Envoy Medical Inc. (NASDAQ: COCH) announced the closing of a registered direct offering of 3,007,524 shares of its Class A common stock at a purchase price of $1.33 per share, generating approximately $4 million in gross proceeds before fees and expenses. The offering was priced at‑the‑market under Nasdaq rules and was executed pursuant to a shelf registration statement on Form S‑3, which had been declared effective by the SEC on October 21, 2024.
In addition to the equity sale, Envoy issued unregistered warrants to purchase up to 9,022,572 shares of Class A common stock at an exercise price of $1.33 per share. If fully exercised on a cash basis, the warrants could bring in up to $12 million in additional gross proceeds, although no assurance is given that they will be exercised. The warrants are exercisable immediately and expire twenty‑four months after the effective date of the registration statement covering the resale of the underlying shares.
The company stated that the net proceeds from the offering will be used for working capital and other general corporate purposes, providing a much‑needed liquidity boost as it continues to fund its pivotal clinical trial and development activities for its fully implanted Acclaim cochlear implant. This financing event represents a significant capital‑raising milestone for Envoy Medical and is a new development not previously reported in earlier releases.
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