Envoy Medical raises $2.5 million in registered direct offering

Envoy Medical Inc. (NASDAQ: COCH) announced it entered into a definitive agreement to sell 1,908,402 shares of Class A common stock at $1.31 per share in a registered direct offering priced at-the-market under Nasdaq rules.

The hearing health company will also issue unregistered warrants to purchase up to 5,725,206 shares of Class A common stock in a concurrent private placement. The warrants have an exercise price of $1.31 per share and will expire 24 months following stockholder approval of the warrant exercise.

H.C. Wainwright & Co. is serving as the exclusive placement agent for the offering, which is expected to close on or about September 23, 2025, subject to customary closing conditions.

The company expects gross proceeds of approximately $2.5 million from the offering before deducting placement agent fees and other expenses. Envoy Medical stated it intends to use net proceeds for working capital and general corporate purposes.

If warrant holders exercise their warrants in full for cash following stockholder approval, the company would receive additional gross proceeds of approximately $7.5 million. The company noted it cannot predict when or if the warrants will be exercised.

The Class A common stock is being offered under a shelf registration statement on Form S-3 that was declared effective by the Securities and Exchange Commission on October 21, 2024. The unregistered warrants and underlying shares were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933.

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

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