Envoy Medical extinguishes $32M debt for $100k; Glen Taylor resigns from board

Envoy Medical, Inc.

Paid $100,000 to satisfy $32,011,552 in principal and accrued interest on three promissory notes held by GAT Funding (Glen Taylor).
Glen Taylor resigned from the board effective August 25, 2025; no disagreement with company operations.
Notes dated Feb 2024, Aug 2024, and Mar 2025 each had $10M initial principal; all obligations deemed satisfied.
Company says extinguishment strengthens balance sheet, eliminates term loan obligations without equity conversion.
Satisfaction agreement approved by independent Audit Committee; Taylor did not serve on that committee.

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