WiSA raises ~$2.6M in registered direct offering and warrant placement

Datavault AI Inc.

Sold 785,000 shares at $3.31/share and warrants for 785,000 shares at $3.18/share.
Warrants are exercisable immediately for 5 years; alternative cashless exercise requires stockholder approval by Sept 30, 2024.
Maxim Group LLC served as placement agent with 8% fee ($208K) plus $50K expense reimbursement.
Company agreed to 30-day lock-up on share issuances and 6-month ban on variable rate transactions, with Nasdaq listing exception.
Resale registration statement for warrant shares must be filed by May 30, 2024 and kept effective.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Datavault AI Inc. entered into Securities Purchase Agreement with Purchasers signatory to the Purchase Agreement valued at Aggregate gross proceeds of approximately $2.6 million for 785,000 shares of common stock at $3.31 p (effective 2024-05-13).

Action: entry
Agreement: equity purchase
Counterparty: Purchasers signatory to the Purchase Agreement
Value: Aggregate gross proceeds of approximately $2.6 million for 785,000 shares of common stock at $3.31 p
Effective: 2024-05-13

Exact text from the filing

On May 15, 2024, WiSA Technologies, Inc. (the “Company”), closed (the “Closing”) the offerings (the “Offerings”) pursuant to that certain securities purchase agreement dated May 13, 2024 (the “Purchase Agreement”).

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Datavault AI Inc. entered into Placement Agency Agreement with Maxim Group LLC (the Placement Agent) valued at Placement agent fee of 8.0% of gross proceeds raised plus $50,000 expense reimbursement, acting on a (effective 2024-05-13).

Action: entry
Agreement: underwriting
Counterparty: Maxim Group LLC (the Placement Agent)
Value: Placement agent fee of 8.0% of gross proceeds raised plus $50,000 expense reimbursement, acting on a
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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312 material agreements filed in the last 30 days. Browse all material agreements →

Datavault AI Inc. filing history →

Source: SEC EDGAR

accession 0001104659-24-062010

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