Envoy Medical (COCH) said Wednesday it has entered into deals for the sale of more than 3 million Class A common shares at $1.33 apiece through a registered direct offering.

The company will also sell unregistered warrants to buy up to roughly 9 million Class A shares that are immediately exercisable at $1.33 per share over a 24-month period, Envoy Medical said.

Full exercise of the warrants will likely raise about $12 million, the company added.

Envoy Medical also said it expects to close the offering around Thursday, with net proceeds due to be allocated toward working capital and other general corporate purposes.

The company's shares were down more than 32% in recent Wednesday premarket activity.