Form 8-K - Current report
19 Dicembre 2023 - 10:05PM
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Date of Report (Date of earliest event reported):
December 14, 2023
ENVOY MEDICAL, INC.
(Exact name of registrant as specified in its
charter)
Delaware |
|
001-40133 |
|
86-1369123 |
(State or other jurisdiction
of incorporation) |
|
(Commission File Number) |
|
(IRS Employer
Identification No.) |
4875 White Bear Parkway
White Bear Lake, MN |
|
55110 |
(Address of principal executive offices) |
|
(Zip Code) |
Registrant’s telephone number, including
area code: (877) 900-3277
Not Applicable
(Former name or former address, if changed since
last report)
Check the appropriate box below if the Form 8-K
filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ | Written communications pursuant to Rule 425 under the Securities
Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange
Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under
the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under
the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading Symbol(s) |
|
Name of each exchange on which registered |
Class A Common Stock, par value $0.0001 per share |
|
COCH |
|
The Nasdaq Stock Market LLC |
Redeemable Warrants, each whole Warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
|
COCHW |
|
The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the
Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☒
If an emerging growth company, indicate by check
mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting
standards provided pursuant to Section 13(a) of the Exchange Act.
Item 4.02: Non-Reliance on Previously Issued Financial Statements
or a Related Audit Report or Completed Interim Review
On December 14, 2023, the audit committee (the “Audit Committee”)
of the board of directors of Envoy Medical, Inc. (the “Company”), after considering the recommendations of management, concluded
that the Company’s previously issued unaudited interim financial statements included in the Company’s Quarterly Report on
Form 10-Q for the quarterly period ended September 30, 2023 (the “Previous Financial Statements” and such period, the “Affected
Period”), should no longer be relied upon.
The determination relates to the Company’s interpretation of
the accounting guidance applicable to the forward purchase agreement, dated April 17, 2023, by and among the Company, Envoy Medical Corporation,
Meteora Special Opportunity Fund I, LP, Meteora Capital Partners, LP, Meteora Select Trading Opportunities Master, LP and Meteora Strategic
Capital, LLC (as amended to date, the “FPA”). The Company expects to restate the accounting treatment of the FPA for the Affected
Period to reclassify the prepayment amount, currently recorded as part of the forward purchase agreement assets in the condensed consolidated
balance sheet of the Previous Financial Statements, to the equity section of the condensed consolidated balance sheet with any remaining
balance of the prepaid forward contract, including the maturity consideration and the share consideration, as non-current liabilities
in its condensed consolidated balance sheet for the Affected Period.
Management concluded that the error above is consistent with the Company’s
existing material weaknesses in internal control over financial reporting as of September 30, 2023, as previously disclosed in the Company’s
Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.
The Company’s management and the Audit Committee have discussed
the matters described herein with Grant Thornton LLP, the Company’s independent registered public accounting firm.
Forward-Looking Statements
This Current Report on Form 8-K includes forward-looking statements
regarding, among other things, the plans of the Company. These statements may be preceded by, followed by or include the words “believes,”
“estimates,” “expects,” “projects,” “forecasts,” “may,” “will,”
“should,” “seeks,” “plans,” “scheduled,” “anticipates,” “intends”
or similar expressions. These statements are based on current expectations on the date of this Form 8-K
and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company may be adversely
affected by other economic, business, or competitive factors, and other risks and uncertainties, including those described under the header
“Risk Factors” in the Company’s proxy statement/prospectus filed with the Securities and Exchange Commission on September
14, 2023, and in future SEC filings. New risk factors that may affect actual results or outcomes emerge from time to time and it is not
possible to predict all such risk factors, nor can the Company assess the impact of all such risk factors on its business, or the extent
to which any factor or combination of factors may cause actual results to differ materially from those contained in any forward-looking
statements. Forward-looking statements are not guarantees of performance. You should not put undue reliance on these statements, which
speak only as of the date hereof. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by the foregoing cautionary statements. The Company undertakes no obligations to update or revise publicly
any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
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. |
|
|
|
December 19, 2023 |
By: |
/s/ Brent T. Lucas |
|
|
Brent T. Lucas |
|
|
Chief Executive Officer |
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Dec. 14, 2023 |
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Document Period End Date |
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Entity File Number |
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|
Entity Registrant Name |
ENVOY MEDICAL, INC.
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Entity Central Index Key |
0001840877
|
Entity Tax Identification Number |
86-1369123
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
4875 White Bear Parkway
|
Entity Address, City or Town |
White Bear Lake
|
Entity Address, State or Province |
MN
|
Entity Address, Postal Zip Code |
55110
|
City Area Code |
877
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Local Phone Number |
900-3277
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Class A Common Stock, par value $0.0001 per share |
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Title of 12(b) Security |
Class A Common Stock, par value $0.0001 per share
|
Trading Symbol |
COCH
|
Security Exchange Name |
NASDAQ
|
Redeemable Warrants, each whole Warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share |
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Title of 12(b) Security |
Redeemable Warrants, each whole Warrant exercisable for one share of Class A Common Stock at an exercise price of $11.50 per share
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