Material Agreement - Form 8-K

Item 1.01.

Entry into a Material Definitive Agreement.

Warrant Amendment

On or about April 19, 2024, the holders of certain common stock purchase warrants, dated April 23, 2024 (the "April 19 Warrants"), each entered into a warrant amendment agreement (the "Warrant Amendment Agreement") with WiSA Technologies, Inc., a Delaware corporation (the "Company"), whereby such holders agreed to amend the "alternative cashless exercise" provision in Section 2(c) of the April 19 Warrants such that issuance of shares of common stock upon exercise of such "alternative cashless exercise" is subject to stockholder approval.

Registered Direct Offering and Concurrent Private Placement

On April 23, 2024, the Company closed (the "Closing") an offering with certain purchasers signatory to that certain securities purchase agreement dated April 19, 2024 (the "Purchase Agreement"). In the Closing, the Company issued and sold to such purchasers (a) in a registered direct offering, 361,904 shares (the "Shares") of common stock, par value $0.0001 per share (the "Common Stock"), of the Company, at an offering price of $5.25 per share, and (b) in a concurrent private placement, common stock purchase warrants (the "Warrants") exercisable for an aggregate of up to 542,856 shares of Common Stock, at an exercise price of $5.06 per share (the "Warrant Shares"), for aggregate gross proceeds of approximately $1.9 million (the "Offerings").

The Shares issued in the registered direct offering were offered pursuant to the Company's shelf registration statement on Form S-3 (File 333-267211) (the "Shelf Registration Statement"), initially filed by the Company with the Securities and Exchange Commission (the "SEC") under the Securities Act of 1933, as amended (the "Securities Act"), on September 1, 2022 and declared effective on September 13, 2022.

The Warrants are immediately exercisable upon issuance and expire on the fifth anniversary of the issuance date of the Warrants. Once issued, the Warrants may be exercised, in certain circumstances, on a cashless basis pursuant to the formula contained in the Warrants. The holder of a Warrant may also effect an "alternative cashless exercise" upon stockholder approval of the issuance of the shares of Common Stock issuable upon exercise of such "alternative cashless exercise". In such event, the aggregate number of shares of Common Stock issuable in such alternative cashless exercise pursuant to any given notice of exercise electing to effect an alternative cashless exercise shall equal the product of (x) the aggregate number of shares of Common Stock that would be issuable upon exercise of the Warrant in accordance with the terms of the Warrant if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 0.65.

The Warrants and the Warrant Shares were not registered under the Securities Act, and were offered pursuant to an exemption from the registration requirements of the Securities Act provided in Section 4(a)(2) of the Securities Act and Rule 506(b) promulgated thereunder.

In connection with the Offerings, on April 19, 2024, the Company entered into a placement agency agreement (the "Placement Agency Agreement") with Maxim Group LLC (the "Placement Agent"), pursuant to which the Placement Agent agreed to act as placement agent on a "reasonable best efforts" basis in connection with the Offerings. The Company paid the Placement Agent an aggregate fee equal to 8.0% of the gross proceeds raised in the Offerings. The Company reimbursed the Placement Agent $50,000 for expenses in connection with the Offerings.

The foregoing does not purport to be a complete description of each of the Placement Agency Agreement, Warrants, Purchase Agreement, and Warrant Amendment Agreement, and is qualified in its entirety by reference to the full text of each of such document, which are filed as Exhibits 1.1, 4.1, 10.1 and 10.2, respectively, to this Current Report on Form 8-K (this "Form 8-K") and incorporated herein by reference.

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