,000 of principal funded under the Note. The warrants will have an exercise price equal to the closing price on the date of funding of the applicable tranche and a termination date as of the third anniversary of the initial closing for all warrants. At closing of the initial funding, the Company issued GAT warrants to purchase 500,000 shares of Class A Common Stock at an exercise price of $2.97 per share.
01 Other Events
Item 8.01 Other Events On August 28, 2024, the Company issued a press release regarding its entrance into the Note. A copy of the press release is attached hereto and incorporated by reference herein as Exhibit 99.1. Item9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 99.1 Envoy Medical, Inc. Press Release, dated August 28, 2024. 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. August 28, 2024 By: /s/ David R. Wells David R. Wells Chief Financial Officer 2