Lucas Brent T. 4

What Happened
Lucas Brent, CEO of Envoy Medical, acquired 62,500 shares on 2026-02-12 at $0.40 each for a cash outlay of $25,000 (transaction code P). The Form 4 also reports two derivative acquisitions (reported at $0.00) of 37,500 and 62,500 shares on the same date (totaling 100,000 shares), which appear to be issuances tied to previously granted options/warrants (see footnotes).

Key Details

• Transaction date: February 12, 2026; Form 4 filed February 17, 2026. Filing appears timely under the SEC two-business-day rule (Feb 16 was a federal holiday).
• Cash purchase: 62,500 shares @ $0.40 = $25,000.
• Derivative acquisitions: 37,500 shares @ $0.00 and 62,500 shares @ $0.00 (total 100,000 shares reported as derivative issuances).
• Shares owned after transaction: not specified in the materials provided.
• Relevant footnotes:
  • F1: Options to purchase 659,811 shares vested 10/15/2023; 219,938 shares vest pro rata monthly over 36 months.
  • F2: Options to purchase 50,000 shares vest 2/5/2027; 150,000 vest pro rata monthly over 36 months.
  • F3: Fully exercisable.
  • F4: Exercisable upon shareholder approval to issue Class A common shares underlying warrants.
  • F5/F6: Series A-1/A-2 warrant expirations are tied to FDA milestones for the Acclaim CI Device (shorter windows once milestones hit).

Context

• The $25,000 cash purchase is a direct buy and is more informative to investors than routine sales; the derivative entries at $0 likely reflect issuance on option vesting/exercise or warrant conversion per the footnotes (the filing does not detail cashless vs. cash exercises).
• Footnotes show multiple vesting schedules and FDA-tied warrant terms; these affect when additional shares may be issued or exercised.
• No sales were reported in this filing.