WiSA Technologies, Inc. (WISA) has released an update to notify the public and investors about an entry into a material definitive agreement.
WiSA Technologies, Inc. has entered into agreements with four accredited investors to issue $1,000,000 in promissory notes and warrants for purchasing up to 10,000,000 shares of common stock at $0.1482 per share, aimed at raising $600,000 in gross proceeds before transaction costs. The proceeds are intended for working capital and general corporate purposes. The notes mature on July 17, 2024, or upon the exercise of certain warrants, and do not bear interest unless an event of default occurs. The investors have beneficial ownership limitations and the warrants require stockholder approval and are exercisable for five years thereafter. The company has also committed to holding a stockholder meeting and filing a registration statement for the resale of the warrant shares. The transactions are expected to close on January 23, 2024, and are exempt from registration under specific Securities Act provisions.
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