Filed Pursuant to Rule 424(b)(3)
Registration No. 333-276590
PROSPECTUS SUPPLEMENT NO. 3
To Prospectus dated May 2, 2024
Up to 18,041,060 Shares of Class A Common Stock
Issuable Upon Exercise of Warrants
Up to 3,913,043 Shares of Class A Common Stock
Issuable Upon Conversion of Series A Preferred Stock
13,418,923 Shares of Class A Common Stock
3,874,394 Warrants
This prospectus supplement
no. 3 supplements the prospectus dated May 2, 2024 (as supplemented to date, the “Prospectus”), which forms a part
of the Registration Statement on Form S-1 (Registration No. 333-276590). Capitalized terms used in this prospectus supplement and not
otherwise defined herein have the meanings specified in the Prospectus.
The Prospectus relates to
the issuance by us of up to an aggregate of 21,954,103 shares of our Class A Common Stock, consisting of (i) up to 14,166,666 shares of
Class A Common Stock that are issuable upon the exercise of 14,166,666 Public Warrants originally issued by our predecessor company, Anzu,
as part of its IPO of units at a price of $10.00 per unit, with each unit consisting of one share of Anzu Class A Common Stock and one-third
of one Public Warrant; (ii) up to 3,874,394 shares of Class A Common Stock that are issuable upon the exercise of 3,874,394 Shortfall
Warrants issued to the Meteora FPA Parties for no additional consideration pursuant to the Forward Purchase Agreement; up to 2,173,913
shares of Class A Common Stock issuable upon conversion of 2,500,000 shares of our Series A Convertible Preferred Stock, issued to the
Sponsor concurrently with the Closing in a private exchange offer for 2,500,000 shares of Anzu’s Class B Common Stock, originally
issued in connection with the IPO at a price of $0.002 per share; (iv) up to 869,565 shares of Class A Common Stock issuable upon conversion
of an aggregate of 1,000,000 shares of Series A Preferred Stock, which were issued to the PIPE Investors, each an affiliate of the Sponsor,
in connection with the Closing at a price of $10.00 per share and have a conversion price of $11.50 per share; and (v) up to 869,565 shares
of Class A Common Stock issuable upon conversion of 1,000,000 shares of Series A Preferred Stock, which were issued to GAT in connection
with the Closing in exchange for the Legacy Envoy Bridge Note at a price of $10.00 per share and have a conversion price of $11.50 per
share. We will receive the proceeds from any exercise of any Warrants, assuming the exercise in full of all of the Warrants for cash,
but not from the sale of the shares of Class A Common Stock issuable upon such exercise.
The Prospectus and prospectus supplement also relate to the offer and
sale from time to time by the Selling Securityholders named in the Prospectus of up to 3,874,394 Shortfall Warrants and up to 21,206,360
shares of Class A Common Stock, consisting of (i) up to 3,874,394 shares of Class A Common Stock that are issuable upon the exercise of
3,874,394 Shortfall Warrants issued to the Meteora FPA Parties for no additional consideration pursuant to the Forward Purchase Agreement;
(ii) up to 2,173,913 shares of Class A Common Stock issuable upon conversion of 2,500,000 shares of Series A Preferred Stock, which were
issued to the Sponsor concurrently with the Closing in a private exchange offer for 2,500,000 shares of Anzu Class B Common Stock originally
issued in connection with the IPO at a price of $0.002 per share and have a conversion price of $11.50 per share; (iii) up to 869,565
shares of Class A Common Stock issuable upon conversion of an aggregate of 1,000,000 shares of Series A Preferred Stock, which were issued
to the PIPE Investors in connection with the Closing at a price of $10.00 per share and have a conversion price of $11.50 per share; (iv)
up to 869,565 shares of Class A Common Stock issuable upon conversion of 1,000,000 shares of Series A Preferred Stock, which were issued
to GAT in connection with the Closing in exchange for the Legacy Envoy Bridge Note at a price of $10.00 per share and have a conversion
price of $11.50 per share; (v) 2,000,000 shares of Class A Common Stock (1,000,000 of which remain unvested and subject to forfeiture
and will vest upon the approval from the United States Food and Drug Administration of the Acclaim CI or upon a change of control of the
Company) issued to the Sponsor concurrently with the Closing upon conversion of 2,000,000 shares of Anzu Class B Common Stock originally
issued in connection with the IPO at a price of $0.002 per share; (vi) an aggregate of 125,000 shares of Class A Common Stock issued to
Anzu’s former directors concurrently with the Closing upon conversion of 125,000 shares of Anzu Class B Common Stock originally
issued in connection with the IPO at a price of $0.002 per share; (vii) an aggregate of 490,000 shares of Class A Common Stock issued
to the Sponsor concurrently with the Closing upon conversion of 490,000 shares of Anzu Class B Common Stock and subsequently transferred
by the Sponsor to certain third parties for no additional consideration pursuant to (a) side letter agreements, dated December 6, 2021,
by and between the Sponsor and certain institutional investors and (b) extension support agreements, by and among Anzu, the Sponsor and
several unaffiliated third parties; (viii) an aggregate of 8,512 shares of Class A Common Stock issued to the Meteora FPA Parties concurrently
with the Closing for no additional consideration pursuant to the Forward Purchase Agreement; and (ix) an aggregate of 10,795,411 shares
of Class A Common Stock issued to the Key Seller Stockholders concurrently with the Closing, and as consideration in the Business Combination,
upon the conversion of an aggregate of 169,731,160 shares of Legacy Envoy Common Stock held by the Key Seller Stockholders into shares
of Class A Common Stock. We will not receive any proceeds from the sale of Shortfall Warrants or Class A Common Stock by the Selling Securityholders
pursuant to the Prospectus.
