WiSA Technologies, Inc., a Delaware corporation, successfully completed a public offering on February 13, 2024, raising approximately $10 million through the sale of 23,734,000 units and 130,106,000 pre-funded units at $0.065 per unit and $0.0649 per pre-funded unit, respectively. Each unit comprises one share of common stock and one warrant to purchase an additional share at $0.065, while each pre-funded unit includes one pre-funded warrant and one regular warrant. The warrants are exercisable post-stockholder approval and expire five years thereafter. The pre-funded warrants can be exercised immediately at $0.0001 per share. The offering was conducted under the company's Registration Statement on Form S-1, which became effective on February 12, 2024. WiSA Technologies entered into a securities purchase agreement with certain investors and a placement...Show More

WiSA Technologies, Inc., a Delaware corporation, successfully completed a public offering on February 13, 2024, raising approximately $10 million through the sale of 23,734,000 units and 130,106,000 pre-funded units at $0.065 per unit and $0.0649 per pre-funded unit, respectively. Each unit comprises one share of common stock and one warrant to purchase an additional share at $0.065, while each pre-funded unit includes one pre-funded warrant and one regular warrant. The warrants are exercisable post-stockholder approval and expire five years thereafter. The pre-funded warrants can be exercised immediately at $0.0001 per share. The offering was conducted under the company's Registration Statement on Form S-1, which became effective on February 12, 2024. WiSA Technologies entered into a securities purchase agreement with certain investors and a placement agency agreement with Maxim Group LLC, who received a 7% fee of the gross proceeds. The company plans to use $6.3 million of the proceeds to repurchase shares of its Series B Convertible Preferred Stock and the remainder for working capital and general corporate purposes. Concurrently, WiSA Technologies is facing delisting from Nasdaq due to non-compliance with the Minimum Bid Price and Stockholders' Equity Requirements, and has received a notice of delisting. The company intends to appeal this determination and will request a hearing before the Nasdaq Hearings Panel.