BEAVERTON, Ore. - WiSA Technologies, Inc. (NASDAQ:WISA), known for its wireless audio technology for smart devices and home entertainment systems, has announced the pricing of its public offering at approximately $10 million. The offering comprises 153,840,000 units sold at $0.065 each. Units include a share of common stock or a pre-funded warrant and a warrant to purchase additional common stock.
The warrants can be exercised at the same price of $0.065 after receiving stockholder approval and are valid for five years from that date. Maxim Group LLC is the sole placement agent for the offering, which is expected to close on February 13, 2024, pending standard closing conditions.
WiSA's offering is conducted under a registration statement on Form S-1 (File No. 333-276631), which the SEC declared effective today. Interested parties can obtain the final prospectus from Maxim Group LLC in New York.
This move comes as part of WiSA's efforts to expand its reach in the wireless sound technology market, collaborating with prominent consumer electronics brands and manufacturers. The company emphasizes its role in the Wireless Speaker and Audio Association, aiming to set industry standards for wireless audio interoperability.
The information in this article is based on a press release.
InvestingPro Insights
As WiSA Technologies, Inc. (NASDAQ:WISA) prepares for its public offering, investors are closely monitoring the company's financial health and market position. Recent data from InvestingPro provides a snapshot of the company's current standing:
- The market capitalization of WiSA stands at a modest $2.74 million USD, reflecting the small scale of the company within the tech sector.
- With a Price to Earnings (P/E) ratio at -0.18 for the last twelve months as of Q3 2023, the company's earnings do not currently support its stock price, which is a common situation for many growth-focused tech companies.
- Revenue for the same period has seen a significant decline of 42.03%, a concerning indicator for investors looking at the company's top-line growth.
Two InvestingPro Tips highlight critical concerns for potential investors:
- An InvestingPro Tip points out that the Relative Strength Index (RSI) suggests the stock is in oversold territory, which could indicate a potential rebound or, conversely, sustained investor caution.
- Another InvestingPro Tip indicates that WiSA is quickly burning through cash, which, coupled with the revenue decline, could signal financial stress that investors should consider.
For those interested in a deeper dive into WiSA's financials and future prospects, InvestingPro offers additional insights. There are 15 more InvestingPro Tips available at InvestingPro, which can provide a more comprehensive understanding of the company's performance and outlook. Use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, and gain access to valuable investment information that could inform your decision-making process.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.