SAN JOSE, Calif.–(BUSINESS WIRE)–Mar 23, 2020–
Summit Wireless Technologies, Inc. (Nasdaq: WISA), a number one supplier of immersive, wi-fi sound technology for clever units and next-generation house leisure methods, nowadays introduced the sale of a $2.04 million senior secured safety and warrant to Lind Global Macro Fund, LP. At remaining, $1.7 million in gross proceeds shall be funded, with the online proceeds for use through Summit for basic operating capital and debt compensation functions.
Summit Wireless Technologies’ CEO Brett Moyer commented, “Summit completed this financing as a critical next step to executing its growth plan and supporting its customers as they launch their WiSA-certified products at retail this year.”
The convertible safety is secured through a primary precedence lien on considerably all of Summit Wireless Technologies’ property and homes and is convertible, on the choice of the investor and topic to sure exceptions within the safety, at the previous of (i) sixty days from the remaining of such personal placement and (ii) the date on which a registration commentary masking the stocks of Summit’s commonplace inventory underlying such safety and warrant is filed with the U.S. Securities and Exchange Commission. The safety is convertible into stocks of Summit Wireless’ commonplace inventory on the decrease of $zero.32 or 90% of the five lowest VWAPs all over the 20 buying and selling day duration previous to conversion, topic to sure leak-out provisions. The convertible safety is also pay as you go at any time with out penalty, however the investor has the precise to transform 33% of the then remarkable quantity of such safety into stocks of Summit’s commonplace inventory previous to such prepayment.
Additionally, the investor used to be issued a five-year warrant to buy as much as roughly four.6 million stocks of Summit’s commonplace inventory at an workout worth of $zero.32 in line with percentage.
Further, Maxim Group LLC served as placement agent in reference to the forgoing transaction.
About Summit Wireless Technologies, Inc.
Summit Wireless Technologies, Inc. (Nasdaq: WISA) is a number one supplier of immersive, wi-fi sound technology for clever units and subsequent era house leisure methods. Working with main CE manufacturers and producers reminiscent of Harman International, a department of Samsung, LG Electronics, Klipsch, Bang & Olufsen, Xbox, a subsidiary of Microsoft, and others, Summit Wireless delivers seamless, dynamic audio stories for high-definition content material, together with films and video, tune, sports activities, gaming/esports, and extra. Summit Wireless is a founding member of WiSA, the Wireless Speaker and Audio Association and works in joint partnership to champion probably the most dependable interoperability requirements around the audio trade. Summit Wireless is headquartered in San Jose, CA with gross sales groups in Taiwan, China, Japan, and Korea. For additional information, please seek advice from: www.summitwireless.com.
Note on Forward-looking Statements
This press unlock would possibly include projections or different forward-looking statements inside the which means of the Private Securities Litigation Reform Act. These statements contain dangers and uncertainties, and exact occasions or effects would possibly fluctuate materially. Among the essential components that might purpose exact effects to fluctuate materially from the ones within the forward-looking statements are the danger that our aid in working bills would possibly affect our talent to fulfill our business targets and reach our earnings goals and won’t consequence within the anticipated development in our profitability, the truth that our long run expansion is dependent partly on additional penetrating our addressable marketplace and likewise rising the world over, and we might not be a hit in doing so; our dependence on gross sales of sure merchandise and unbiased buyer adoption to generate a good portion of our earnings; the impact of a lower within the gross sales or trade in gross sales combine of those merchandise would hurt our business; the dangers that an financial downturn or financial uncertainty in our key U.S. and world markets would possibly adversely have an effect on call for for our merchandise; issue in correctly predicting our long run buyer call for; the significance of keeping up the worth and recognition of our logo and the WiSA logo and affiliation; and different components detailed in our Annual Report on Form 10-Okay for the 12 months ended December 31, 2018 and our different next filings with the Securities and Exchange Commission. These forward-looking statements discuss handiest as of the date hereof or as of the date another way said herein. Summit disclaims any legal responsibility to replace those forward-looking statements.
© 2020 Summit Wireless Technologies, Inc. All rights reserved. Summit Wireless Technologies and the Summit Wireless emblem are logos of Summit Wireless Technologies, Inc.
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CONTACT: Kirsten Chapman
LHA Investor Relations
Summit Wireless Technologies, Inc.
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA
INDUSTRY KEYWORD: HARDWARE AUDIO/VIDEO CONSUMER ELECTRONICS MOBILE/WIRELESS TECHNOLOGY
SOURCE: Summit Wireless Technologies, Inc.
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PUB: 03/23/2020 07:00 AM/DISC: 03/23/2020 07:01 AM