Datavault AI Inc. (DVLT): debt financing — WiSA Technologies raises $1.2M via equity offering and warrants; partly to repay convertible note

Datavault AI Inc.

Closed registered direct offering of 743,066 shares and private placement warrants for 1,486,132 shares at $1.41 exercise price.
Gross proceeds of ~$1.2M; additional ~$2.1M if all warrants exercised for cash.
At least 20% of gross proceeds required to repay senior secured convertible note from August 2022.
Remaining proceeds for working capital, capex, product development, and sales/marketing.
Warrants immediately exercisable, expire 5 years from issuance.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Datavault AI Inc. reported a default on convertible notes of outstanding principal amount of a senior secured convertible note with institutional investor (August Investor).

Instrument: convertible notes
Principal: outstanding principal amount of a senior secured convertible note
Counterparty: institutional investor (August Investor)
Event: default

Exact text from the filing

The Company intends to use a portion of the net proceeds of the offering to partially or fully repay the outstanding principal amount of a senior secured convertible note issued to an institutional investor (the “August Investor”) on August 15, 2022, as amended (the “Convertible Note”)

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Datavault AI Inc. entered into Purchase Agreement with certain institutional investors valued at aggregate gross proceeds of approximately $1.2 million (effective 2023-04-07).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Value: aggregate gross proceeds of approximately $1.2 million
Effective: 2023-04-07

Exact text from the filing

On April 12, 2023, WiSA Technologies, Inc., a Delaware corporation (the “Company”), consummated its previously reported offering with certain institutional investors, in which the Company issued and sold to such investors

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Datavault AI Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-044686

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