We registered the securities
for resale pursuant to the Selling Securityholders’ registration rights under certain agreements between us and the Selling Securityholders.
Our registration of the securities covered by the Prospectus does not mean that the Selling Securityholders will offer or sell any of
their Shortfall Warrants or Class A Common Stock. The Selling Securityholders may offer, sell or distribute all or a portion of their
Shortfall Warrants and Class A Common Stock publicly or through private transactions at prevailing market prices or at negotiated prices.
We will not receive any proceeds from the sale of Shortfall Warrants or Class A Common Stock by the Selling Securityholders pursuant to
the Prospectus. We provide more information about how the Selling Securityholders may sell their Shortfall Warrants and Class A Common
Stock in the section entitled “Plan of Distribution.”
This prospectus supplement
incorporates into the Prospectus the information contained in our attached current report on Form 8-K, which was filed with the Securities
and Exchange Commission on June 11, 2024.
You should read this prospectus
supplement in conjunction with the Prospectus, including any supplements and amendments thereto. This prospectus supplement is qualified
by reference to the Prospectus except to the extent that the information in the prospectus supplement supersedes the information contained
in the Prospectus. This prospectus supplement is not complete without, and may not be delivered or utilized except in connection with,
the Prospectus, including any supplements and amendments thereto.
Our Class A Common Stock
and Public Warrants are listed on The Nasdaq Capital Market under the symbols “COCH” and “COCHW,” respectively.
On July 15, 2024, the closing price of our Class A Common Stock was $2.28 and the closing price for our Public Warrants was $0.06.
See the section entitled “Risk
Factors” beginning on page 10 of the Prospectus to read about factors you should consider before buying our securities.
Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement of the
Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
The date of this prospectus supplement is July 17,
2024.
Item 5.02 Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Director Resignation
On June 6, 2024, Dr. Whitney Haring-Smith, notified the Company
of his decision to resign from the board of directors of the Company (the “Board”) effective immediately. Dr. Haring-Smith
did not resign from the Board because of a disagreement with the Company on any matter relating to the Company’s operations, policies
or practices.
Director Appointment
On June 7, 2024, the Board appointed Michael Crowe to fill the
vacancy created by Dr. Haring-Smith’s resignation. Mr. Crowe has decades of experience in the medical device industry with a focus
on operations. Since March 2023, Mr. Crowe has served as Senior Vice President Operations for Bioventus LLC. Previously, he served as
Vice President Operations for Abbott Vascular from January 2015 to March 2023. Mr. Crowe earlier served in similar roles for Caris Life
Sciences, Covidien Devices, Johnson & Johnson, Iomega Corporation, and SKF USA, Inc. Mr. Crowe earned a bachelor’s degree in
engineering from the University of Louisville and an MBA from Duke University.
There are no arrangements or understandings between Mr. Crowe and any
other person pursuant to which he was selected as a director, and there are no transactions in which he has an interest requiring disclosure
under Item 404(a) of Regulation S-K. Mr. Crowe will participate in the standard fee arrangements for non-executive directors, which are
described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023 under the heading “Non-Employee
Director Compensation,” filed with the Securities and Exchange Commission on April 1, 2024. Under the existing director compensation
arrangements, Mr. Crowe will be entitled to annual cash compensation in the amount of $40,000, and, in connection with his appointment
to the Board, Mr. Crowe will be granted a stock option award to purchase 25,000 shares of the Company’s Class A Common Stock,
which options will vest over a period of four years. Mr. Crowe will also enter into the Company’s standard director and officer
indemnification agreement, pursuant to which we will indemnify him for claims related to certain actions he takes in his capacity as a
director. A copy of the form of indemnification agreement is filed as Exhibit 10.21 to the Company’s Current Report on Form 8-K,
filed with the Securities and Exchange Commission on October 5, 2023, and is incorporated herein by reference.
