WiSA Technologies, Inc. announced that it expects to receive $3 million in funding from The Lind Partners, LLC
August 14, 2022
Share
WiSA Technologies, Inc. announced that it has entered into a securities purchase agreement for a private placement of senior secured convertible note for gross proceeds of $3,000,000 on August 15, 2022. The note carries a principal amount value of $3,600,000. The transaction will include participation from Lind Global Macro Fund, LP, a fund managed by The Lind Partners, LLC. The company will also issue a five-year warrant to purchase up to approximately 2,097,022 shares of common stock at an exercise price of $0.997 per share. The convertible security is secured by a first priority lien on substantially all of assets and properties and is convertible, at the option of the investor and subject to certain exceptions in the security. The security is convertible into shares of common stock at the lower of $0.93 or 90% of the 5 lowest VWAPs during the 20 trading day period prior to conversion. The convertible security may be prepaid at any time without penalty, but the investor has the right to convert 33% of the then outstanding amount of such security into shares of common stock prior to such prepayment. The company will pay a $105,000 commitment fees to the investor. The note will mature on August 15, 2024.
On August 24, 2022, the company announced that the security is convertible into shares of common stock at the lower of $0.50.
WiSA Technologies, Inc. develops, markets, and sells spatial audio wireless technology for smart devices and next-generation home entertainment systems. The Company delivers wireless sound experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. The Companyâs products include WiSA Discrete System Technology and WiSA Home Theater Technology. WiSA Discrete System Technology transmits up to five channels, four full-range audio channels and one high-fidelity subwoofer channel of uncompressed 16-bit 48 kilohertz (kHz) sound over a 2.4 Gigahertz (GHz) wireless fidelity (Wi-Fi) network it creates. It transmits and receives audio wirelessly no speaker wires are needed. WiSA Home Theater Technology transmits and receives uncompressed 24-bit 48/96 kHz sound over a dedicated wireless network it creates. WiSA Home Theater Technology products include WiSA Home Theater TX, WiSA Home Theater RX, WiSA Home Theater TX Dev Kit, and others.