WiSA Technologies Announces Pricing of $10.0 Million Public Offering
February 12 2024 - 9:20AM
Business Wire
WiSA Technologies, Inc. (Nasdaq: WISA or the “Company”), a
leading innovator in wireless audio technology for intelligent
devices and next-generation home entertainment systems, today
announced the pricing of a public offering of 153,840,000 units,
with each unit consisting of one share of common stock (or
pre-funded warrant in lieu thereof) and one warrant, each to
purchase one (1) share of common stock for gross proceeds of
approximately $10.0 million. Each unit was sold at an effective
public offering price of $0.065. The warrants will be exercisable
on the date of stockholder approval at an exercise price of $0.065
and will expire five years from the date of such stockholder
approval.
Maxim Group LLC is acting as the sole placement agent for the
offering. The offering is expected to close on February 13, 2024,
subject to customary closing conditions.
The securities described above were offered pursuant to a
registration statement on Form S-1, as amended (File No.
333-276631) (the “Registration Statement”), which was declared
effective by the Securities and Exchange Commission (the "SEC") on
February 12, 2024. The offering was made only by means of a
prospectus which is a part of the Registration Statement. A final
prospectus relating to the offering has been filed with the SEC.
Copies of the final prospectus relating to this offering 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, Inc. (NASDAQ: WISA) is a leading provider of
immersive, wireless sound technology for intelligent devices and
next-generation home entertainment systems. Working with leading CE
brands and manufacturers such as Harman International, a division
of Samsung; LG; Hisense; TCL; Bang & Olufsen; Platin Audio; and
others, the company delivers immersive wireless sound experiences
for high-definition content, including movies and video, music,
sports, gaming/esports, and more. WiSA Technologies, Inc. is a
founding member of WiSA™ (the Wireless Speaker and Audio
Association) whose mission is to define wireless audio
interoperability standards as well as work with leading consumer
electronics companies, technology providers, retailers, and
ecosystem partners to evangelize and market spatial audio
technologies driven by WiSA Technologies, Inc. The company is
headquartered in Beaverton, OR with sales teams in Taiwan, China,
Japan, Korea, and California.
© 2024 WiSA Technologies, Inc. All rights reserved. WiSA
Technologies, Inc. and the WiSA Technologies, Inc. logo are
trademarks of WiSA Technologies, Inc. The WiSA logo, WiSA®, WiSA
Ready™, and WiSA Certified™ are trademarks and certification marks
of WiSA, LLC. Third-party trade names, trademarks and product names
are the intellectual property of their respective owners.
Forward-Looking Statements
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. Forward-looking
statements include statements herein with respect to the expected
closing date of the offering. 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.
Such forward-looking statements are necessarily based upon
estimates and assumptions that, while considered reasonable by us
and our management, are inherently uncertain. 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 risks related to our ability to satisfy the closing
conditions; general economic and market conditions; our current
liquidity position; the need to obtain additional financing to
support ongoing operations; the interoperability of WiSA E
software; our ability to continue as a going concern; our ability
to maintain the listing of our common stock on Nasdaq; our ability
to predict the timing of design wins entering production and the
potential future revenue associated with our design wins; our
success in porting WiSA E software to various platforms; our rate
of growth; our ability to predict direct and indirect customer
demand for our existing and future products and to secure adequate
manufacturing capacity; our ability to hire, retain and motivate
employees; the effects of competition, including price competition
within our industry segment; technological, regulatory and legal
developments that uniquely or disproportionately impact our
industry segment; developments in the economy and financial markets
and other risks detailed from time to time in WiSA Technologies’
filings with the Securities and Exchange Commission. The
information in this press release is provided only as of the date
of this press release, and WiSA 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 disclaims any obligation to update these
forward-looking statements.
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version on businesswire.com: https://www.businesswire.com/news/home/20240211994933/en/
David Barnard, LHA Investor Relations, 415-433-3777,
wisa@lhai.com
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