Eargo appoints new directors, chairman to board following rights offering

Eargo announced the appointments of several new directors following the closing of the company’s rights offering as previously announced on November 29. Patient Square Capital became the company’s majority owner upon closing of the rights offering and conversion of Patient Square’s senior secured convertible notes per its investment in June. As previously announced, following the completion of the rights offering, Patient Square has the right to nominate a number of directors to the company’s board of directors that is proportionate to its ownership of the company, and has nominated Karr Narula, Justin Sabet-Peyman, and Trit Garg to serve on the board, effective immediately. Sabet-Peyman will serve as chair of both the compensation committee and the nominating and corporate governance committee, and Garg will serve as a member of the compensation committee and the nominating and corporate governance committee. The appointment of the new Patient Square directors fills the seats vacated by Josh Makower, Douglas Hughes, and A. Brooke Seawell, following their respective resignations from the board. In addition, the company announced the appointment of Donald Spence to its board, also effective immediately. Spence will serve as chair of the board and will serve as a member of the audit committee. The board increased its size from six to seven members with the appointment of Spence.