Summit Wireless Technologies Inc. (NASDAQ: WISA) dropped 15% after announcing the signing of a securities purchase agreement with various accredited institutional investors to offer and sell 2.5 million common shares of its stock at $4 per share.
Summit Wireless Announce $10 million direct offering
The company will offer the shares in a registered at-the-market direct offering as per the Nasdaq rules and expects gross proceeds of $10 million. Subject to meeting customary closing conditions, the offering is likely to close on or around July 27, 2021.
Summit is offering the common shares according to the shelf registration statement on Form S-3 (No. 233433) that the company filed previously and declared effective by the US SEC. In addition, the company will offer the shares through a prospectus supplement forming part of the statement of registration.
WiSA LLC launches WiSA SoundSend Certified Program
The company’s affiliate WiSA LLC has launched WiSA SoundSend Certified initiative, a certification program designed by the association to work with TV producers to ensure there is more direct and flawless connection and interoperability with Toshiba TV “REGZA and WiSA SoundSend audio transmitter.
Notably, Smart Televisions will be receiving WiSA SoundSend certified status following successful testing to work with SoundSend. This will include all audio connections and control needs between Smart TV and SoundSend. SoundSend enables wireless multichannel audio accessibility within minutes from almost all smart TVs.
WiSA President Tony Ostrom said, “Now more than ever, smart TVs are at the center of the home cinema and continue to deliver more and better immersive content. WiSA is helping its TV manufacturing members across the globe easily acquire this standout certification as they’re witnessing SoundSend prove to be an integral part of seamless, wireless home cinema while allowing connection to incredible speaker solutions from a large and growing roster of WiSA members.”