Envoy Medical Announces Closing of Up to $78.0 Million Upsized Public Offering

$30.0 million upfront with up to an additional $48.0 million of potential aggregate gross proceeds upon the exercise in full of milestone-linked warrants for cash

Offering led by Nantahala Capital, with participation of healthcare-dedicated funds, including Broadfin Holdings, and participation from existing shareholder, Glen Taylor, and members of the Company's board of directors and management

Net proceeds extend anticipated cash runway into second half of 2027, beyond expected PMA submission; if milestone-linked warrants are exercised in full for cash, it is anticipated that the cash runway would extend well beyond first full year of commercialization

White Bear Lake, Minnesota--(Newsfile Corp. - February 12, 2026) - Envoy Medical® Inc. (NASDAQ: COCH) ("Envoy Medical" or the "Company"), a hearing health company pioneering fully implanted hearing solutions, today announced the closing of its previously announced upsized public offering of an aggregate of 75,000,000 shares of its Class A common stock (or pre-funded warrants in lieu thereof) accompanied by Series A-1 common warrants to purchase up to 45,000,000 shares of Class A common stock (or pre-funded warrants in lieu thereof) and Series A-2 common warrants to purchase up to 75,000,000 shares of Class A common stock (or pre-funded warrants in lieu thereof), at a combined public offering price of $0.40 per share (or per pre-funded warrant in lieu thereof) and accompanying warrants.

"We are pleased to have closed this transformational financing anchored by Nantahala Capital and with strong support from Glen Taylor, other healthcare funds, and several members of the Board of Directors and management. We believe this financing reflets a vote of confidence in the potential for our fully internal cochlear implant and a belief in the potential to not only capture significant market share but also to hopefully expand this multi-billion-dollar market," said Brent Lucas, Chief Executive Officer of Envoy Medical. "The net proceeds from today's closing extend our projected cash runway beyond the submission of our PMA application and into the second half of 2027. Furthermore, if the milestone-linked warrants are exercised in full, our projected cash runway would extend beyond FDA's approval decision and into the second year of commercialization."