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Datavault AI Inc. (NASDAQ:DVLT), formerly known as WiSA Technologies, Inc., has successfully closed a registered direct offering, raising approximately $5.4 million through the sale of common stock and warrants, according to a recent SEC filing. According to InvestingPro analysis, this capital raise comes at a crucial time as the company has been quickly burning through its cash reserves, though it maintains more cash than debt on its balance sheet.
On Thursday, the Beaverton, Oregon-based semiconductor company issued around 4.75 million shares of common stock along with an equal number of common stock purchase warrants, each exercisable for one share at a price of $1.14. The combined offering price was also $1.14 per share and accompanying warrant.
The warrants, which became immediately exercisable upon issuance, will expire five years from the date of issuance. They can be exercised in a cashless manner under certain conditions as specified in the warrant terms.
The offering was made under Datavault AI's shelf registration statement, which was declared effective by the SEC on September 13, 2022. The company has agreed not to sell or dispose of any common stock or related securities for 30 days post-closing, and it has also committed not to issue any securities that would result in a Variable Rate Transaction (JO:TCPJ) for four months following the closing date.
Maxim Group LLC served as the placement agent for the offering, and Datavault AI agreed to pay the firm a 7.0% fee of the gross proceeds and reimburse up to $75,000 in expenses. Additionally, the company issued Maxim Group a warrant to purchase up to 5.0% of the securities sold in the offering, exercisable six months after sales commence and expiring five years from the initial exercise date.
Concurrent with the offering, Datavault AI has amended its certificate of incorporation to reflect its name change from WiSA Technologies, Inc., which was filed with the Delaware Secretary of State on February 13, 2025.
This funding move comes as the company, which operates in the semiconductor and related devices industry, continues to evolve its business and product offerings. While InvestingPro data shows the company's liquid assets currently exceed its short-term obligations, analysts do not anticipate profitability this year. The capital raised is expected to further the company's development and operational initiatives. For deeper insights into DVLT's financial health and growth prospects, investors can access the comprehensive Pro Research Report, available exclusively on InvestingPro, which covers over 1,400 US stocks with detailed analysis and actionable intelligence.
The details of the offering, including the placement agency agreement, the form of the warrants, and the securities purchase agreement, are outlined in the exhibits attached to the SEC filing, which provides the legal framework for the transaction.
This report is based on a press release statement and information contained in a Form 8-K filed with the SEC.
In other recent news, WiSA Technologies, Inc. launched a registered direct offering, securing approximately $5.4 million in gross proceeds. The transaction involves the sale of 4,757,126 shares of common stock and corresponding warrants. The company also disclosed financial statements and details of a recent acquisition in its latest SEC filing. WiSA Technologies recently amended its asset purchase agreement with CompuSystems, Inc. (CSI), modifying the terms of the agreement and setting a revised breakup fee of $1,000,000.
In addition, WiSA Technologies introduced a suite of wireless audio innovations at CES 2025, including three new reference designs, mobile applications, and the SoundSend E transmitter. The company also announced the integration of its WiSA E wireless multichannel audio software into Sagemcom's Video Soundbox (VSB) set-top boxes, aiming to offer consumers an enhanced home entertainment experience. These recent developments represent significant steps for WiSA Technologies in its strategic financial initiatives and product offerings.
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