WiSA Technologies Announces Closing of $6.2 Million Registered Direct Offering and Concurrent Private Placement Priced At-The-Market
February 03 2023 - 1:35PM
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 closing of its
previously announced registered direct offering of 583,306 shares
of common stock (or pre-funded warrants in lieu thereof), priced
at-the-market under Nasdaq rules. In a concurrent private
placement, the Company also issued unregistered warrants to
purchase up to an aggregate of 874,959 shares of common stock. The
combined effective offering price for each share of common stock
(or pre-funded warrant in lieu thereof) and warrant was $10.68. The
warrants are immediately exercisable, will expire five years from
the issuance date and have an exercise price of $10.49 per whole
share.
The gross proceeds to the Company from the registered direct
offering and concurrent private placement were approximately $6.2
million before deducting the placement agent’s fees and other
estimated offering expenses payable by the Company.
Maxim Group LLC acted as the exclusive placement agent for the
offering and concurrent private placement.
The shares of common stock and pre-funded warrants were offered
pursuant to a shelf registration statement on Form S-3 (File No.
333-267211), which was declared effective by the United States
Securities and Exchange Commission ("SEC") on September 13, 2022.
The warrants issued in the concurrent private placement and the
shares issuable upon exercise of such warrants were offered in a
private placement under Section 4(a)(2) of the Securities Act of
1933, as amended (the "Act"), and Regulation D promulgated
thereunder and have not been registered under the Act or applicable
state securities laws. A prospectus supplement relating to the
shares of common stock, pre-funded warrants and shares of common
stock issuable upon exercise of the pre-funded warrants was filed
by the Company with the SEC on February 2, 2023. Copies of the
prospectus supplement relating to the registered direct offering,
together with the accompanying prospectus, can be obtained at the
SEC's website at www.sec.gov or from Maxim Group LLC, 300 Park
Avenue, 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. 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 the
applicable 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 Company’s filings with the SEC,
including the section titled “Risk Factors” in the prospectus
supplement and 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/20230203005373/en/
David Barnard, LHA Investor Relations, 415-433-3777,
wisa@lhai.com
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