WISA TECHNOLOGIES Appoints New CEO & Directors
Ticker: DVLT · Form: 8-K · Filed: Aug 29, 2024 · CIK: 1682149
| Field | Detail |
|---|---|
| Company | Wisa Technologies, INC. (DVLT) |
| Form Type | 8-K |
| Filed Date | Aug 29, 2024 |
| Risk Level | medium |
| Pages | 2 |
| Reading Time | 3 min |
| Key Dollar Amounts | $0.0001, $151,925 |
| Sentiment | neutral |
Sentiment: neutral
Topics: leadership-change, board-of-directors, executive-compensation
TL;DR
New CEO & board members at WISA. Glickman takes the helm.
AI Summary
WISA TECHNOLOGIES, INC. announced on August 23, 2024, changes in its board of directors and executive compensation. Specifically, the company elected two new directors, Dr. Jianhui (John) Li and Mr. David J. Glickman, and appointed Mr. Glickman as the new Chief Executive Officer. The company also entered into a new employment agreement with Mr. Glickman, effective August 23, 2024, detailing his compensation.
Why It Matters
The appointment of a new CEO and directors signals a potential shift in the company's strategy and leadership, which could impact its future performance and direction.
Risk Assessment
Risk Level: medium — Changes in key leadership and board composition can introduce uncertainty and signal strategic shifts, carrying inherent risks.
Key Players & Entities
- WISA TECHNOLOGIES, INC. (company) — Registrant
- Dr. Jianhui (John) Li (person) — Newly Elected Director
- Mr. David J. Glickman (person) — Newly Elected Director and CEO
- August 23, 2024 (date) — Effective date of board changes and CEO appointment
FAQ
Who are the newly elected directors at WISA TECHNOLOGIES, INC.?
The newly elected directors are Dr. Jianhui (John) Li and Mr. David J. Glickman.
What is Mr. David J. Glickman's new role at WISA TECHNOLOGIES, INC.?
Mr. David J. Glickman has been appointed as the new Chief Executive Officer and a director.
When were these changes effective?
The changes were effective as of August 23, 2024.
What other information is provided regarding Mr. Glickman's appointment?
The filing indicates that WISA TECHNOLOGIES, INC. entered into a new employment agreement with Mr. Glickman detailing his compensation.
What was the former name of WISA TECHNOLOGIES, INC.?
The former name of WISA TECHNOLOGIES, INC. was Summit Wireless Technologies, Inc., with earlier former names including Summit Semiconductor Inc. and SUMMIT SEMICONDUCTOR.
Filing Stats: 737 words · 3 min read · ~2 pages · Grade level 13.2 · Accepted 2024-08-29 16:05:42
Key Financial Figures
- $0.0001 — h registered Common Stock, par value $0.0001 per share WISA The Nasdaq Capital M
- $151,925 — a one-time bonus in the gross amount of $151,925, to be paid on the Separation Date, les
Filing Documents
- tm2422810d1_8k.htm (8-K) — 27KB
- tm2422810d1_ex10-1.htm (EX-10.1) — 55KB
- 0001104659-24-094937.txt ( ) — 263KB
- wisa-20240823.xsd (EX-101.SCH) — 3KB
- wisa-20240823_lab.xml (EX-101.LAB) — 33KB
- wisa-20240823_pre.xml (EX-101.PRE) — 22KB
- tm2422810d1_8k_htm.xml (XML) — 3KB
02. Departure of Directors or Certain Officers; Election
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On August 23, 2024, Gary Williams, Vice President of Finance and Chief Accounting Officer (principal financial officer and principal accounting officer) of WiSA Technologies, Inc. (the "Company"), resigned, effective November 30, 2024 (the "Separation Date"). Mr. Williams' resignation was not because of a disagreement with the Company on any matter relating to the Company's operations, policies or practices. In connection with his resignation, on August 23, 2024, Mr. Williams and the Company entered into a Transition Agreement (the "Transition Agreement"), pursuant to which if he remains employed by the Company until and through the Separation Date and adequately fulfills his duties and responsibilities to the Company, including providing training, information transfer and/or any other assistance reasonably requested by or on behalf of any person(s) hired and/or designated by the Company to assume any or all of his duties and responsibilities, Mr. Williams is entitled to receive the following compensation and benefits: (a) a one-time bonus in the gross amount of $151,925, to be paid on the Separation Date, less applicable taxes and withholdings, and (b) the full, accelerated vesting of any and all restricted stock awards he has been issued and have not vested, effective as of the Separation Date. Mr. Williams and the Company intend to execute a separation agreement (the "Separation Agreement," the form of which is attached to the Transition Agreement) on the Separation Date. The Separation Agreement sets forth various terms regarding the treatment of other employee benefits that Mr. Williams is entitled to receive under the Company's existing plans. As a material condition to the Separation Agreement, Mr. Williams is required to timely execute the Supplemental Release attached as an exhibit to the Separatio
01 Financial
Item 9.01 Financial (d) Exhibits Exhibit No. Description 10.1 Transition Agreement between Gary Williams and the Company, dated as of August 23, 2024. 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: August 29, 2024 WISA TECHNOLOGIES, INC. By: /s/ Brett Moyer Name: Brett Moyer Title: Chief Executive Officer