---
schema_version: "secwatch.filing_event.v1"
accession: "0001140361-22-043474"
form_type: "8-K"
ticker: null
cik: "0001719395"
company_name: "Eargo, Inc."
filed_at: "2022-11-29T23:59:59+00:00"
generated_at: "2026-06-21T12:20:41.096015+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Patient Square Capital becomes majority owner of Eargo with 76.3% stake after notes conversion and rights offering

## Summary
- Patient Square now holds ~316.4M shares (76.3% of outstanding common stock) after converting ~$105.5M in notes.
- Rights offering raised ~$29.3M gross from stockholders; total net proceeds ~$32.3M including Patient Square's additional $5.5M.
- Company has no debt for borrowed money outstanding following note conversion; proceeds earmarked for working capital and omni-channel growth.
- Conversion of notes and rights offering issued 375M new shares; Patient Square's ownership triggers board nomination rights proportional to stake.

## SEC filing metadata
- accession: 0001140361-22-043474
- form_type: 8-K
- cik: 0001719395
- company_name: Eargo, Inc.
- filed_at: 2022-11-29T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.04, 3.02, 5.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1719395/000114036122043474/0001140361-22-043474-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1719395/000114036122043474/brhc10044790_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001140361-22-043474
- JSON: https://secwatch.observer/filing/0001140361-22-043474.json
- Plain text: https://secwatch.observer/filing/0001140361-22-043474.txt

## Key facts
- M&A Transactions
  Eargo, Inc. underwent a change of control involving Patient Square Capital (closed 2022-11-29).
  - Action: change of control
  - Counterparty: Patient Square Capital
  - Closing: 2022-11-29
  source text: subsidiaries, noteholders affiliated with Patient Square Capital (the “Noteholders”) and Drivetrain Agency Services, LLC, as administrative agent and collateral agent, an aggregate of approximately $105.5 million of senior secured convertible notes
  evidence_url: https://www.sec.gov/Archives/edgar/data/1719395/000114036122043474/0001140361-22-043474-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.