WiSA Technologies Announces Closing of $6.2 Million Registered Direct Offering and Concurrent Private Placement Priced At-The-Market

WiSA Technologies, Inc. (Nasdaq: WISA), a developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems, today announced the closing of its previously announced registered direct offering of 583,306 shares of common stock (or pre-funded warrants in lieu thereof), priced at-the-market under Nasdaq rules. In a concurrent private placement, the Company also issued unregistered warrants to purchase up to an aggregate of 874,959 shares of common stock. The combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and warrant was $10.68. The warrants are immediately exercisable, will expire five years from the issuance date and have an exercise price of $10.49 per whole share.

The gross proceeds to the Company from the registered direct offering and concurrent private placement were approximately $6.2 million before deducting the placement agent’s fees and other estimated offering expenses payable by the Company.

Maxim Group LLC acted as the exclusive placement agent for the offering and concurrent private placement.

The shares of common stock and pre-funded warrants were offered pursuant to a shelf registration statement on Form S-3 (File No. 333-267211), which was declared effective by the United States Securities and Exchange Commission ("SEC") on September 13, 2022. The warrants issued in the concurrent private placement and the shares issuable upon exercise of such warrants were offered in a private placement under Section 4(a)(2) of the Securities Act of 1933, as amended (the "Act"), and Regulation D promulgated thereunder and have not been registered under the Act or applicable state securities laws. A prospectus supplement relating to the shares of common stock, pre-funded warrants and shares of common stock issuable upon exercise of the pre-funded warrants was filed by the Company with the SEC on February 2, 2023. Copies of the prospectus supplement relating to the registered direct offering, together with the accompanying prospectus, can be obtained at the SEC's website at www.sec.gov or from Maxim Group LLC, 300 Park Avenue, New York, NY 10022, at [phone].