Envoy Medical closes $2.5M stock offering at $1.31 per share

Envoy Medical Inc. (NASDAQ: COCH) completed a registered direct offering of 1,908,402 shares of Class A common stock at $1.31 per share, generating approximately $2.5 million in gross proceeds before fees and expenses.

The hearing health company also issued unregistered warrants in a concurrent private placement to purchase up to 5,725,206 shares at an exercise price of $1.31 per share. The warrants become exercisable upon stockholder approval and expire 24 months after that approval date.

H.C. Wainwright & Co. served as the exclusive placement agent for the offering, which closed on September 23, 2025. If warrant holders exercise their warrants in full for cash following stockholder approval, Envoy Medical would receive additional gross proceeds of approximately $7.5 million.

The company stated it intends to use net proceeds for working capital and general corporate purposes. The company noted it cannot predict when or if the warrants will be exercised, and they may expire without being exercised.

The stock offering was conducted under a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on October 21, 2024. The warrants were issued in a private placement under Section 4(a)(2) of the Securities Act of 1933 and have not been registered under federal securities laws.

Envoy Medical develops fully implanted hearing devices, including its Esteem active middle ear implant, which has been commercially available in the United States since 2010, and the investigational Acclaim cochlear implant.

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