WISA TECHNOLOGIES Files 8-K: Material Agreement & Equity Sales

TL;DR

WISA just dropped an 8-K: new deal signed, sold some stock. Check financials.

AI Summary

On May 17, 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 business activities and potential financial transactions for the company.

Why It Matters

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

Risk Assessment

Risk Level: medium — The filing indicates material definitive agreements and unregistered sales of equity, which can introduce financial and operational risks.

Key Players & Entities

• WISA TECHNOLOGIES, INC. (company) — Registrant
• May 17, 2024 (date) — Date of earliest event reported
• Delaware (jurisdiction) — State of Incorporation
• 001-38608 (identifier) — Commission File Number
• 30-1135279 (identifier) — IRS Employer Identification Number

FAQ

Key Financial Figures

• $0.0001 — h registered Common Stock, par value $0.0001 per share WISA The Nasdaq Capital
• $3.61 — of the Company, at an offering price of $3.61 per share, and (b) in a concurrent priv
• $3.48 — f Common Stock, at an exercise price of $3.48 per share (the "Warrant Shares"), for a
• $2.4 million — gregate gross proceeds of approximately $2.4 million. The Shares issued in the registered d
• $50,000 — ings and reimbursed the Placement Agent $50,000 for expenses in connection with the Off

Filing Documents

• tm2414773d1_8k.htm (8-K) — 37KB
• tm2414773d1_ex1-1.htm (EX-1.1) — 96KB
• tm2414773d1_ex4-1.htm (EX-4.1) — 105KB
• tm2414773d1_ex5-1.htm (EX-5.1) — 8KB
• tm2414773d1_ex10-1.htm (EX-10.1) — 247KB
• tm2414773d1_ex5-1img001.jpg (GRAPHIC) — 11KB
• tm2414773d1_ex5-1img002.jpg (GRAPHIC) — 4KB
• 0001104659-24-062986.txt ( ) — 808KB
• wisa-20240517.xsd (EX-101.SCH) — 3KB
• wisa-20240517_lab.xml (EX-101.LAB) — 33KB
• wisa-20240517_pre.xml (EX-101.PRE) — 22KB
• tm2414773d1_8k_htm.xml (XML) — 4KB

01

Item 1.01. Entry into a Material Definitive Agreement. On May 17, 2024, WiSA Technologies, Inc. (the "Company") closed (the "Closing") the offerings (the "Offerings") pursuant to that certain securities purchase agreement dated May 15, 2024 (the "Purchase Agreement") by and among the Company and the purchasers signatory thereto (the "Purchasers"). In the Closing, the Company issued and sold to the Purchasers (a) in a registered direct offering, 675,000 shares (the "Shares") of common stock, par value $0.0001 per share (the "Common Stock"), of the Company, at an offering price of $3.61 per share, and (b) in a concurrent private placement, common stock purchase warrants (the "Warrants") exercisable for an aggregate of up to 675,000 shares of Common Stock, at an exercise price of $3.48 per share (the "Warrant Shares"), for aggregate gross proceeds of approximately $2.4 million. The 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. Private Placement Warrants The Warrants are immediately exercisable upon issuance and expire on the fifth anniversary of the issuance date of the Warrants. Once issued, the Warrants may be exercised, in certain circumstances, on a cashless basis pursuant to the formula contained in the Warrants. The holder of a Warrant may also effect an "alternative cashless exercise" upon stockholder approval of the issuance of the shares of Common Stock issuable upon exercise of such "alternative cashless exercise". 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 ca

02

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 Warrants and Warrant Shares is incorporated herein by reference.

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 1.1 Placement Agency Agreement, dated as of May 15, 2024, by and between WiSA Technologies, Inc. and Maxim Group LLC, as placement agent. 4.1 Form of Warrant. 5.1 Opinion of Sullivan & Worcester LLP, dated May 17, 2024. 10.1 Form of Securities Purchase Agreement by and among the Company and certain accredited investors dated May 15, 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: May 17, 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