New Risk • Jul 27
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 15% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings are forecast to decline by an average of 15% per year for the foreseeable future. Shareholders have been substantially diluted in the past year (260% increase in shares outstanding). Revenue is less than US$1m (US$234k revenue). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$35m net loss in 2 years). Market cap is less than US$100m (US$50.9m market cap). Announcement • Jul 22
Envoy Medical Surpasses Three-Month Visit Milestone For All 56 Patients In Pivotal Clinical Trial Envoy Medical has surpassed the three-month milestone for all 56 patients enrolled in the Company's pivotal clinical trial evaluating the investigational fully implanted Acclaim cochlear implant. The Company is continuing to collect safety and other study measures as part of its ongoing pivotal trial, with full data to be included as part of Envoy Medical's planned Premarket Approval submission to the U.S. Food and Drug Administration. The Company anticipates achieving its six-month visit milestone by late 2026 and its 12-month visit milestone for the entire study by April 2027. Envoy Medical has pioneered one-of-a-kind, fully implanted devices for hearing loss, including its fully implanted Esteem active middle ear implant, commercially available in the U.S. since 2010, and the fully implanted Acclaim cochlear implant, an investigational device. The fully implanted Acclaim Cochlear Implant is a first-of-its-kind hearing device. 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 cochlear implant is designed to address severe to profound sensorineural hearing loss that is not adequately addressed by hearing aids. The Acclaim cochlear implant 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 in 2019. The fully implanted Acclaim Cochlear Implant is an investigational device. Limited by Federal (or United States) law to investigational use. The Esteem fully implanted active middle ear implant 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 hearing implant is invisible and requires no externally worn components and nothing is placed in the ear canal for it to function. The Esteem hearing implant offers true 24/7 hearing. Announcement • May 23
Envoy Medical, Inc. Receives A Second Staff Notification from Nasdaq Informing the Company Is Eligible for an Additional 180 Day Period, Until November 16, 2026, to Meet the Bid Price Requirement As previously disclosed, on November 19, 2025, Envoy Medical, Inc. (the Company), received a staff determination notice (the Notice) from the Listing Qualifications Department of The Nasdaq Stock Market LLC (Nasdaq), informing the Company that its Class A Common Stock, par value $0.0001 per share (the Common Stock), had failed to comply with the $1.00 minimum bid price required for continued listing on The Nasdaq Capital Market (the Capital Market) under Nasdaq Listing Rule 5550(a)(2) (the Bid Price Requirement) for the 30 consecutive business days prior to the date of the Notice. The Notice had no immediate effect on the listing of the Common Stock on Capital Market. Pursuant to Nasdaq Listing Rule 5810(c)(3)(A), the Company was provided an initial compliance period of 180 calendar days, or until May 18, 2026 (the Compliance Date), to regain compliance with the minimum bid price requirement. To regain compliance, the closing bid price of the Common Stock was required to meet or exceed $1.00 per share for a minimum of ten consecutive business days prior to the Compliance Date. On May 19, 2026, the Company received a second staff notification from Nasdaq informing the Company that, although the Company had not met the Bid Price Requirement by the Compliance Date, the Company is eligible for an additional 180 day period, until November 16, 2026, to meet the Bid Price Requirement (the Second Compliance Period). Nasdaq's determination that the Company is eligible for a Second Compliance Period was based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for listing on the Capital Market with the exception of the bid price requirement and the Company's written notice to Nasdaq of its intention to cure the deficiency during the Second Compliance Period by effecting a reverse stock split, if necessary. 
