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WiSA Technologies, Inc., a semiconductor and related devices manufacturing company with a market capitalization of $67.12 million, has entered into a securities purchase agreement for a registered direct offering, securing approximately $5.4 million in gross proceeds. According to InvestingPro analysis, the company has been quickly burning through cash, making this capital raise crucial for its operations. The transaction, announced today, involves the sale of 4,757,126 shares of common stock and corresponding warrants, exercisable for an equal number of shares at a price of $1.14 per share.
The offering, expected to close on February 14, 2025, is subject to customary closing conditions. While InvestingPro data shows the company maintains a healthy current ratio of 2.26 and holds more cash than debt, its overall financial health score is rated as WEAK. The warrants, which will be immediately exercisable upon issuance and expire five years from the date of issuance, may be exercised on a cashless basis under certain circumstances.
WiSA Technologies has agreed to a 30-day restriction on the sale of its common stock following the closing date, with an additional four-month ban on issuing securities that would result in a Variable Rate Transaction (JO:TCPJ), unless necessary to meet Nasdaq’s listing requirements.
Maxim Group LLC serves as the placement agent for the offering, operating on a "reasonable best efforts" basis. The company has agreed to pay the placement agent 7% of the gross proceeds and reimburse up to $75,000 for related expenses. Additionally, WiSA Technologies will issue the placement agent a warrant to purchase up to 5% of the securities sold in the offering, exercisable at $1.425 per share.
The securities and the shares issuable upon exercise of the warrants are being offered under a shelf registration statement filed with the SEC on September 1, 2022, and declared effective on September 13, 2022.
This offering is part of WiSA Technologies’ strategic financial initiatives and is based on a press release statement. Based on InvestingPro’s Fair Value analysis, the stock appears to be overvalued at current levels. The company’s business address is located at 15268 NW Greenbrier (NYSE:GBX) Pkwy, Beaverton, OR 97006. For a comprehensive analysis of WISA’s valuation and 16 additional ProTips, investors can access the detailed Pro Research Report available on InvestingPro.
In other recent news, WiSA Technologies, Inc. has disclosed several key developments. The company has released financial statements and details of its recent acquisition of CompuSystems, Inc. (CSI), providing insights into CSI’s financial health and performance. WiSA Technologies also amended its asset purchase agreement with CSI, which includes acquiring certain assets and interests from CSI and introduces a revised breakup fee of $1,000,000.
In addition, WiSA Technologies unveiled 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, enhancing the home entertainment experience.
Lastly, WiSA Technologies has announced its definitive agreement to acquire CSI, a leading service provider for live event management. The acquisition, integrating CSI’s expertise with Datavault’s ADIO technology, is projected to contribute significantly to WiSA’s revenue and EBITDA for the year 2025. These recent developments highlight WiSA Technologies’ strategic moves to enhance its offerings and financial performance.
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