Envoy Medical, Inc. (COCH): debt financing — Envoy Medical secures up to $10M debt from Glen Taylor for Acclaim cochlear implant trial

Envoy Medical, Inc.

Up to $10M five-year unsecured facility from board member/controlling stockholder Glen Taylor; initial draw of $5M.
8% interest, compounding first two years; warrants for 500k shares at $1.24/share issued for initial draw.
Proceeds will fund US pivotal clinical trial for fully implanted Acclaim cochlear implant (FDA Breakthrough Designation).
Interest accrues first two years, paid quarterly thereafter; no conversion rights.
Remaining $5M available in $2.5M tranches until February 2029 upon meeting conditions.

item 1.01 item 2.03 item 3.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Envoy Medical, Inc. incurred loan of up to $10,000,000 with GAT Funding, LLC at 8.0% per annum maturing 2029-02-27.

Instrument: loan
Principal: up to $10,000,000
Counterparty: GAT Funding, LLC
Rate: 8.0% per annum
Maturity: 2029-02-27
Event: incurrence

Exact text from the filing

a Material Definitive Agreement Envoy Medical, Inc. (the “Company”) has issued a promissory note, effective as of February 27, 2024 (the “Note”) with a 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

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Envoy Medical, Inc. entered into Note with GAT Funding, LLC valued at principal amount of up to $10,000,000 (effective 2024-02-27).

Action: entry
Agreement: credit facility
Counterparty: GAT Funding, LLC
Value: principal amount of up to $10,000,000
Effective: 2024-02-27

Exact text from the filing

Envoy Medical, Inc. (the “Company”) has issued a promissory note, effective as of February 27, 2024 (the “Note”) with a principal amount of up to $10,000,000 to GAT Funding, LLC (“GAT”)

View on SEC.gov

299 debt financings filed in the last 30 days. Browse all debt financings →

Envoy Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-24-019277

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