secwatch.observer — SEC 8-K summary
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Issuer:     Envoy Medical, Inc. (COCH)
CIK:        0001840877
Form:       8-K
Filed at:   2024-03-04T23:59:59+00:00
Accession:  0001213900-24-019277
Event type: debt
Sentiment:  positive
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Envoy Medical secures up to $10M debt from Glen Taylor for Acclaim cochlear implant trial
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1840877/000121390024019277/0001213900-24-019277-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1840877/000121390024019277/ea0201093-8k_envoy.htm
  HTML page:      https://secwatch.observer/filing/0001213900-24-019277

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer