Wireless Technologies, Inc. announced that it has entered into an securities purchase agreements with each of four accredited investors, pursuant to which the company agreed to issue promissory notes in the aggregate principal amount of $1,000,000 and common stock purchase warrants to purchase up to an aggregate of 10,000,000 shares of the company?s common stock, $0.0001 par value per share at an exercise price of $0.1482 per share for gross proceeds of $600,000 on January 22, 2024. The company to hold an annual or special meeting of stockholders on or prior to March 4, 2024, for the purpose of obtaining Stockholder Approval. Each of the Promissory Note matures on the earlier to occur of: (i) July 17, 2024 and (ii) the full or partial exercise of certain Series B Convertible Preferred Stock purchase warrants currently held by the Investor, issuable for at least 9,322 shares of the Company?s Series B Convertible Preferred Stock, par value $0.0001 per share (?Series B Preferred Stock?), upon such full or partial exercise.

The transactions contemplated by the Purchase Agreements are expected to close on January 23, 2024. The Promissory Notes do not bear interest except upon the occurrence of an Event of Default (as defined in the Promissory Notes). The Promissory Notes are not convertible into shares of Common Stock or Series B Preferred Stock.