08:17 AM EDT, 08/28/2024 (MT Newswires) -- Envoy Medical ( COCH ) said Wednesday it has secured a $10 million lending facility from its majority shareholder Glen Taylor.

The company said it drew $5 million at the facility's origination, with funds available as needed.

The unsecured lending facility has a five-year term, an 8% interest rate, and defers interest payments for the first two years, Envoy Medical ( COCH ) said.