ENVOY MEDICAL, INC. reports that Ayrton Capital LLC, Alto Opportunity Master Fund (Segregated Master Portfolio B) and Waqas Khatri each hold 2,457,963 shares of Class A common stock as of March 31, 2026, reflecting 3.10% of the class. These shares represent common stock issuable on exercise of warrants held by the reporting persons and are subject to a 9.99% beneficial ownership blocker. The filing states there were 76,881,110 shares outstanding as of March 20, 2026, per the issuer's 10-K; percentages are calculated using that figure and the issuable warrants. The reporting persons are the Fund, its Investment Manager Ayrton Capital LLC, and Waqas Khatri as managing member.
Positive
None.
Negative
None.
Insights
Holdings disclose warrant-based potential ownership and a 9.99% blocker.
The filing clarifies that the 2,457,963 shares reported are issuable upon exercise of warrants held by the Reporting Persons and that a 9.99% beneficial ownership blocker applies. This limits the ability to exercise warrants into a larger immediate stake.
Watch subsequent filings for any amendment removing the blocker or for exercise notices; timing of exercise is not stated in the excerpt.
Position size is small relative to outstanding shares (~3.10%).
The excerpt ties the 3.10% figure to March 20, 2026 outstanding shares of 76,881,110. The Reporting Persons report sole voting and dispositive power over the issuable shares.
Further disclosures to watch include any exercise of the Warrants or changes to the blocker; cashflow treatment for any exercise is not stated in the provided excerpt.
Key Figures
Shares issuable on exercise:2,457,963 sharesPercent of class:3.10%Beneficial ownership blocker:9.99% limit+1 more
4 metrics
Shares issuable on exercise2,457,963 sharesrepresenting holdings of each Reporting Person as of March 31, 2026
Percent of class3.10%calculated using 76,881,110 shares outstanding as of March 20, 2026
Beneficial ownership blocker9.99% limitapplies to the issuable shares related to the Warrants
Shares outstanding (issuer)76,881,110 sharesas of March 20, 2026 per issuer 10-K cited in filing
"Represent 2,457,963 shares of Common Stock issuable on the exercise of certain warrants"
Warrants are special documents that give you the right to buy a company's stock at a set price before a certain date. They are often used as a way for companies to attract investors or raise money, and their value can increase if the company's stock price goes up.
Beneficial ownership blockerregulatory
"The issuable shares of Common Stock related to the exercise of the Warrants are subject to a 9.99% beneficial ownership blocker"
A beneficial ownership blocker is a legal or structural device that prevents a shareholder from being treated as the ultimate owner of enough shares to trigger control, reporting, or voting thresholds. Think of it like a speed bump that stops an investor from reaching a stake size that would force corporate disclosure or change control rights. Investors care because it affects who controls the company, how shares vote, regulatory filings, takeover risk and therefore potential value or liquidity of their holdings.
Beneficially ownedfinancial
"Amount beneficially owned: Ayrton Capital LLC: 2,457,963"
Beneficially owned describes securities or assets where a person has the economic rights and control—such as the right to receive dividends and to direct voting—even if legal title is held in another name. Think of it like having the keys and using a car that’s registered to someone else: you get the benefits and make decisions. Investors care because beneficial ownership reveals who truly controls value and voting power, affecting corporate decisions and takeover dynamics.
What stake does Ayrton Capital report in ENVOY MEDICAL (COCH)?
Ayrton Capital reports 2,457,963 shares, representing 3.10% of the class based on 76,881,110 shares outstanding as of March 20, 2026. These shares are issuable upon exercise of warrants held by the reporting persons.
Are the reported shares currently outstanding or issuable for COCH?
The filing states the 2,457,963 shares are issuable on exercise of warrants. The filing treats them as beneficially owned for reporting but ties percentage calculations to outstanding shares as of March 20, 2026.
What is the 9.99% beneficial ownership blocker mentioned?
The filing says the issuable shares are subject to a 9.99% beneficial ownership blocker, which limits exercises that would increase beneficial ownership above that threshold. No further mechanics or timing are provided in the excerpt.
Who are the reporting persons named in the Schedule 13G/A?
