WiSA Technologies closes $4.8M public offering of Series B Preferred and warrants

Datavault AI Inc.

Gross proceeds ~$4.8M from 87,000 Units at $55/Unit; each Unit has one Series B Preferred share and two warrants.
Series B Preferred: 20% PIK dividend, convertible at $0.4147, mandatory redemption at $100/share after 2 years.
Used ~$2.3M of proceeds to repurchase 4.65M existing warrants at $0.50 each.
Maxim Group acted as placement agent with 8% cash fee (5% for certain investors); 45% OID on Series B Preferred.
Preferred shares have no voting rights; warrants exercisable at $55 for 2 years; no trading market expected.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Datavault AI Inc.: Filed Certificate of Designation for Series B Convertible Preferred Stock establishing powers, preferences, rights and limitations (effective 2023-10-16).

Change: charter amendment
Effective: 2023-10-16

Exact text from the filing

On October 16, 2023, the Company filed the Certificate of Designation with the Secretary of State of the State of Delaware to establish the powers, preferences and rights of the shares of the Series B Preferred Stock and the qualifications, limitations or restrictions thereof.

View on SEC.gov

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

Datavault AI Inc. entered into Securities Purchase Agreement with certain institutional investors (effective 2023-10-16).

Action: entry
Agreement: equity purchase
Counterparty: certain institutional investors
Effective: 2023-10-16

Exact text from the filing

the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) dated October 16, 2023, with certain institutional investors signatory thereto

View on SEC.gov

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Datavault AI Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-110168

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