WiSA Technologies Raises $3.0M in Private Placement of a Senior Secured Convertible Security
August 15 2022 - 6:55AM
Business Wire
WiSA Technologies, Inc. (Nasdaq: WISA), a
developer of spatial, wireless sound technology for smart devices
and next-generation home entertainment systems, announced the
issuance of a $3.6 million senior secured convertible note and
warrant to Lind Global Macro Fund, LP. At closing, $3.0 million in
gross proceeds will be funded, with the net proceeds to be used by
WiSA Technologies for general working capital purposes.
Maxim Group LLC acted as placement agent for the offering.
The convertible security is secured by a first priority lien on
substantially all of WiSA Technologies’ assets and properties and
is convertible, at the option of the investor and subject to
certain exceptions in the security. The security is convertible
into shares of WiSA Technologies’ common stock at the lower of
$0.93 or 90% of the 5 lowest VWAPs during the 20 trading day period
prior to conversion. The convertible security may be prepaid at any
time without penalty, but the investor has the right to convert 33%
of the then outstanding amount of such security into shares of WiSA
Technologies’ common stock prior to such prepayment.
Additionally, the investor was issued a five-year warrant to
purchase up to approximately 2.1 million shares of WiSA
Technologies’ common stock at an exercise price of $1.00 per
share.
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. For more information, please visit:
www.wisatechnologies.com.
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. Such forward-looking statements, including statements
herein regarding revenue growth, production, stores and launches,
are necessarily based upon estimates and assumptions that, while
considered reasonable by us and our management, are inherently
uncertain. As a result, 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 impacting WiSA
Technologies’ business, including current macroeconomic
uncertainties associated with the COVID-19 pandemic; our inability
to predict or measure supply chain disruptions resulting from the
COVID-19 pandemic and other drivers; our ability to predict the
timing of design wins entering production and the potential future
revenue associated with our design wins; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220815005239/en/
David Barnard, LHA Investor Relations, 415-433-3777,
wisa@lhai.com
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