Davis Polk advised the representatives of the several underwriters in connection with an initial public offering of 9,029,629 shares of common stock of Eargo, Inc. at $18.00 per share (which includes the exercise in full by the underwriters of their option to purchase up to 1,177,777 additional shares), for total gross proceeds of $162.5 million. The common stock is listed on the Nasdaq Global Select Market under the symbol “EAR.”
Based in San Jose, California, Eargo is a medical device company dedicated to improving the quality of life of people with hearing loss. It developed the Eargo solution to create a hearing aid that consumers actually want to use.
The Davis Polk corporate team included partner Alan F. Denenberg and associates Beth LeBow, Daniel Fox and Ganiatu Afolabi. The intellectual property and technology transactions team included partner Frank J. Azzopardi and associate Jesse L. Hallock. The tax team included counsel Kiara L. Rankin and associate Ben Levenback. Counsel Marcie A. Goldstein provided FINRA advice. Associate Matthew R. Silver provided 1940 Act advice. Members of the Davis Polk team are based in the Northern California and New York offices.