10/31/2024 | Press release | Distributed by Public on 10/31/2024 15:06
Item 1.01 | Entry into a Material Definitive Agreement. |
As previously disclosed, on September 10, 2024, WiSA Technologies, Inc., a Delaware corporation (the "Company"), entered into an inducement agreement (collectively, the "Inducement Agreements") with each of the holders (the "Holders") of certain common stock purchase warrants ("Exchange Warrants") issued by the Company to the Holders pursuant to certain exchange agreements, dated as of September 10, 2024, by and between the Company and each Holder. Pursuant to the Inducement Agreements, the Company agreed, as consideration for exercising all or part of the Exchange Warrants held by any Holder on or prior to September 30, 2024 (the "Inducement Period"), to issue to such Holder one or more common stock purchase warrants exercisable for up to a number of shares of Common Stock equal to 65% of the number of shares of Common Stock issued upon exercise of the Exchange Warrants.
Also as previously disclosed, on September 30, 2024, the Company entered into an amendment agreement (collectively, the "First Amendments") with each of the Holders to extend the expiration date of the Inducement Period to October 31, 2024.
On October 31, 2024, the Company entered into a second amendment agreement (collectively, the "Second Amendments") with each of the Holders to extend the expiration date of the Inducement Period to November 30, 2024.
The foregoing summary of the Second Amendments does not purport to be complete and is qualified in its entirety by reference to the full text of the form of the Second Amendments, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.