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.
See more on this news from WiSA Technologies…
I first reported on WiSA’s challenges last month, when they revealed they were exploring “options” – or, as I put it – when the company put up a “for sale” sign. In that post, I revealed that the organization “struggled to build momentum and expand its universe.”
This being the case, it made sense to put itself up for sale and potentially find a new partner, and perhaps a new path forward. It wasn’t entirely clear just what, if anything, would come out of their efforts to seek a partner or some other funding initiative…but it was pretty obvious that the WiSA Board of Directors needed to do something.
WiSA Raised Money on Public Markets
Now we know what that something was…WiSA went back to the public market. The company offered on the public market 50,400,000 units and 3,600,000 pre-funded units at an offering price of $0.14 per unit. According to WiSA, “Each unit consists of (i) one share of common stock, (ii) one Series A Warrant to purchase one share of common stock, immediately exercisable at a price of $0.14 per share and expiring five years from the date of issuance, and (iii) one Series B Warrant to purchase one share of common stock, immediately exercisable at a price of $0.14 per share and expiring five years from the date of issuance. The pre-funded units consist of “(i) one pre-funded warrant to purchase one share of common stock, (ii) one Series A Warrant and (iii) one Series B Warrant.”
The offering closed at the beginning of December and generated proceeds of $7.6 million before deducting certain fees and expenses. Maxim Group LLC acted as the exclusive placement agent for the offering.
Company to Launch New App at CES 2023 in Las Vegas
That $7.6 million buys WiSA some added runway to get back to building their business. To that end, just days after revealing the close of their public offering, WiSA announced the launch of a new app that will be shown and demonstrated at the upcoming CES 2023 in Las Vegas, NV on January 5-7.
This new app is designed to let end-users of WiSA-enabled devices to easily set up and intuitively control their multichannel audio experience. It will “work with any source device that uses WiSA HT, or the new WiSA E embedded software solution – including smart TVs, soundbars, and external transmitters such as the WiSA SoundSend.”
App to be Ported to Popular TV Operating Systems
The app is initially targeted toward smartphone control of WiSA SoundSend. However, it will ultimately be portable to popular TV operating systems, including WebOS (LG), Android TV (TCL, Hisense, Sony), Samsung’s Tizen, Amazon Fire OS, Roku OS, and the Vizio Smartcast system.
As WiSA Technologies launches its new WiSA E technology offerings, it is critical that we provide an app that can be ported to our customers’ operating systems. Embedding our core multichannel wireess audio technology along with our new app is the next step in expanding WiSA’s penetration of smart TVs and soundbars.Brett Moyer, WiSA Technologies CEO
See WiSA at CES 2023
There is much more to know about this new app and if you are headed to CES 2023, the company suggests you stop by their booth to get a full demonstration.
The new WiSA app is available now for download in the Google Play Store for no charge. An iOS version will be available later in December.
For more information on WiSA, visit www.wisatechnologies.com.