Patient Square Capital, LP entered into an agreement to acquire remaining 23.8% stake in Eargo, Inc. (NasdaqGS:EAR) for $13 million on October 30, 2023. As part of consideration, Patient Square will pay $2.55 per share in cash. Upon completion of the transaction, Eargo will become a private company and will no longer be publicly listed or traded on Nasdaq. A special committee of the Board of Directors of Eargo, comprised solely of independent directors and advised by its own independent legal and financial advisors, unanimously recommended that the Board approve the transaction and determined it was in the best interests of Eargo and its shareholders that are not affiliated with Patient Square or such management and director shareholders. Acting upon the recommendation of the Special Committee, the board approved the transaction. The transaction is expected to close in the first quarter of 2024.

Ropes & Gray LLP acted as legal counsel to Patient Square. Perella Weinberg Partners LP acted as financial advisor to the Special Committee and Davis Polk & Wardwell LLP acted as its legal counsel.