WiSA Technologies Enters Warrant Inducement Agreements to Raise Up to $6.0 Million

Datavault AI Inc.

Reduced exercise price of Series B Preferred Stock warrants to $35.72 per share from $55, exercisable until later of stockholder approval or Jan 15, 2025.
Company to issue new common stock purchase warrants at $0.1482 per share, covering up to 200% of shares issuable upon conversion of preferred stock.
Aggregate gross proceeds of up to approximately $6.0 million expected if all existing warrants exercised; proceeds for working capital and general corporate purposes.
Engaged Maxim Group LLC as financial advisor; fee of 8% of gross proceeds from warrant exercises.
Company agreed to file resale registration statement for new warrant shares within 45 days after stockholder approval.

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 Agreements with certain holders of the Company’s Series B Convertible Preferred Stock purchase warrants valued at up to approximately $6.0 million (effective 2023-12-05).

Action: entry
Agreement: equity purchase
Counterparty: certain holders of the Company’s Series B Convertible Preferred Stock purchase warrants
Value: up to approximately $6.0 million
Effective: 2023-12-05

Exact text from the filing

On December 5, 2023, the Company entered into warrant inducement letter agreements (collectively, the “Inducement Agreements”) with certain holders of the Company’s Series B Convertible Preferred Stock purchase warrants exercisable for up to 168,972 shares of Series B Convertible Preferred Stock, par value $0.0001 per share (the “Preferred Stock”), issued pursuant to a public offering that closed on October 17, 2023 (the “Existing Warrants”).

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Datavault AI Inc. filing history →

Source: SEC EDGAR

accession 0001104659-23-123838

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