Item 7.01 Regulation FD Disclosure.
On June 11, 2024, the Company issued a press release announcing the
resignation of Dr. Haring-Smith and appointment of Mr. Crowe to the Board. A copy of the press release is attached hereto as Exhibit 99.1
to this report and is incorporated in this Item 7.01 by reference.
The information contained in Item 7.01 of this Current Report on Form
8-K (including Exhibit 99.1 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed
incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly
provided by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| |
ENVOY MEDICAL, INC. |
| |
|
|
| June 11, 2024 |
By: |
/s/ David R. Wells |
| |
|
David R. Wells |
| |
|
Chief Financial Officer |
Exhibit 99.1
Envoy Medical Announces Addition of Medical
Device Manufacturing Experience to its Board of Directors to Prepare for Scaling
WHITE BEAR LAKE, Minn., June 11, 2024 (GLOBE NEWSWIRE) -- Envoy
Medical®, Inc. (“Envoy Medical”) (Nasdaq: COCH) today announced the appointment of Michael Crowe to the Envoy Medical
Board of Directors effective June 7, 2024. Envoy Medical is currently sponsoring an Early Feasibility Study at Mayo Clinic in Rochester,
Minnesota for its investigational fully implanted Acclaim® Cochlear Implant. Envoy Medical expects to begin a larger pivotal clinical
study for its device later in 2024.
Mr. Crowe, who received his BS in Electrical Engineering from the University
of Louisville and his MBA from Duke University, has decades of experience helping companies grow operations quickly and efficiently without
sacrificing quality. After starting his career at General Electric, he has served in management at medical device powerhouses Johnson
& Johnson, Covidien Surgical Devices (now part of Medtronic), and Abbott Vascular. He is currently the Senior Vice President of Operations
for Bioventus, LLC. Mr. Crowe will qualify as an Independent Director and serve on the Compensation Committee.
“Envoy Medical appears well-positioned to disrupt and further
grow an existing market with an incredibly transformational technology,” said Mr. Crowe, “In order to take full advantage
of the opportunity, we will need to prepare ourselves for rapid growth with discipline and rigor by making intelligent choices. Brent
and his team are moving in the right direction, and I look forward to lending my decades of expertise to help the company achieve its
full potential.”
“Michael is a seasoned medical device executive who specializes
in quickly expanding operations and ensuring a business is doing the right things to maintain quality throughout periods of growth and
transformation,” said Brent Lucas, Chief Executive Officer of Envoy Medical, “We look forward to leaning on his experience
and guidance as we prepare ourselves for what we believe will be an exciting future.”
Envoy Medical’s Nominating and Corporate Governance Committee,
chaired by Janis Smith-Gomez, and Envoy Medical’s management team prioritized a variety of skills and competencies before identifying
and vetting potential candidates. Envoy Medical sought an independent director who is a proven, successful business and people leader
with a formidable career spanning supply chain, manufacturing and operations with deep engineering expertise and launch excellence who
could guide and mentor a management team preparing to bring a disruptive medical device to market.
Prior to the appointment of Mr. Crowe, Dr. Whitney Haring-Smith, a
Managing Partner of Anzu Partners, resigned from the Board of Directors. Dr. Haring-Smith served as the Chair of the Compensation Committee
and a Class I director, whose regular term would otherwise have concluded later this year.
“It has been an honor to serve on the board of Envoy Medical,
which I believe has the potential to transform hearing health. I have confidence in the board of directors and management team going forward
to deliver on the potential of the technology. I am grateful to Michael Crowe for providing his deep industry and operations expertise
to help guide the company in these critical areas,” commented Dr. Haring-Smith.
“Whitney’s contribution to Envoy Medical was instrumental
in the business combination that transitioned us to the public markets,” said Brent Lucas, “Whitney making room for a new
director to help guide us through our next chapter is an example of his exemplary leadership, inclusive approach, and commitment to helping
Envoy Medical succeed.”
Anzu Partners, a growing investment firm focusing on industrial and
life science technology companies with the potential to transform their industries, has a common and preferred equity position in Envoy
Medical.
About the Fully Implanted Acclaim®
Cochlear Implant
We believe the fully implanted Acclaim Cochlear
Implant (“Acclaim CI”) will be a first-of-its-kind fully implanted cochlear implant. Envoy Medical’s fully implanted
technology includes a sensor designed to leverage the natural anatomy of the ear instead of a microphone to capture sound.
