WiSA Technologies (NASDAQ: WISA) stock plummeted over 6% on Wednesday following the launch of a $2.3 million stock offering.
WiSA Technologies (WISA) has announced a significant securities purchase agreement with institutional investors. The contract entails the acquisition of around 76.7 million shares of common stock, including pre-funded warrants.
The registered direct offering, priced at the market under Nasdaq rules, has set each share or warrant equivalent at $0.03. In addition, WiSA Technologies initiated a concurrent private placement for warrants, offering the opportunity to purchase up to an equal number of shares at $0.04 per share upon stockholder approval, with an expiration period of five years from the issuance date.
The transactions associated with the offering will generate gross proceeds of approximately $2.3 million for WiSA Technologies, excluding placement agent fees and other offering expenses. Maxim Group LLC acted as the sole placement agent for the direct offering and the private placement. The offering will close on or about March 27, 2024, pending customary closing conditions.
WiSA Technologies (NASDAQ: WISA) Stock Performance
WISA stock slid 5.78% to close at $0.02 on Wednesday. The traders had exchanged hands with 42,495,766 (42.49 million) shares compared to the average daily trading volume of 18.44 million. The stock has a market capitalization of $1.24 million.
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