WiSA Technologies raises $2.4M in offering + warrants; special meeting for reverse split

Datavault AI Inc.

Gross proceeds ~$2.4M from 418,845 shares at $5.73 and warrants exercisable at $5.60; closing expected April 30, 2024.
Maxim Group LLC acting as placement agent with 8% fee; 30-day lock-up on share issuance, 6-month ban on variable rate deals.
Special meeting on May 13, 2024 seeks approval for reverse split, bylaw amendment, and issuance of shares upon warrant exercises.
Due to April 12 reverse split, existing warrants now exercisable for 7,139,468 shares at $1.83, subject to stockholder approval.
Shareholder letter introduces 'Propel' program focusing on WiSA E licensing, revenue growth, and path to profitability.

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 Placement Agency Agreement with Maxim Group LLC valued at aggregate fee equal to 8.0% of the gross proceeds raised in the Offerings (effective 2024-04-26).

Action: entry
Agreement: underwriting
Counterparty: Maxim Group LLC
Value: aggregate fee equal to 8.0% of the gross proceeds raised in the Offerings
Effective: 2024-04-26

Exact text from the filing

on April 26, 2024, the Company entered into a placement agency agreement (the “Placement Agency Agreement”) with Maxim Group LLC (the “Placement Agent”)

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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 purchasers valued at aggregate gross proceeds of approximately $2,400,000 (effective 2024-04-26).

Action: entry
Agreement: equity purchase
Counterparty: certain purchasers
Value: aggregate gross proceeds of approximately $2,400,000
Effective: 2024-04-26

Exact text from the filing

On April 26, 2024, WiSA Technologies, Inc., a Delaware corporation (the “Company”), entered into a securities purchase agreement (the “Purchase Agreement”) with certain purchasers

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312 material agreements filed in the last 30 days. Browse all material agreements →

Datavault AI Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-052756

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