Strategy in TECH...
WiSA Technologies, Inc. (NASDAQ: WISA), a developer of spatial, wireless sound technology for smart devices and home entertainment systems, announced recently that it has received an additional 180-day extension of the compliance period by the NASDAQ stock market. The purpose of the extension is to give the company additional time, until June 20, 2023, to regain compliance with NASDAQ’s minimum bid rule.
WiSA Technologies, Inc. (NASDAQ: WISA), “a developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems,” announced recently that it has successfully closed on a $7.6 million public offering…breathing new life into the struggling organization. The offering was made pursuant to an S-1 filing with the SEC, which declared the registration as effective on November 29, 2022.
About five seconds into our phone call, before I even had a chance to explain myself, AVIXA CEO David Labuskes suddenly burst out: “Oh! I know why you called me!” This reaction caught me off-guard as we’d never spoken before. But when he went on to tell me why he thought I had called him, he was right on the money. It was a clue that he is a deeper thinker than many executives I reach out to, and as we spoke further, that impression only got stronger.
Another surprise was that Labuskes knew me (and Strata-gee) better than I realized…
Emerald Expositions (NYSE: EEX), the national B2B trade show company that owns CEDIA Expo, CE Pro, and Commercial Integrator surprised the industry at the recent CEDIA Expo 2022 by abruptly announcing that next year they will be “co-locating” a show for commercial integrators at the same time and in the same facility. Reaction to this announcement was…to put it mildly…mixed. Is Emerald trying to imitate the Integrated Systems Europe (ISE) show – an event for both residential and commercial businesses – by launching an ISUS (Integrated Systems United States) event??
Do you wonder why there was a mixed reaction to Emerald’s move? Read on…
On Wednesday, CEDIA Global President and CEO Daryl Friedman sent a letter to all members advising them that the election process for new Board members has been completed – and that the slate of three Board-selected candidates for the three open Board seats has now been filled by Stephan Goodhue, Jennifer Mallett, and James Ratcliffe. The cheery tone of the letter belies the fact that the election process was viewed by many as tainted and has inflamed anger from what seems to be a fairly significant percentage of members who resent losing the opportunity to vote for a candidate of their choice.
However, in this letter, Friedman did allow that “…we need to do a better job of communication.”
On Monday, WiSA Technologies, Inc., a “developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems,” announced that it has hired an advisor to aid them in moving forward with an “exploration of strategic alternatives” for the company.
In other words, it is putting itself up for sale.
Perhaps one of the more surprising events at CEDIA Expo 2022 – at least in my mind – was an event that took place early in the morning on the first official day of the show floor opening. This event, the CEDIA Advocacy Town Hall in which the organization intended to discuss the extent of their political advocacy conducted on behalf of the membership, seemed to me like something unlikely to draw much attention…or attendance.
Boy…was I wrong!
This week, AVNation features Ted Green – me – on a special episode discussing the CEDIA Director Elections taking place right now. As you may know, there was some controversy surrounding this election as CEDIA’s board decided to change the normal election process where association members pick from a selection of nominees to vote on those they want on the Board of Directors. Instead, this year members vote with a simple yes/no on a predetermined slate of candidates selected by the Board’s Governance Committee.
It took a couple of weeks, but Emerald Expositions finally released the attendance figures for CEDIA Expo 2022. According to the exposition company, the attendance of nearly 12,000 “exceeded expectations” – their expectations apparently. But there is no question that it certainly blew away the attendance of just 1,400 folks who visited CEDIA Expo 2021.
On Tuesday, CEDIA members received an email from David Weinstein, the well-known VP of Lutron who also serves as the Chairman of CEDIA’s Board of Directors, informing them that the election process to fill vacant seats on the Board of Directors was now open. There are three seats to be filled and Weinstein’s email helpfully/confusingly names just three candidates the Board’s Governance Committee has selected to fill the three open seats. It was the first indicator that something was different with this election as compared to the usual process.
I read this announcement carefully, as only hours before it was distributed I had received a cryptic message from a source exhorting me to find and read “the current Cedia [sic] bylaws.” Something was definitely brewing…
