WiSA Technologies Announces Nasdaq Acceptance of Compliance Plan

WiSA Technologies, Inc. (Nasdaq: WISA (the “Company”)), a leading innovator in wireless audio technology for intelligent devices and next-generation home entertainment systems, announced today that it received a decision from the Nasdaq Hearings Panel (the “Panel”) granting its request for continued listing on The Nasdaq Capital Market, subject to the Company demonstrating compliance with certain Nasdaq Listing Rules (the “Nasdaq Rules”), including the achievement of various interim milestones.

Specifically, the Panel granted the Company’s request for continued listing, subject to the following:

• On or before April 28, 2024, the Company must demonstrate compliance with Nasdaq Rule 5550(a)(2), to meet a minimum bid price of at least $1 per share.
• On or before June 28, 2024, the Company shall demonstrate compliance with Nasdaq Rule 5550(b)(1), attaining stockholders' equity of at least $2.5 million.

The Company plans to implement a one-for-one hundred and fifty reverse stock split on Friday, April 12, 2024, with a Nasdaq market effective date of Monday, April 15, 2024. The reverse stock split is intended to increase the per-share trading price of the Company's common stock to enable the Company to regain compliance with the minimum bid price requirement for continued listing on the Nasdaq Capital Market. The Company intends to issue an additional press release later this week for additional information with respect to the reverse stock split.

About WiSA Technologies, Inc.

WiSA Technologies, Inc. (Nasdaq: WISA) is a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems. Working with leading CE brands and manufacturers such as Harman International, a division of Samsung; LG; Hisense; TCL; Bang & Olufsen; Platin Audio; and others, the company delivers immersive wireless sound experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. WiSA Technologies, Inc. is a founding member of WiSA (the Wireless Speaker and Audio Association) whose mission is to define wireless audio interoperability standards as well as work with leading consumer electronics companies, technology providers, retailers, and ecosystem partners to evangelize and market spatial audio technologies driven by WiSA Technologies, Inc. The company is headquartered in Beaverton, OR with sales teams in Taiwan, China, Japan, Korea, and California.