WISA - WiSA Technologies under pressure on $1.8M in stock offering
2023-03-28 08:29:59 ET
- WiSA Technologies ( NASDAQ: WISA ) entered into a securities purchase agreement with certain institutional investors wherein the company agreed to issue and sell to such investors 837,209 shares, par value $0.0001/share, in a registered direct offering.
- In a concurrent private placement, the company will sell common stock purchase warrants for a total of up to $1.67M shares at an exercise price of $1.91/share.
- Offer is expected to close on or about Mar.29, 2023.
- Gross proceeds expected to be ~$1.8M; if all private placement warrants are exercised, it would receive additional gross proceeds of ~$3.2M.
- Partial net proceeds to be used for partially or fully repaying the outstanding principal amount of a senior secured convertible note issued to an institutional investor while remaining for working capital, capital expenditures, product development, and other general corporate purposes, including investments in sales and marketing in U.S. and intentionally.
- Shares trading 29.7% down premarket.
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WiSA Technologies under pressure on $1.8M in stock offering