UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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| Item 8.01 | Other Events. |
As previously disclosed, on April 5, 2024, the Nasdaq Hearing Panel (the “Panel”) issued a decision (the “April 2024 Decision”) granting the request by WiSA Technologies, Inc. (the “Company”) for continued listing on the Nasdaq Capital Market, subject to the Company regaining compliance with (a) the minimum bid price requirement pursuant to Listing Rule 5550(a)(2) by April 28, 2024, and (b) the stockholders’ equity requirement pursuant to Listing Rule 5550(b)(1) by June 28, 2024. On April 29, 2024, the Company received a letter from Nasdaq notifying the Company that it had regained compliance with the minimum bid price requirement pursuant to Listing Rule 5550(a)(2), as required by the April 2024 Decision, subject to a mandatory panel monitor for a period of one year from the date of the letter.
Under stockholders’ equity requirement pursuant to Nasdaq Listing Rule 5550(b)(1), the Company is required to maintain a minimum of $2.5 million in stockholders’ equity to remain listed on the Nasdaq Capital Market. Since the quarter ended March 31, 2024, the Company has undertaken a number of actions which have increased its stockholders’ equity, including (i) the reclassification of approximately $4.6 million of the Company’s warrant liabilities to additional paid-in capital as a result of amendments to the terms of certain of the Company’s outstanding warrants, and (ii) the sale of shares of the Company’s common stock and other securities for approximately $9.2 million in net proceeds. As a result of these actions, the Company believes that, as of the date of this report, it satisfies the stockholders’ equity requirement of at least $2.5 million pursuant to Nasdaq Listing Rule 5550(b)(1) for continued listing on the Nasdaq Capital Market.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: June 28, 2024 | WISA TECHNOLOGIES, INC. | ||
| By: | /s/ Brett Moyer | ||
| Name: | Brett Moyer | ||
| Title: | Chief Executive Officer | ||