Wall Street can be a fickle partner sometimes. Occasionally, a company will turn in a good performance, but its stock value will decline anyway because the performance wasn’t as good as financial analysts had expected. And sometimes, as is the case this time with Sonos’ fiscal 2023 first quarter results, you can turn in poor performance, and your stock value can take off flying – because this time, your performance was not good, but not as bad as the financial analysts had expected.
Financial
The Wild Ride of WiSA Chasing Compliance
WiSA Technologies, Inc. (NASDAQ: WISA) has been on a wild and rocky ride over the last few days as it scrambled to head off a delisting action by the Nasdaq stock exchange designed to force its stock listing off the exchange. At issue, the company’s business struggles that contributed to its declining stock bid prices have put it in violation of specific exchange rules governing maintained minimum pricing levels. This led the exchange to begin the delisting process, which WiSA appealed in order to buy itself some time.
The company then quickly embarked on a strategy – a mad dash really – to inflate its stock price artificially via a reverse stock split. But this tactic appears to have failed to impress investors, causing its stock bid price to collapse like an out-of-control toboggan ride down a cliff.
See the wild ride and rocky ride of WiSA
[Read more…] about The Wild Ride of WiSA Chasing ComplianceSources: Snap One has Restructured Operations with Staff Layoffs
Multiple reports are pouring in that Snap One, a leading custom integration supplier, has just completed a restructuring that resulted in layoffs. It is not clear at this point just how many employees were cut, but it was significant enough to motivate several sources around the country to reach out to Strata-gee.
See what we know so far on the Snap One restructuring
[Read more…] about Sources: Snap One has Restructured Operations with Staff LayoffsWiSA Runs Afoul of Another NASDAQ Rule; A Delisting Action has Begun
Company Calls a Special Shareholders Meeting Today
The trials and travails of WiSA Technologies (NASDAQ: WISA) appear to be continuing, if not accelerating, as the company said it has received a new notification from the Nasdaq stock exchange informing the company that its stock has violated yet another rule of the exchange, triggering a new instant delisting process. And this all took place in the wake of it just having won an additional 180-day extension period to try and cure a previous violation of a different rule from 2022. So what happens now?
See what new trouble WiSA finds itself in…
[Read more…] about WiSA Runs Afoul of Another NASDAQ Rule; A Delisting Action has BegunMore Tech Layoffs are Revealed as Google Cuts 12,000 Jobs
UPDATE to ‘Tech Takes a Turn…Downward’ Post Seen Here
Just one day after I posted the story Tech Takes a Turn…Downwards, we learned of more layoffs hitting tech, including Google parent Alphabet, Spotify, Vox Media, and more. These additional reports of even more tech layoffs only help to affirm the reality of a slowdown hitting big tech and other areas that are adjacent to tech, such as media focused on tech.
See more layoff news in tech and tech-adjacent areas
[Read more…] about More Tech Layoffs are Revealed as Google Cuts 12,000 JobsTech Takes a Turn…Downward
After several years of dizzying growth, the technology sector is now experiencing a notable downturn, as the post-COVID era has brought a combination of higher prices (inflation) and lower demand. In response, 2022 saw significant job cuts at major Big Tech brands that have continued on into 2023. That includes this Wednesday when Microsoft announced it was cutting 10,000 jobs – after a 1,000 job cut in October 2022 – another big blow to Tech.
But what about the more specific segments like consumer electronics and custom integration?
See the latest on tech taking a turn downward…
[Read more…] about Tech Takes a Turn…DownwardVoxx Int’l Fiscal 3rd Quarter Sales Drop 25.4%; Profits Up on Cost Cutting
CEO Says Onkyo AVRs Offered to Costco This Year
Citing the “current state of the global economies” and “ongoing supply chain issues” Voxx International (NASDAQ: VOXX) reported the results of their fiscal 2023, third quarter this week and it was a story of more of the same, perhaps intensifying, business challenges that they identified when the company announced its second-quarter results. All of its major business segments reported sales declines – dropping double-digit percentages – with overall sales dropping 25.4% year-over-year. But the company said profits increased on aggressive cost cutting.
Learn more about Voxx Int’l fiscal 2023 third quarter performance
[Read more…] about Voxx Int’l Fiscal 3rd Quarter Sales Drop 25.4%; Profits Up on Cost CuttingFacing NASDAQ Delisting, WiSA Given Addt’l 180 Days to Achieve Compliance
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.
Learn all about a WiSA violation of the NASDAQ rule on minimum bid level
[Read more…] about Facing NASDAQ Delisting, WiSA Given Addt’l 180 Days to Achieve ComplianceMajor Transition Hits Specialty Stalwart Parasound as Founder Retires
Parasound is a unique company. A long-time specialty segment stalwart, the company has been delighting audio enthusiasts for more than forty years! That is no small achievement when you consider the twists and turns of the specialty segment over that time frame.
And the credit for that success is largely due to the commitment to quality – and, frankly, just the bulldog temerity – of founder and CEO Richard Schram. So it is a development worthy of note that, yesterday, Schram announced his retirement from the company and its sale to a new owner.
Learn more about Schram’s retirement and Parasound’s transition to new ownership
[Read more…] about Major Transition Hits Specialty Stalwart Parasound as Founder RetiresWiSA Raises $7.6 Million in Public Offering; Takes Down ‘For Sale’ Sign & Launches App
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.