The reporting persons are: (i) Ayrton Capital LLC (investment manager), (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B (the Fund), and (iii) Waqas Khatri (managing member).
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 1)
ENVOY MEDICAL, INC.
(Name of Issuer)
Class A Common Stock, par value $0.0001 per share
(Title of Class of Securities)
29415V109
(CUSIP Number)
03/31/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
schemaVersion:
SCHEDULE 13G
CUSIP Number(s):
29415V109
1
Names of Reporting Persons
Ayrton Capital LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,457,963.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,457,963.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,457,963.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.10 %
12
Type of Reporting Person (See Instructions)
IA, CO
SCHEDULE 13G
CUSIP Number(s):
29415V109
1
Names of Reporting Persons
Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,457,963.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,457,963.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,457,963.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.10 %
12
Type of Reporting Person (See Instructions)
CO
SCHEDULE 13G
CUSIP Number(s):
29415V109
1
Names of Reporting Persons
Waqas Khatri
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
2,457,963.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
2,457,963.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
2,457,963.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
3.10 %
12
Type of Reporting Person (See Instructions)
IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
ENVOY MEDICAL, INC.
(b)
Address of issuer's principal executive offices:
4875 White Bear Parkway, White Bear Lake, MN 55110
Item 2.
(a)
Name of person filing:
(i) Ayrton Capital LLC; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B; and (iii) Waqas Khatri
(b)
Address or principal business office or, if none, residence:
(i) Ayrton Capital LLC, 55 Post Rd West, 2nd Floor Westport, CT 06880; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B, Suite #7 Grand Pavilion Commercial Centre, 802 West Bay Road, Grand Cayman, P.O. Box 10250, Cayman Islands; and (iii) Waqas Khatri 55 Post Rd West, 2nd Floor Westport, CT 06880
(c)
Citizenship:
(i) Ayrton Capital LLC: United States; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: Cayman Islands; and (iii) Waqas Khatri: United States
(d)
Title of class of securities:
Class A Common Stock, par value $0.0001 per share
(e)
CUSIP No.:
29415V109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Ayrton Capital LLC: 2,457,963 ; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 2,457,963 ; and (iii) Waqas Khatri: 2,457,963. Represents 2,457,963 shares of Common Stock issuable on the exercise of certain warrants (the "Warrants") held by the Reporting Persons. The issuable shares of Common Stock related to the exercise of the Warrants are subject to a 9.99% beneficial ownership blocker. The shares reported herein represent Common Stock of ENVOY MEDICAL, INC. (the "Issuer") held by Alto Opportunity Master Fund, SPC- Segregated Master Portfolio B, a Cayman Islands exempted company (the "Fund"). The Fund is a private investment vehicle for which Ayrton Capital LLC, a Delaware limited liability company (the "Investment Manager"), serves as the investment manager. Waqas Khatri serves as the managing member of the Investment Manager (all of the foregoing, collectively, the "Reporting Persons").
(b)
Percent of class:
The percentages below are based on (i) 76,881,110 shares of Common Stock of the Issuer that were outstanding as of March 20, 2026; and (ii) 2,457,963 shares of Common Stock issuable on the exercise of the Warrants held by the Reporting Persons. The amount of shares outstanding was based upon a statement in the Issuer's 10-K filed on March 23, 2026. For the sake of clarity, the holdings of the Reporting Persons reported herein are as of March 31, 2026 . (i) Ayrton Capital LLC: 3.10%; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 3.10%; and (iii) Waqas Khatri: 3.10%.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
(i) Ayrton Capital LLC: 2,457,963 ; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 2,457,963 ; and (iii) Waqas Khatri: 2,457,963
(ii) Shared power to vote or to direct the vote:
(i) Ayrton Capital LLC: 0; (ii) Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B: 0; and (iii) Waqas Khatri: 0
(iii) Sole power to dispose or to direct the disposition of:
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Ayrton Capital LLC
Signature:
/s/ Waqas Khatri
Name/Title:
Waqas Khatri / Managing Member
Date:
05/11/2026
Alto Opportunity Master Fund, SPC - Segregated Master Portfolio B
