WiSA Technologies Receives Stockholder Approval for Data Vault Holdings Asset Purchase

On December 23, 2024, WiSA Technologies, Inc. (NASDAQ: WISA), a technology company specializing in licensing and technology solutions, disclosed in an 8-K filing that its stockholders have approved the purchase of certain intellectual property assets from Data Vault Holdings Inc. The transaction involves the issuance of 40,000,000 shares of WiSA’s common stock, par value $0.0001 per share, to Data Vault as partial consideration for the acquisition.

The approved shares of common stock are set to be restricted and will not be available for immediate resale without an exemption from registration under the Securities Act of 1933. WiSA Technologies clarified these details in an updated press release issued on the same day as the approval. The company emphasized that it is not obligated to register the shares under any registration rights agreement or other mechanism.

The filing further revealed that the transaction is subject to customary closing conditions. WiSA Technologies expressed the details in the 8-K filing and reiterated that the information provided, including the attached Updated Press Release, should be considered furnished and not filed for the purpose of Section 18 of the Securities Exchange Act of 1934.

Room for continued growth and expansion was highlighted in the documents, with WiSA Technologies set to transform into Datavault Inc. post-acquisition. The merger is expected to position the company as a data technology and licensing entity catering to various industries. Upon completion, WiSA Technologies will change its name to Datavault Inc., marking a strategic evolution in its business focus.

The agreement also attaches a three-year unsecured promissory note of $10 million, due from WiSA to Data Vault. Additionally, the consideration includes a 3% royalty on future revenues generated from the acquired Datavault and ADIO product lines.

Under this new structure, Nathaniel T. Bradley, the CEO and co-founder of Data Vault Holdings, will assume the role of CEO following the acquisition, with Brett Moyer, the current CEO of WiSA, transitioning to the position of CFO.

WiSA Technologies and Data Vault Holdings have engaged Sullivan & Worcester LLP and Mitchell Silberberg & Knupp LLP, respectively, as legal advisors for the transaction.

The filing signifies a significant milestone for WiSA Technologies, indicating a strategic expansion and diversification of its business offerings. The company aims to leverage Data Vault’s assets to drive growth across multiple vertical markets, enhancing its position in the technology and licensing sectors.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read WiSA Technologies’s 8K filing here.

About WiSA Technologies

WiSA Technologies, Inc develops, manufactures, and sells audio wireless technology for smart devices and next-generation home entertainment systems in the United States and Europe. The company offers wireless modules. It serves primarily to consumer electronics companies. The company was formerly known as Summit Wireless Technologies, Inc and changed its name to WiSA Technologies Inc in March 2022.