On April 30, 2024, WiSA Technologies, Inc. successfully closed a registered direct offering and concurrent private placement, as per the securities purchase agreement dated April 26, 2024. The company issued 418,845 shares of common stock at $5.73 per share and, in a private placement, issued warrants exercisable for an equal number of shares at $5.60 per share, resulting in gross proceeds of approximately $2.4 million. The shares were offered under a shelf registration statement effective since September 13, 2022. The warrants, immediately exercisable and expiring five years from issuance, were not registered under the Securities Act but offered under an exemption. WiSA Technologies has agreed to several conditions, including a 30-day restriction on the sale of its common stock post-offering and a commitment to file a registration statement for...Show More

On April 30, 2024, WiSA Technologies, Inc. successfully closed a registered direct offering and concurrent private placement, as per the securities purchase agreement dated April 26, 2024. The company issued 418,845 shares of common stock at $5.73 per share and, in a private placement, issued warrants exercisable for an equal number of shares at $5.60 per share, resulting in gross proceeds of approximately $2.4 million. The shares were offered under a shelf registration statement effective since September 13, 2022. The warrants, immediately exercisable and expiring five years from issuance, were not registered under the Securities Act but offered under an exemption. WiSA Technologies has agreed to several conditions, including a 30-day restriction on the sale of its common stock post-offering and a commitment to file a registration statement for the resale of the warrant shares by May 30, 2024. Additionally, a stockholder meeting is to be held by September 30, 2024, to approve an 'alternative cashless exercise' feature for the warrants. The company also amended a previous deadline for a registration statement related to a prior private placement. Maxim Group LLC served as the placement agent for the offerings, receiving an 8% fee and $50,000 for expenses. Legal counsel Sullivan & Worcester LLP provided an opinion on the validity of the shares.