WiSA Technologies, Inc. Regains Compliance with Nasdaq Stockholders’ Equity Requirement
July 08 2024 - 8:05AM
Business Wire
Company thus far has signed its fifth WiSA E
Licensing Deal and Continues to Expand Presence in the $296 Billion
Wireless Audio Market
WiSA Technologies, Inc. (Nasdaq: WISA), announced today that it
has received formal written notice from The Nasdaq Stock Market LLC
(“Nasdaq”) that the Company has regained compliance with the
minimum stockholders' equity requirement as set forth in Nasdaq
Listing Rule 5550(b)(1) (the “Equity Rule”).
This confirmation follows the Company’s successful efforts to
improve its balance sheet by completing new equity raises while
reducing outstanding liabilities. As a result, WiSA Technologies
now meets Nasdaq’s stockholders' equity minimum requirement of at
least $2.5 million.
Brett Moyer, CEO of WiSA Technologies said, "We are pleased to
receive Nasdaq’s notification confirming WiSA’s regained compliance
with the minimum stockholders’ equity requirement. Over the past
few months, we have made significant strides in improving our
balance sheet and expanding our business. In March 2024, we amended
certain of our outstanding warrants to remove select provisions
following our April 12, 2024 reverse stock split, including certain
exercise price reset, right to reprice and share adjustment
features, thereby increasing our stockholders' equity by
approximately $4.5 million. Between April and May 2024, we raised
approximately $9.2 million in net proceeds from securities
offerings. We remain committed to ensuring our listing compliance
and creating long-term shareholder value."
As part of the compliance confirmation, WiSA Technologies will
be subject to a mandatory panel monitor for a year from the date of
the letter received on July 3, 2024. If, during that time, the
Company falls out of compliance with the Equity Rule, Nasdaq will
issue a non-compliance letter, and the Company will be required to
request a new hearing on the matter.
The Company also reported that WiSA E has gained momentum with
the signing of its fifth licensing deal and sees increased demand
for its disruptive proprietary audio technology benefitting its
manufacturing partners and end-users. According to Grand View
Research, the wireless audio device market was valued at $107.92
billion in 2023 and is expected to grow at a CAGR of 15.5% from
2023 to 2030, surpassing $296 billion.
About the WiSA Association
WiSA® educates, evangelizes and promotes solutions for spatial
audio in the home. Working in collaboration with technology
developed by WiSA Technologies, Inc., WiSA Association engages with
leading consumer electronics companies, technology providers,
retailers, and ecosystem partners to make immersive audio an
experience everyone can enjoy. WiSA, LLC - the Wireless Speaker and
Audio Association - is a wholly owned subsidiary of WiSA
Technologies, Inc. For more information about WiSA, please visit:
www.wisatechnologies.com.
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.
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. In some cases, you can
identify these 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 our business opportunities and prospects, as well
as our licensing initiatives and expectations, 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 regarding, among other items: the
degree to which the licensee implements the licensed technology
into its products, if at all; the timeline to any such
implementation; our current liquidity position and the need to
obtain additional financing to support ongoing operations; general
market, economic and other conditions; our ability to continue as a
going concern; our ability to maintain the listing of our common
stock on Nasdaq; our ability to manage costs and execute on our
operational and budget plans; our ability to achieve our financial
goals; and other risks as more fully described in our filings with
the U.S. Securities and Exchange Commission. The information in
this press release is provided only as of the date of this press
release, and we undertake 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240708778153/en/
Investors: David Barnard, LHA Investor Relations,
415-433-3777, wisa@lhai.com
WiSA Technologies (NASDAQ:WISA)
Historical Stock Chart
From Sep 2024 to Oct 2024
WiSA Technologies (NASDAQ:WISA)
Historical Stock Chart
From Oct 2023 to Oct 2024