WiSA Technologies Announces Pricing of $7.6 Million Public Offering
November 29 2022 - 11:15PM
Business Wire
WiSA Technologies, Inc. (Nasdaq: WISA), a developer of spatial,
wireless sound technology for smart devices and next-generation
home entertainment systems, today announced the pricing of its
public offering of an aggregate of 50,400,000 units and 3,600,000
pre-funded units at an effective public offering price of $0.14 per
unit. Each unit consists of (i) one share of common stock, (ii) one
Series A Warrant to purchase one share of common stock, immediately
exercisable at a price of $0.14 per share and expiring five years
from the date of issuance, and (iii) one Series B Warrant to
purchase one share of common stock, immediately exercisable at a
price of $0.14 per share and expiring five years from the date of
issuance. Each pre-funded unit will consist of (i) one pre-funded
warrant to purchase one share of common stock, (ii) one Series A
Warrant and (iii) one Series B Warrant. The closing of the offering
is expected to occur on or about December 1, 2022, subject to the
satisfaction of customary closing conditions. The gross proceeds
from the offering, before deducting the placement agent's fees and
other offering expenses, are expected to be approximately $7.6
million.
Maxim Group LLC is acting as the exclusive placement agent for
the offering.
The securities described above are being offered pursuant to a
registration statement on Form S-1, as amended (File No.
333-268085), which was declared effective by the Securities and
Exchange Commission (the “SEC”) on November 29, 2022. The offering
is being made only by means of a prospectus which is a part of the
effective registration statement. A preliminary prospectus relating
to the offering has been filed with the SEC. Copies of the final
prospectus relating to this offering, when available, will be filed
with the SEC and may be obtained from Maxim Group LLC, 300 Park
Avenue, 16th Floor, New York, NY 10022, at (212) 895-3745.
This press release shall not constitute an offer to sell or a
solicitation of an offer to buy any of the securities described
herein, nor shall there be any sale of these securities in any
state or other jurisdiction in which such offer, solicitation or
sale would be unlawful prior to the registration or qualification
under the securities laws of any such state or other
jurisdiction.
About WiSA Technologies, Inc.
WiSA Technologies (Nasdaq: WISA) develops, markets, and sells
spatial audio wireless technology for smart devices and
next-generation home entertainment systems. Its consortium—the WiSA
Association—works with leading consumer electronics companies,
technology providers, retailers, and industry partners to make
spatial audio an experience that everyone can enjoy. The Company is
headquartered in Beaverton, OR.
Safe Harbor Statement
This press release contains forward-looking statements, which
are not historical facts, within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Our actual results,
performance or achievements may differ materially from those
expressed or implied by these forward-looking statements. In some
cases, you can identify forward-looking statements by the use of
words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“continue,” “likely,” “will,” “would” and variations of these terms
and similar expressions, or the negative of these terms or similar
expressions and include statements regarding the expected closing
date of the offering. Readers are cautioned not to place undue
reliance on these forward-looking statements. Actual results may
differ materially from those indicated by these forward-looking
statements as a result of risks and uncertainties including, but
not limited to, our ability to consummate the offering and satisfy
closing conditions, and other risks impacting WiSA Technologies’
business, such as, current macroeconomic uncertainties associated
with the COVID-19 pandemic, WiSA Technologies’ ability to predict
the timing of design wins entering production and the potential
future revenue associated with WiSA Technologies’ design wins; WiSA
Technologies’ rate of growth; WiSA Technologies’ ability to predict
customer demand for its existing and future products and to secure
adequate manufacturing capacity; consumer demand conditions
affecting WiSA Technologies’ customer’s end markets; WiSA
Technologies’ ability to hire, retain and motivate employees; the
effects of competition, including price competition; technological,
regulatory and legal developments; developments in the economy and
financial markets and other risks as more fully described in the
section titled “Risk Factors” in the registration statement related
to the offering. The information in this press release is provided
only as of the date of this press release, and WiSA Technologies
undertakes no obligation to update any forward-looking statements
contained in this press release based on new information, future
events, or otherwise, except as required by law. WiSA Technologies
disclaims any obligation to update these forward-looking
statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20221129006178/en/
David Barnard, LHA Investor Relations, 415-433-3777,
wisa@lhai.com
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