Summary by Futu AI
WiSA Technologies, Inc., a Delaware corporation, has filed a prospectus related to the potential resale of up to 348,493 shares of common stock by certain selling stockholders. These shares are issuable upon the exercise of common stock purchase warrants issued between December 2023 and February 2024. The warrants were part of inducement agreements and securities purchase agreements with the selling stockholders, who were holders of existing warrants. The company's board approved a 1-for-150 reverse stock split on April 4, 2024, which was filed on April 12, 2024, to take effect the same day. The selling stockholders may sell the shares through public or private transactions, and the company will not receive any proceeds from the sales. However, WiSA may receive approximately $638,000 upon the cash exercise of the warrants at the adjusted price of $1.8302 per share, effective April 22, 2024. The company plans to use any proceeds for working capital and other corporate purposes. WiSA Technologies' common stock is listed on the Nasdaq Capital Market under the symbol 'WISA.'