WiSA Technologies Announces Reverse Stock Split
January 26 2023 - 1:00PM
Business Wire
FOR IMMEDIATE RELEASE
WiSA Technologies, Inc. (the “Company”) (Nasdaq: WISA), a
developer of spatial, wireless sound technology for smart devices
and next-generation home entertainment systems, today announced
that on January 24, 2023 the Company’s Board of Directors approved
a 1-for-100 reverse split (the "Reverse Stock Split") of the
Company’s common stock (the "Common Stock"). On January 26, 2023,
the Company filed a certificate of amendment to the Company’s
certificate of incorporation, as amended, with the Secretary of
State of the State of Delaware to effect the Reverse Stock Split as
of 5:00 p.m. Eastern Time on that date. On January 26, 2023, the
Common Stock will begin trading on the Nasdaq Capital Market
(“Nasdaq”) on a split-adjusted basis at the start of trading on
January 27, 2023 and will have a new CUSIP number of 86633R302.
Information to Stockholders
VStock Transfer, LLC, the Company transfer agent, will send
instructions to stockholders of record who hold stock certificates
regarding the exchange of certificates for Common Stock.
Stockholders who hold their shares of Common Stock in book-entry
form or in brokerage accounts or "street name" are not required to
take any action to effect the exchange of their shares of Common
Stock following the Reverse Stock Split. VStock Transfer, LLC may
be reached for questions at (212) 828-8436.
About WiSA Technologies, Inc.
WiSA Technologies, Inc. (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, the effective date for the Reverse Stock Split, the
date that trading of the New Common Stock will begin on a
split-adjusted basis, the Company’s ability to regain compliance
with the Nasdaq Listing Standards and maintain the listing of its
securities on Nasdaq, which may cause the Company’s actual results,
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.
There is no guarantee that Company will be able to regain
compliance with the Nasdaq minimum bid requirement and even if it
is able to regain compliance that it will maintain compliance over
a sustained period. 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230126005821/en/
David Barnard, LHA Investor Relations, (415) 433-3777,
wisa@lhai.com
WiSA Technologies (NASDAQ:WISA)
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