On May 15, 2024, WiSA Technologies, Inc. successfully closed its securities offerings as per the agreement dated May 13, 2024. The company completed a registered direct offering of 785,000 shares of common stock at $3.31 per share and a concurrent private placement of warrants exercisable for up to 785,000 shares at $3.18 per share, resulting in approximately $2.6 million in gross proceeds. The shares were offered under a previously filed and effective shelf registration statement. The warrants, immediately exercisable and expiring five years from issuance, were offered through an exemption from registration requirements. WiSA Technologies has agreed to certain conditions post-offering, including restrictions on the sale of common stock and the filing of a registration statement for the resale of the warrant shares. Additionally, the company will hold...Show More

On May 15, 2024, WiSA Technologies, Inc. successfully closed its securities offerings as per the agreement dated May 13, 2024. The company completed a registered direct offering of 785,000 shares of common stock at $3.31 per share and a concurrent private placement of warrants exercisable for up to 785,000 shares at $3.18 per share, resulting in approximately $2.6 million in gross proceeds. The shares were offered under a previously filed and effective shelf registration statement. The warrants, immediately exercisable and expiring five years from issuance, were offered through an exemption from registration requirements. WiSA Technologies has agreed to certain conditions post-offering, including restrictions on the sale of common stock and the filing of a registration statement for the resale of the warrant shares. Additionally, the company will hold a stockholder meeting to approve an 'alternative cashless exercise' feature for the warrants. In connection with the offerings, WiSA Technologies entered into a placement agency agreement with Maxim Group LLC, which received an 8% fee on the gross proceeds and a reimbursement for expenses. Legal counsel Sullivan & Worcester LLP provided an opinion on the validity of the shares issued.