WiSA Technologies raises ~$2.4M in registered direct offering and private placement warrants

Datavault AI Inc.

Closed on April 30, 2024; sold 418,845 shares at $5.73/share and warrants for 418,845 shares at $5.60.
Gross proceeds approx. $2.4M; placement agent Maxim Group LLC earned 8% fee plus $50k expense reimbursement.
Company must file resale registration statement for warrant shares by May 30, 2024.
Stockholder meeting required by Sep 30, 2024 to approve alternative cashless exercise of warrants.
30-day lock-up on equity sales and 6-month ban on variable rate transactions, subject to Nasdaq compliance exception.

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 the Purchase Agreement with certain purchasers signatory to that certain securities purchase agreement dated April 26, 2024 valued at aggregate gross proceeds of approximately $2.4 million (effective 2024-04-30).

Action: entry
Agreement: equity purchase
Counterparty: certain purchasers signatory to that certain securities purchase agreement dated April 26, 2024
Value: aggregate gross proceeds of approximately $2.4 million
Effective: 2024-04-30

Exact text from the filing

On April 30, 2024, WiSA Technologies, Inc. (the “Company”), closed (the “Closing”) an offering with certain purchasers signatory to that certain securities purchase agreement dated April 26, 2024 (the “Purchase Agreement”).

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

Datavault AI Inc. entered into the Placement Agency Agreement with Maxim Group LLC (the “Placement Agent”) valued at 8.0% of the gross proceeds raised in the Offerings (effective 2024-04-26).

Action: entry
Agreement: underwriting
Counterparty: Maxim Group LLC (the “Placement Agent”)
Value: 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”), pursuant to which the Placement Agent agreed to act as placement agent on a “reasonable best efforts” basis in connection with the Offerings.

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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 0001104659-24-054982

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