WiSA Technologies Granted Additional 180-Day Extension by Nasdaq to Regain Compliance with Minimum Bid Requirements

WiSA Technologies, Inc. (Nasdaq: WISA), a developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems, today announced it received a notification letter from Nasdaq Stock Market LLC that the Company has been granted an additional 180-day compliance period, or until June 20, 2023, to regain compliance with Nasdaq's minimum bid price rule. There is no immediate effect on the listing or trading of the Company's Common Stock, which will continue to trade on the Nasdaq Capital Market under the symbol "WISA".

In an initial notification letter dated June 23, 2022, Nasdaq had informed the Company that, based on the previous 30 consecutive business days, the Company's Common Stock no longer met the minimum $1 bid price per share requirement. Therefore, in accordance with Nasdaq's Listing Rules, the Company was provided 180 calendar days, or until December 20, 2022, to regain compliance, and an additional 180 days to regain compliance was granted by Nasdaq on December 21, 2022.

The Company intends to monitor the closing bid price of its Common Stock and represented to Nasdaq that it will cure the deficiency by effecting a reverse stock split, if necessary, in order to regain compliance with the minimum bid price requirement within the second compliance period. If at any time before June 20, 2023, the closing bid price of the Company's Common Stock is at least $1.00 per share for a minimum of 10 consecutive business days, the Company will regain compliance with this Nasdaq rule and this matter will be closed.

Nasdaq's determination is based on the Company meeting the continued listing requirement for market value of publicly held shares and all other applicable requirements for initial listing on the Capital Market, with the exception of the bid price requirement, and the Company's written notice of its intention to cure the deficiency during the second compliance period by effecting a reverse stock split.

About WiSA Technologies, Inc.

WiSA Technologies (Nasdaq: WISA) develops, markets, and sells spatial audio wireless technology for smart devices and next-generation home entertainment systems. Its consortium—the WiSA Association—works with leading consumer electronics companies, technology providers, retailers, and industry partners to make spatial audio an experience that everyone can enjoy. The Company is headquartered in Beaverton, OR.