WiSA Technologies, Inc. (Nasdaq: WISA), a developer of spatial, wireless sound technology for smart devices and next-generation home entertainment systems, announced the issuance of a $3.6 million senior secured convertible note and warrant to Lind Global Macro Fund, LP. At closing, $3.0 million in gross proceeds will be funded, with the net proceeds to be used by WiSA Technologies for general working capital purposes.
Maxim Group LLC acted as placement agent for the offering.
The convertible security is secured by a first priority lien on substantially all of WiSA Technologies’ assets and properties and is convertible, at the option of the investor and subject to certain exceptions in the security. The security is convertible into shares of WiSA Technologies’ common stock at the lower of $0.93 or 90% of the 5 lowest VWAPs during the 20 trading day period prior to conversion. The convertible security may be prepaid at any time without penalty, but the investor has the right to convert 33% of the then outstanding amount of such security into shares of WiSA Technologies’ common stock prior to such prepayment.
Also Read: Cyber Risks Haul Organizations’ Efforts Adopting New Technologies
Additionally, the investor was issued a five-year warrant to purchase up to approximately 2.1 million shares of WiSA Technologies’ common stock at an exercise price of $1.00 per share.
For more such updates follow us on Google News ITsecuritywire News
