Business Context and Reporting Period
This Form 8-K is a current report filed by WiSA Technologies, Inc. (not Datavault AI Inc.) on April 10, 2024, with the report date of April 12, 2024. The filing details a material corporate action regarding a reverse stock split of the company's common stock, which trades on the Nasdaq Capital Market under the symbol "WISA."
Key Financial Metrics
This filing is a corporate governance report and does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the mechanics of the stock split and amendments to the Certificate of Incorporation.
Material Changes
- Reverse Stock Split: The Board of Directors approved a one-for-one hundred and fifty (1:150) reverse stock split.
- Effective Date: The split became effective at 5:00 p.m. Eastern Time on April 12, 2024.
- Trading Resumption: Common stock is expected to begin trading on a split-adjusted basis on April 15, 2024.
- Share Conversion: Every 150 shares of outstanding Common Stock were converted into one share of New Common Stock.
- Fractional Shares: No fractional shares were issued; holdings were rounded up to the nearest whole number.
- Identification: The New Common Stock has a new CUSIP number: 86633R 609.
Guidance, Outlook, and Risks
The filing contains standard forward-looking statements regarding the effective time and the resumption of trading. Management notes that actual results may differ materially from expectations due to risks and uncertainties.
- Primary Risk: The company explicitly highlights the risk regarding its ability to maintain the listing of its securities on Nasdaq.
- Outlook: No specific financial guidance or operational outlook is provided in this document.
Investor Verification Checklist
- Verify the new CUSIP number (86633R 609) with your brokerage to ensure proper account adjustment.
- Confirm the adjusted share count in your brokerage account, noting that fractional shares were rounded up.
- Monitor the stock's trading status on the Nasdaq Capital Market starting April 15, 2024.
- Review the full text of the Certificate of Amendment (Exhibit 3.1) for complete legal terms.
- Check subsequent filings for any updates regarding the company's compliance with Nasdaq listing standards.