WiSA Industries enters warrant inducement; receives ~$678k from 510,000 warrant exercises

Datavault AI Inc.

Entered Inducement Letters with holders; 510,000 May Warrants exercised for ~$678k gross proceeds as of filing.
New Inducement Warrants issuer for 100% of exercised shares; exercise price set at Nasdaq minimum ($1.29 for March warrant holders).
New warrants callable by company at $0.50 each once shares registered or Rule 144-eligible; 5-day redemption notice.
Company to file resale registration statement for new warrant shares within 30 days; use commercially reasonable efforts to keep effective.
Inducement period open until August 8, 2023; existing warrants from March ($1.91) and May ($1.33) offerings.

Key facts

Extracted from this filing and checked against the source text.

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

Datavault AI Inc. entered into Inducement Letters with certain Exercising Holders valued at approximately $678,000 (effective 2023-07-26).

Action: entry
Agreement: equity purchase
Counterparty: certain Exercising Holders
Value: approximately $678,000
Effective: 2023-07-26

Exact text from the filing

On July 26, 2023, the Company entered into Inducement Letters with certain Exercising Holders pursuant to which the Company agreed to issue Inducement Warrants to purchase a number of shares of Common Stock equal to 100% of the number of shares of Common Stock received upon exercise of the Existing Warrants during the Inducement Period

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Datavault AI Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-086410

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