WiSA Technologies Announces Nasdaq Acceptance of Compliance Plan
09 Abril 2024 - 5:00AM
Business Wire
Plans 1-for-150 Reverse Stock Split
WiSA Technologies, Inc. (Nasdaq: WISA (the “Company”)), a
leading innovator in wireless audio technology for intelligent
devices and next-generation home entertainment systems, announced
today that it received a decision from the Nasdaq Hearings Panel
(the “Panel”) granting its request for continued listing on The
Nasdaq Capital Market, subject to the Company demonstrating
compliance with certain Nasdaq Listing Rules (the “Nasdaq Rules”),
including the achievement of various interim milestones.
Specifically, the Panel granted the Company’s request for
continued listing, subject to the following:
- On or before April 28, 2024, the Company must demonstrate
compliance with Nasdaq Rule 5550(a)(2), to meet a minimum bid price
of at least $1 per share.
- On or before June 28, 2024, the Company shall demonstrate
compliance with Nasdaq Rule 5550(b)(1), attaining stockholders'
equity of at least $2.5 million.
The Company plans to implement a one-for-one hundred and fifty
reverse stock split on Friday, April 12, 2024, with a Nasdaq market
effective date of Monday, April 15, 2024. The reverse stock split
is intended to increase the per-share trading price of the
Company's common stock to enable the Company to regain compliance
with the minimum bid price requirement for continued listing on the
Nasdaq Capital Market. The Company intends to issue an additional
press release later this week for additional information with
respect to the reverse stock split.
About WiSA Technologies, Inc.
WiSA Technologies, Inc. (Nasdaq: WISA) is a leading provider of
immersive, wireless sound technology for intelligent devices and
next-generation home entertainment systems. Working with leading CE
brands and manufacturers such as Harman International, a division
of Samsung; LG; Hisense; TCL; Bang & Olufsen; Platin Audio; and
others, the company delivers immersive wireless sound experiences
for high-definition content, including movies and video, music,
sports, gaming/esports, and more. WiSA Technologies, Inc. is a
founding member of WiSA™ (the Wireless Speaker and Audio
Association) whose mission is to define wireless audio
interoperability standards as well as work with leading consumer
electronics companies, technology providers, retailers, and
ecosystem partners to evangelize and market spatial audio
technologies driven by WiSA Technologies, Inc. The company is
headquartered in Beaverton, OR with sales teams in Taiwan, China,
Japan, Korea, and California.
© 2024 WiSA Technologies, Inc. All rights reserved. WiSA
Technologies, Inc. and the WiSA Technologies, Inc. logo are
trademarks of WiSA Technologies, Inc. The WiSA logo, WiSA®, WiSA
Ready™, and WiSA Certified™ are trademarks and certification marks
of WiSA, LLC. Third-party trade names, trademarks and product names
are the intellectual property of their respective owners.
Safe Harbor Statement
This press release contains forward-looking statements, which
are not historical facts, within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In some cases, you can
identify these forward-looking statements by the use of words such
as “may,” “could,” “expect,” “intend,” “plan,” “seek,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“continue,” “likely,” “will,” “would” and variations of these terms
and similar expressions, or the negative of these terms or similar
expressions. Such forward-looking statements, including statements
herein regarding our business opportunities and prospects, our
ability to satisfy Nasdaq listing requirements and the steps we
plan to take with respect thereto, are necessarily based upon
estimates and assumptions that, while considered reasonable by us
and our management, are inherently uncertain. Readers are cautioned
not to place undue reliance on these forward-looking statements.
Actual results may differ materially from those indicated by these
forward-looking statements as a result of risks and uncertainties
regarding, among other items: our ability to complete the reverse
stock split, our current liquidity position and the need to obtain
additional financing to support ongoing operations; general market,
economic and other conditions; our ability to continue as a going
concern; our ability to maintain the listing of our common stock on
Nasdaq; our ability to manage costs and execute on our operational
and budget plans; our ability to achieve our financial goals; and
other risks as more fully described in our filings with the U.S.
Securities and Exchange Commission. The information in this press
release is provided only as of the date of this press release, and
we undertake no obligation to update any forward-looking statements
contained in this press release based on new information, future
events, or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240409709221/en/
David Barnard, LHA Investor Relations, 415-433-3777,
wisa@lhai.com
WiSA Technologies (NASDAQ:WISA)
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