WiSA Technologies Announces Pricing of $4.8 Million Public Offering of Series B Convertible Redeemable Preferred Stock and Warrants
WiSA Technologies, Inc. (Nasdaq: WISA or the “Company”), a developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems, today announced the pricing of a public offering of 87,000 units (the “Units”), with each Unit consisting of one share of the Company’s Series B Convertible Redeemable Preferred Stock, par value $0.0001 per share, with a liquidation preference of $100.00 per share (the “Series B Convertible Preferred Stock”), and two warrants (the “Warrants”), each to purchase one (1) share of Series B Convertible Preferred Stock for gross proceeds of approximately $4.8 million.
- WiSA Technologies, Inc. (Nasdaq: WISA or the “Company”), a developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems, today announced the pricing of a public offering of 87,000 units (the “Units”), with each Unit consisting of one share of the Company’s Series B Convertible Redeemable Preferred Stock, par value $0.0001 per share, with a liquidation preference of $100.00 per share (the “Series B Convertible Preferred Stock”), and two warrants (the “Warrants”), each to purchase one (1) share of Series B Convertible Preferred Stock for gross proceeds of approximately $4.8 million.
- The purchase price for one Unit is $55.00, which reflects the issuance of the Series B Convertible Preferred Stock with an original issue discount.
- The Series B Convertible Preferred Stock has a term of two (2) years and is convertible at the option of the holder at any time into shares of the Company’s common stock at a conversion price of $0.4147.
- Dividends on the Series B Convertible Preferred Stock will be paid, if and when declared by the Board of Directors, in-kind (“PIK dividends”) in additional shares of Series B Convertible Preferred Stock based on the stated value of $100.00 per share at a dividend rate of 20.0%.