WiSA Technologies, Inc. (NASDAQ:WISA), a leading innovator in wireless audio technology for intelligent devices and next-generation home entertainment systems, today announced that it has entered into a securities purchase agreement with certain institutional investors to purchase 76,676,478 shares of common stock (or pre-funded warrants in lieu thereof) in a registered direct offering priced at-the-market under Nasdaq rules. In a concurrent private placement, the Company also agreed to issue and sell unregistered warrants to purchase up to an aggregate of 76,676,478 shares of common stock. The combined effective offering price for each share of common stock (or pre-funded warrant in lieu thereof) and warrant is $0.03. The warrants will be exercisable on the date of stockholder approval at an exercise price of $0.04 per share and will expire five years from such stockholder approval.

The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $2.3 million, before deducting the placement agent's fees and other estimated offering expenses payable by the Company. The offering is expected to close on or about March 27, 2024, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as the exclusive placement agent for the offering and concurrent private placement.