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BEAVERTON, Ore. - WiSA Technologies, Inc. (NASDAQ: WISA), a leader in wireless sound technology, announced the appointment of Stanley Mbugua as its new Vice President of Finance, effective September 30, 2024. Mbugua will also take on the role of Chief Accounting Officer starting November 30, 2024, as part of a planned transition.
Mbugua, 54, comes to WiSA with a wealth of experience in financial operations within the technology sector. His previous roles include Chief Accounting Officer at Presto Automation, Inc., and prior to that, at Skillz, Inc., and Rimini Street (NASDAQ:RMNI) Inc. Mbugua is a certified public accountant and holds a bachelor’s degree from the University of Nairobi.
Brett Moyer, CEO of WiSA Technologies, expressed confidence in Mbugua's ability to contribute to the company's financial future, citing his extensive experience and proven track record. In response, Mbugua shared his enthusiasm for joining WiSA during a transitional phase with opportunities for significant growth.
In conjunction with his appointment, Mbugua was granted 70,000 shares of restricted stock as an inducement for his employment. These shares are set to vest over a 36-month period starting December 20, 2024, and were approved by the company's compensation committee in accordance with Nasdaq Listing Rule 5635(c)(4).
WiSA Technologies is recognized for its contributions to immersive wireless audio experiences in home entertainment systems, collaborating with notable brands such as Harman International, LG, Hisense, and TCL. The company is a founding member of the Wireless Speaker and Audio Association, which aims to define interoperability standards for wireless audio.
This press release includes forward-looking statements and emphasizes that actual results may vary based on numerous factors. WiSA cautions readers not to place undue reliance on these statements. The company has outlined risks that could affect the successful integration of the new Chief Accounting Officer and the company's ongoing operations, including maintaining Nasdaq listing and securing additional financing.
The information in this article is based on a press release statement from WiSA Technologies, Inc.
In other recent news, WiSA Technologies has announced several key developments. The company has extended the warrant exercise period and appointed Stanley Mbugua as Vice President of Finance and future Chief Accounting Officer. Additionally, WiSA has issued new common stock purchase warrants and amended existing ones. The company has also seen significant changes in its executive team and board, including the departure of Gary Williams, the Vice President of Finance and Chief Accounting Officer, and the appointment of Kimberly Briskey to the Board of Directors.
WiSA Technologies has also launched WiSA E, a new technology for wireless immersive audio transmission, securing five licenses with revenue expected later this year. The company has regained compliance with Nasdaq's equity listing rule, following a decision by the Nasdaq Hearing Panel. Furthermore, WiSA Technologies has entered into agreements resulting in the issuance of new common stock purchase warrants and the amendment of existing warrants.
Lastly, the company has announced the upcoming departure of Gary Williams, Vice President of Finance and Chief Accounting Officer, effective November 30, 2024. This decision was not due to any disagreements with the company, and a smooth transition plan is in place. These are some of the recent developments at WiSA Technologies.
InvestingPro Insights
As WiSA Technologies welcomes Stanley Mbugua to its leadership team, investors should be aware of the company's current financial position and market performance. According to InvestingPro data, WiSA's market capitalization stands at a modest $9.5 million, reflecting its status as a small-cap company in the competitive tech sector.
The company's financial health presents a mixed picture. An InvestingPro Tip highlights that WiSA holds more cash than debt on its balance sheet, which could provide some financial flexibility as it navigates this transitional period. However, another tip warns that the company is quickly burning through cash, a critical factor for investors to monitor given the importance of maintaining liquidity in the tech industry.
WiSA's stock performance has been volatile, with the price falling significantly over the past year. The InvestingPro data shows a staggering one-year price total return of -97.92% as of the latest available data. This dramatic decline underscores the challenges the company has faced and the importance of the new leadership in potentially steering the company towards a more stable financial future.
It's worth noting that despite recent setbacks, WiSA has shown a strong return over the last month, with a 34.13% price total return. This recent uptick could be a sign of investor optimism regarding the company's new direction, including the appointment of Mbugua.
For those seeking a deeper understanding of WiSA's financial position, InvestingPro offers 15 additional tips that could provide valuable insights into the company's prospects. These tips, along with real-time metrics, can help investors make more informed decisions as they assess the potential impact of the new leadership on WiSA's future performance.
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