WiSA Technologies, Inc. announced that it has entered into a securities purchase agreement with certain purchasers, pursuant to which the Company issued and sold to such purchasers of common stock purchase warrants exercisable for an aggregate of up to 76,676,478 shares of Common Stock, at an exercise price of $0.04 per share on March 26, 2024. The transaction is expected to close on March 27, 2024. The Warrants will not be exercisable until the date the Company receives the approval (the ?Stockholder Approval?) required by the applicable rules and regulations of The Nasdaq Stock Market LLC (or any successor entity) from our stockholders with respect to the issuance of the shares of Common Stock upon exercise of such Warrants and will expire on the fifth anniversary of the Stockholder Approval Date.

The Pre-Funded Warrants are exercisable immediately and will expire when exercised in full. The Warrants (and the shares of Common Stock issuable upon the exercise of the Warrants) were not registered under the Securities Act, and were offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2) thereof and/or Rule 506(b) promulgated thereunder.