On March 15, 2024, WiSA Technologies, Inc. conducted a Special Meeting of Stockholders where multiple key proposals were voted upon. The meeting resulted in the approval of an amendment to the company's certificate of incorporation to increase the authorized share capital from 220 million to 320 million shares, with 300 million designated as common stock. Additionally, a reverse stock split of the common stock was authorized, with a ratio to be decided by the board ranging from one-for-five to one-for-one hundred and fifty. The issuance of more than 20% of the company's outstanding common stock upon the exercise of certain warrants was also approved, both for Series B Convertible Preferred Stock purchase warrants issued in October 2023 and for common stock...Show More

On March 15, 2024, WiSA Technologies, Inc. conducted a Special Meeting of Stockholders where multiple key proposals were voted upon. The meeting resulted in the approval of an amendment to the company's certificate of incorporation to increase the authorized share capital from 220 million to 320 million shares, with 300 million designated as common stock. Additionally, a reverse stock split of the common stock was authorized, with a ratio to be decided by the board ranging from one-for-five to one-for-one hundred and fifty. The issuance of more than 20% of the company's outstanding common stock upon the exercise of certain warrants was also approved, both for Series B Convertible Preferred Stock purchase warrants issued in October 2023 and for common stock purchase warrants dated January 2024. Furthermore, an amendment to the 2018 Long-Term Stock Incentive Plan was passed, increasing the annual share limit from 8% to 15% of the outstanding common stock for the fiscal year 2024. The Special Meeting was adjourned with respect to a proposal allowing the board to amend the company's bylaws, which will be revisited on March 29, 2024. The meeting had a quorum with stockholders holding over 33 million shares present in person or by proxy.