WiSA Technologies, Inc. announced that it expects to receive $3 million in funding from The Lind Partners, LLC
August 15, 2022
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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. is a provider of wireless sound technology for intelligent devices and next generation home entertainment systems through the sale of module components to audio companies as well as audio products to resellers and consumers. The Companyâs wireless technology, WiSA E, is software-based and works with standard Wi-Fi chips. Its technology is designed for easy implementation for the manufacturing brand to design with; flexibility to accommodate various price points and business models and maintaining wireless performance for the consumer. It has designed wireless modules, which provide high performance wireless audio for its customers to integrate into their products, such as a speaker, television, soundbars, set-top-boxes, and HDMI dongles. These modules can be designed using its custom semiconductors with its IP built in, as well as a Wi-Fi radio for communications or with its WiSA E software loaded onto a third-party Internet of things (IoT) Wi-Fi chip.