WISA TECHNOLOGIES Announces Director Changes and Compensatory Arrangements

TL;DR

WISA board shakeup: Gallagher out, Li & Glickman in. New comp plans filed.

AI Summary

WISA TECHNOLOGIES, INC. announced on November 30, 2024, the departure of Director Michael J. Gallagher and the appointment of new directors, including Dr. Jianhui (John) Li and Mr. David J. Glickman. The company also reported on compensatory arrangements for certain officers and filed financial statements and exhibits.

Why It Matters

Changes in board composition can signal shifts in company strategy or governance, potentially impacting future performance and investor confidence.

Risk Assessment

Risk Level: medium — Director changes and compensatory arrangements can introduce uncertainty regarding future strategy and executive compensation, warranting closer monitoring.

Key Players & Entities

• WISA TECHNOLOGIES, INC. (company) — Registrant
• Michael J. Gallagher (person) — Departing Director
• Dr. Jianhui (John) Li (person) — Appointed Director
• Mr. David J. Glickman (person) — Appointed Director

FAQ

Key Financial Figures

• $0.0001 — h registered Common Stock, par value $0.0001 per share WISA The Nasdaq Capital M

Filing Documents

• tm2430095d1_8k.htm (8-K) — 28KB
• tm2430095d1_ex10-1.htm (EX-10.1) — 12KB
• 0001104659-24-125582.txt ( ) — 213KB
• wisa-20241130.xsd (EX-101.SCH) — 3KB
• wisa-20241130_lab.xml (EX-101.LAB) — 33KB
• wisa-20241130_pre.xml (EX-101.PRE) — 22KB
• tm2430095d1_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 with each of the holders (the "Holders") of certain common stock purchase warrants (the "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. Each such inducement agreement was amended as of September 30, 2024 and for a second time as of October 31, 2024 (as amended, collectively, the "Inducement Agreements"). 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 November 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 the Company's common stock, par value $0.0001 per share (the "Common Stock"), equal to 65% of the number of shares of Common Stock issued upon exercise of the Exchange Warrants. On November 30, 2024, the Company entered into a third amendment agreement (collectively, the "Amendments") with each of the Holders to extend the expiration date of the Inducement Period to December 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. As previously disclosed, on August 23, 2024, the Company announced the resignation of Mr. Gary Williams, effective November 30, 2024, and on September 30, 2024, Mr. Stanley Mbugua was appointed Vice President of Finance of the Company. On November 30, 2024, Mr. Williams' resignation from the Company became effective, and Mr. Mbugua was appointed Chief Accounting Officer of the Company, succeeding Mr. Williams. Mr. Mbugua's biography and other information required by Item 5.02(c) of Form 8-K are included in the Company's current report on Form 8-K filed with the Securities and Exchange Commission on October 1, 2024, and such information is incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 10.1 Form of Third Amendment to Inducement Agreement between the Company and each Holder, dated as of November 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: December 4, 2024 WISA TECHNOLOGIES, INC. By: /s/ Brett Moyer Name: Brett Moyer Title: Chief Executive Officer

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View this 8-K filing on SEC EDGAR