WISA TECHNOLOGIES Files 8-K: Agreements & Equity Sales

TL;DR

WISA TECHNOLOGIES filed an 8-K on 4/19/24 for material agreements and equity sales.

AI Summary

On April 19, 2024, WISA TECHNOLOGIES, INC. filed an 8-K report detailing a material definitive agreement and unregistered sales of equity securities. The filing also includes financial statements and exhibits, indicating ongoing corporate activities and potential financial transactions.

Why It Matters

This filing signals significant corporate actions, including new agreements and equity transactions, which could impact the company's financial structure and future operations.

Risk Assessment

Risk Level: medium — Filings related to material definitive agreements and unregistered equity sales can indicate significant financial maneuvers that may carry inherent risks.

Key Players & Entities

• WISA TECHNOLOGIES, INC. (company) — Registrant
• April 19, 2024 (date) — Date of Report
• 001-38608 (company) — Commission File Number
• 30-1135279 (company) — IRS Employer Identification Number
• Summit Wireless Technologies, Inc. (company) — Former Company Name
• Summit Semiconductor Inc. (company) — Former Company Name

FAQ

Key Financial Figures

• $0.0001 — h registered Common Stock, par value $0.0001 per share WISA The Nasdaq Capital M
• $3.321 — of the Company, at an offering price of $3.321 per share, and (b) in a concurrent priv
• $3.196 — f Common Stock, at an exercise price of $3.196 per share (the "Initial Transaction War
• $750,000 — ares"), for aggregate gross proceeds of $750,000. The Initial Transaction Shares issued
• $5.250 — f Common Stock, at an offering price of $5.250 per share, and (b) in a concurrent priv
• $5.06 — f Common Stock, at an exercise price of $5.06 per share (the "Second Transaction Warr
• $1.9 million — gregate gross proceeds of approximately $1.9 million (such offerings, the "Second Offerings"
• $50,000 — pany will reimburse the Placement Agent $50,000 for expenses in connection with the Sec

Filing Documents

• tm2412228-3_8k.htm (8-K) — 43KB
• tm2412228d3_ex5-1.htm (EX-5.1) — 9KB
• image_001.jpg (GRAPHIC) — 6KB
• image_002.jpg (GRAPHIC) — 2KB
• 0001104659-24-049409.txt ( ) — 237KB
• wisa-20240419.xsd (EX-101.SCH) — 3KB
• wisa-20240419_lab.xml (EX-101.LAB) — 33KB
• wisa-20240419_pre.xml (EX-101.PRE) — 22KB
• tm2412228-3_8k_htm.xml (XML) — 3KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Initial Transaction On April 19, 2024, WiSA Technologies, Inc., a Delaware corporation (the "Company"), closed (the "Closing") an offering with certain purchasers signatory to that certain securities purchase agreement dated April 17, 2024 (the "Initial Transaction Purchase Agreement"). In the Closing, the Company issued and sold to such purchasers (a) in a registered direct offering, 225,834 shares (the "Initial Transaction Shares") of common stock, par value $0.0001 per share (the "Common Stock"), of the Company, at an offering price of $3.321 per share, and (b) in a concurrent private placement, common stock purchase warrants (the "Initial Transaction Warrants") exercisable for an aggregate of up to 225,834 shares of Common Stock, at an exercise price of $3.196 per share (the "Initial Transaction Warrant Shares"), for aggregate gross proceeds of $750,000. The Initial Transaction Shares issued in the registered direct offering were offered pursuant to the Company's shelf registration statement on Form S-3 (File 333-267211) (the "Shelf Registration Statement"), initially filed by the Company with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"), on September 1, 2022 and declared effective on September 13, 2022. The Initial Transaction Warrants are exercisable upon issuance and expire on the fifth anniversary of the issuance date of the Warrants. Once issued, the Initial Transaction Warrants may be exercised, in certain circumstances, on a cashless basis pursuant to the formula contained in the Initial Transaction Warrants. The holder of a Initial Transaction Warrant may also effect an "alternative cashless exercise" on or after the initial exercise date. In such event, the aggregate number of shares of Common Stock issuable in such alternative cashless exercise pursuant to any given notice of exercise electing to effect an alternative c

02. Unregistered Sales of Equity Securities

Item 3.02. Unregistered Sales of Equity Securities The applicable information set forth in Item 1.01 of this Form 8-K with respect to the issuance of Initial Transaction Warrants, Initial Transaction Warrant Shares, the Second Transaction Warrants and the Second Transaction Warrant Shares is incorporated herein by reference.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 4.1 Form of Warrant (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on April 18, 2024). 5.1 Opinion of Sullivan & Worcester LLP dated April 19, 2024. 10.1 Form of Securities Purchase Agreement by and between the Company and certain institutional investors dated April 17, 2024 (incorporated by reference to the Company's Current Report on Form 8-K filed with the SEC on April 18, 2024). 23.1 Consent of Sullivan & Worcester LLP (contained in Exhibit 5.1 above). 104 Cover Page Interactive Data File (embedded within the Inline XBRL document.).

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: April 19, 2024 WISA TECHNOLOGIES, INC. By: /s/ Brett Moyer Name: Brett Moyer Title: Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR