Envoy Medical, Inc. announced that it expects to receive $10 million in funding
The company will issue warrants to purchase 250,000 shares of company Class A common stock for each $2,500,000 of principal funded under the note as commitment fee. The warrants will have an exercise price equal to the closing price on the date of funding of the applicable tranche and a termination date as of the third anniversary of the initial closing for all warrants. At closing of the initial funding, the company issued warrants to purchase 500,000 shares of Class A Common Stock at an exercise price of $1.24 per share the closing price on February 27, 2024.Class A Common Stock at an exercise price of $1.24 per share the closing price on February 27, 2024.