Envoy Medical, Inc. (COCH): debt financing — Envoy Medical obtains $10M promissory note from largest shareholder Glen Taylor

Envoy Medical, Inc.

Initial $5M funded on March 11, 2025; up to $10M available in $2.5M tranches over 2 years.
8.0% interest rate, deferred and compounding for first 2 years; 5-year term matures March 6, 2030.
Commitment fee: 375,000 warrants per $2.5M tranche; initial 750,000 warrants at $1.35/share exercise price.
Funds will support Acclaim cochlear implant pivotal clinical trial and general operations.
Glen Taylor is board member and controlling stockholder; facility unsecured with no conversion feature.

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 March 6, 2030.

Instrument: loan
Principal: up to $10,000,000
Counterparty: GAT Funding, LLC
Rate: 8.0% per annum
Maturity: March 6, 2030
Event: incurrence

Exact text from the filing

Envoy Medical, Inc. (the “Company”) has issued a promissory note, effective as of March 6, 2025 (the “Note”), with a principal amount of up to $10,000,000 to GAT Funding, LLC

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Envoy Medical, Inc. filing history →

Source: SEC EDGAR

accession 0001213900-25-022913

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