WISA TECHNOLOGIES Files 8-K: Agreements, Officer Changes

TL;DR

WISA TECHNOLOGIES filed an 8-K on Sep 30, 2024, covering new deals and exec changes. Watch for updates.

AI Summary

WISA TECHNOLOGIES, INC. filed an 8-K on October 1, 2024, reporting on material definitive agreements, director/officer changes, and financial statements. The filing indicates a change in the company's structure and potentially its financial reporting as of September 30, 2024.

Why It Matters

This 8-K filing signals significant corporate events for WISA TECHNOLOGIES, INC., including material agreements and changes in leadership, which could impact its future operations and stock performance.

Risk Assessment

Risk Level: medium — The filing indicates material definitive agreements and changes in officers/directors, which can introduce uncertainty and potential shifts in company strategy.

Key Players & Entities

• WISA TECHNOLOGIES, INC. (company) — Registrant
• September 30, 2024 (date) — Date of earliest event reported
• October 1, 2024 (date) — Filing date
• Delaware (jurisdiction) — State of incorporation
• 001-38608 (identifier) — SEC File Number

FAQ

Key Financial Figures

• $0.0001 — h registered Common Stock, par value $0.0001 per share WISA The Nasdaq Capital M
• $320,000 — a will receive an annual base salary of $320,000, and will be eligible to participate in
• $20,000 — lso be eligible for a one-time bonus of $20,000 within thirty days of the Company's tim

Filing Documents

• tm2425263d1_8k.htm (8-K) — 35KB
• tm2425263d1_ex10-1.htm (EX-10.1) — 16KB
• tm2425263d1_ex10-2.htm (EX-10.2) — 72KB
• tm2425263d1_ex10-3.htm (EX-10.3) — 25KB
• 0001104659-24-104989.txt ( ) — 349KB
• wisa-20240910.xsd (EX-101.SCH) — 3KB
• wisa-20240910_lab.xml (EX-101.LAB) — 33KB
• wisa-20240910_pre.xml (EX-101.PRE) — 22KB
• tm2425263d1_8k_htm.xml (XML) — 3KB

01

Item 1.01 Entry into a Material Definitive Agreement. As previously disclosed, on September 10, 2024, WiSA Technologies, Inc., a Delaware corporation (the "Company"), entered into an inducement agreement (collectively, the "Inducement Agreements") with each of the holders (the "Holders") of certain common stock purchase warrants ("Exchange Warrants") issued by the Company to the Holders pursuant to certain exchange agreements, dated as of September 10, 2024, by and between the Company and each Holder. Pursuant to the Inducement Agreements, the Company agreed, as consideration for exercising all or part of the Exchange Warrants held by any Holder on or prior to September 30, 2024 (the "Inducement Period"), to issue to such Holder one or more common stock purchase warrants exercisable for up to a number of shares of Common Stock equal to 65% of the number of shares of Common Stock issued upon exercise of the Exchange Warrants. On September 30, 2024, the Company entered into an amendment agreement (collectively, the "Amendments") with each of the Holders to extend the expiration date of the Inducement Period to October 31, 2024. The foregoing summary of the Amendments does not purport to be complete and is qualified in its entirety by reference to the full text of the form of the Amendments, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

02

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On September 30, 2024, Mr. Stanley Mbugua was appointed Vice President of Finance of WiSA Technologies, Inc. (the "Company"), and, effective on November 30, 2024, will be appointed the Chief Accounting Officer of the Company, succeeding the current Chief Accounting Officer, Mr. Gary Williams, who, as previously disclosed, has resigned from the Company, effective as of November 30, 2024. Mr. Mbugua, age 54, was previously the Chief Accounting Officer at Presto Automation, Inc., a California based company which provides artificial intelligence and other automation solutions to restaurants, since March 2023. From September 2021 to March 2023, Mr. Mbugua was the Chief Accounting Officer at Skillz, Inc., a mobile video game competition platform. From September 2017 to June 2021, Mr. Mbugua was the Chief Accounting Officer at Rimini Street Inc., a California-based enterprise software support and services company. Prior to 2017, Mr. Mbugua served as Senior Director and Corporate Controller at various other companies. Mr. Mbugua is a certified public accountant and received his bachelor's degree from the University of Nairobi. In connection with his appointment, the Company and Mr. Mbugua entered into an employment agreement, dated September 30, 2024 (the "Employment Agreement"), setting forth the terms of Mr. Mbugua's employment with the Company. The Employment Agreement does not provide for a specified term of employment and Mr. Mbugua's employment is on an at-will basis. Pursuant to the Employment Agreement, Mr. Mbugua will receive an annual base salary of $320,000, and will be eligible to participate in the Company's discretionary and non-discretionary bonus programs. Mr. Mbugua will also be eligible for a one-time bonus of $20,000 within thirty days of the Company's timely filing of its Annual Report on Form

Financial Statements and Exhibits

Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Form of Amendment to Inducement Agreement between the Company and each Holder, dated as of September 30, 2024. 10.2 Employment Agreement between Stanley Mbugua and the Company, dated as of September 30, 2024. 10.3 Inducement Award Agreement between Stanley Mbugua and the Company, dated as of September 30, 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 : October 1, 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