The Acclaim CI is designed to address severe
to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim CI is expected to be indicated for
adults who have been deemed adequate candidates by a qualified physician.
The Acclaim Cochlear Implant received the
Breakthrough Device Designation from the U.S. Food and Drug Administration (FDA) in 2019. We believe the Acclaim CI was the first hearing-focused
device to receive Breakthrough Device Designation.
CAUTION The fully implanted Acclaim
Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use.
About the Esteem® Fully Implanted Active
Middle Ear Implant (FI-AMEI)
The Esteem fully implanted active middle ear
implant (FI-AMEI) is the only FDA-approved, fully implanted* hearing device for adults diagnosed with moderate to severe sensorineural
hearing loss allowing for 24/7 hearing capability using the ear’s natural anatomy. The Esteem FI-AMEI hearing implant is invisible
and requires no externally worn components and nothing is placed in the ear canal for it to function. Unlike hearing aids, you never put
it on or take it off. You can’t lose it. You don’t clean it. The Esteem FI-AMEI hearing implant offers true 24/7 hearing.
| * | Once activated, the external Esteem FI-AMEI Personal Programmer
is not required for daily use. |
Important safety information for the Esteem
FI-AMEI can be found at: https://www.envoymedical.com/safety-information.
Additional Information and Where to Find
It
Copies of the documents filed by Envoy Medical
with the SEC may be obtained free of charge at the SEC’s website at www.sec.gov.
Forward-Looking Statements
This press release includes “forward-looking
statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform
Act of 1995. Forward-Looking statements may be identified by the use of words such as “estimate,” “plan,” “project,”
“forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,”
“seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not
statements of historical matters, but the absence of these words does not mean that a statement is not forward-looking. Such statements
may include, but are not limited to, statements regarding the expectations of Envoy Medical concerning the outlook for its business, productivity,
plans and goals for future operational improvements and capital investments, the availability and benefits of future funding, the Acclaim
CI being the first to market fully implanted cochlear implant, the timing of Envoy Medical’s IDE submission and beginning of its
clinical trial, the effect of such clinical trial on the development of Envoy Medical’s business, and future market conditions or
economic performance, as well as any information concerning possible or assumed future operations of Envoy Medical. The forward-looking
statements contained in this press release reflect Envoy Medical’s current views about future events and are subject to numerous
known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause its actual results to differ significantly
from those expressed in any forward-looking statement. Envoy Medical does not guarantee that the transactions and events described will
happen as described (or that they will happen at all). These forward-looking statements are subject to a number of risks and uncertainties,
including, but not limited to changes in the market price of shares of Envoy Medical’s Class A Common Stock; Envoy Medical’s
success in retaining or recruiting, or changes required in, its officers, key employees or directors; unpredictability in the medical
device industry, the regulatory process to approve medical devices, and the clinical development process of Envoy Medical products; competition
in the medical device industry, and the failure to introduce new products and services in a timely manner or at competitive prices to
compete successfully against competitors; disruptions in relationships with Envoy Medical’s suppliers, or disruptions in Envoy Medical’s
own production capabilities for some of the key components and materials of its products; changes in the need for capital and the availability
of financing and capital to fund these needs; changes in interest rates or rates of inflation; legal, regulatory and other proceedings
could be costly and time-consuming to defend; changes in applicable laws or regulations, or the application thereof on Envoy Medical;
a loss of any of Envoy Medical’s key intellectual property rights or failure to adequately protect intellectual property rights;
the effects of catastrophic events, including war, terrorism and other international conflicts; and other risks and uncertainties set
forth in the section entitled “Risk Factors” and “Cautionary Note Regarding Forward Looking Statements” in the
Annual Report on Form 10-K filed by Envoy Medical on April 1, 2024, and in other reports Envoy Medical files, with the SEC. If any
of these risks materialize or Envoy Medical’s assumptions prove incorrect, actual results could differ materially from the results
implied by these forward-looking statements. While forward-looking statements reflect Envoy Medical’s good faith beliefs, they are
not guarantees of future performance. Envoy Medical disclaims any obligation to publicly update or revise any forward-looking statement
to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes after the date
of this press release, except as required by applicable law. You should not place undue reliance on any forward-looking statements, which
are based only on information currently available to Envoy Medical.
###
Investor Contact:
CORE IR
516-222-2560
investorrelations@envoymedical.com
Envoy Medical (NASDAQ:COCH)
Gráfica de Acción Histórica
De Jun 2024 a Jul 2024
Envoy Medical (NASDAQ:COCH)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024
