WiSA Technologies (NASDAQ:WISA) Closes Offering for Gross Proceeds of Approximately $5.4 Million

On February 14, 2025, Datavault AI Inc., previously known as WiSA Technologies, Inc., completed an offering, according to the recently filed 8-K SEC Filing. The offering, governed by a securities purchase agreement, involved the issuance and sale of 4,757,126 shares of common stock (Common Stock) and common stock purchase warrants (Warrants) to investors. The Securities, which include the Shares and Warrants, were offered at a combined price of $1.14 per share, resulting in total gross proceeds of around $5.4 million.

The Warrants are exercisable immediately upon issuance and will expire five years from the issuance date. Investors may exercise the Warrants on a cashless basis using the formula specified. These Securities and the Warrant Shares are being offered based on the company’s shelf registration statement on Form S-3, initially filed with the SEC in 2022 and declared effective in the same year.

Under the Purchase Agreement, there are restrictions regarding the sale or issuance of Common Stock by the Company for a specified period after the Offering’s closing date. Additionally, the Company is prohibited from issuing certain securities that could be deemed Variable Rate Transactions for a duration of four months post the Offering’s conclusion, unless necessitated by Nasdaq’s listing requirements.

In conjunction with the Offering, Datavault AI Inc. entered into a Placement Agency Agreement with Maxim Group LLC on February 13, 2025, appointing the latter as the placement agent. The Placement Agent is entitled to a fee of 7.0% of the gross proceeds from the Offering and reimbursement of up to $75,000 for associated expenses. Furthermore, the Placement Agent was granted a Placement Agent Warrant to purchase up to 475,713 shares of Common Stock at an exercise price of $1.425 per share.

The document also mentions the company’s name change from WiSA Technologies, Inc. to Datavault AI Inc., as reflected in the recently filed Certificate of Amendment to its Certificate of Incorporation. This update indicates the evolving nature of the business operations of the company.

Exhibits in the filing include the Placement Agency Agreement, Certificate of Amendment to the Certificate of Incorporation, forms of Warrant and Placement Agent Warrant, an opinion from Sullivan & Worcester LLP on the validity and enforceability of the Securities, and the Securities Purchase Agreement with accredited investors.

This summary of the event detailed in the 8-K filing does not encompass all provisions of the agreements mentioned, and it is advisable to refer to the full texts that are attached to the Form 8-K for comprehensive information.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read WiSA Technologies’s 8K filing here.

About WiSA Technologies

WiSA Technologies, Inc develops, manufactures, and sells audio wireless technology for smart devices and next-generation home entertainment systems in the United States and Europe. The company offers wireless modules. It serves primarily to consumer electronics companies. The company was formerly known as Summit Wireless Technologies, Inc and changed its name to WiSA Technologies Inc in March 2022.