WiSA Technologies raises ~$2.6M via registered direct offering and reports preliminary Q1 net income of $1.7M-$3.7M

Datavault AI Inc.

Entered securities purchase agreement for registered direct offering of 785,000 shares at $3.31/share and warrants for 785,000 shares at $3.18, gross proceeds ~$2.6M.
Offering expected to close May 15, 2024; placement agent Maxim Group LLC receives 8% fee.
Preliminary Q1 2024 net income expected between $1.7M and $3.7M vs net loss of $0.92M in Q1 2023.
Net income increase driven by change in fair value of warrant liabilities and absence of inventory reserve impact.
Company to hold stockholder meeting by Sept 30, 2024 to approve alternative cashless exercise feature of warrants.

item 1.01 item 2.02 item 3.02 item 8.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Datavault AI Inc. reported the quarter ended March 31, 2024 results: net income between $1.7 million and $3.7 million.

Period: the quarter ended March 31, 2024
Net income: between $1.7 million and $3.7 million
Result: preliminary results

Exact text from the filing

For the quarter ended March 31, 2024, the Company’s net income (loss) is expected to be between $1.7 million and $3.7 million, as compared to net income (loss) of approximately $(921,000) for the prior-year period.

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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 8.0% of the gross proceeds (effective 2024-05-13).

Action: entry
Agreement: underwriting
Counterparty: Maxim Group LLC
Value: 8.0% of the gross proceeds
Effective: 2024-05-13

Exact text from the filing

In connection with the Offerings, on May 13, 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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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 approximately $2,600,000 (effective 2024-05-13).

Action: entry
Agreement: equity purchase
Counterparty: certain purchasers
Value: approximately $2,600,000
Effective: 2024-05-13

Exact text from the filing

On May 13, 2024, WiSA Technologies, Inc., a Delaware corporation (the “Company”), entered into a securities purchase agreement (the “Purchase Agreement”) with certain purchasers, pursuant to which the Company agreed to issue and sell to such purchasers (a) in a registered direct offering, 785,000 shares (the “Shares”) of common stock, par value $0.0001 per share (the “Common Stock”), of the Company, at an offering price of $3.31 per share, and (b) in a concurrent private placement, common stock purchase warrants (the “Warrants”) exercisable for an aggregate of up to 785,000 shares of Common Stock, at an exercise price of $3.18 per share (the “Warrant Shares”), for aggregate gross proceeds of approximately $2,600,000

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Datavault AI Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-060435

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