Business Context and Reporting Period
This Form 8-K is filed by WiSA Technologies, Inc. (not Datavault AI Inc.) on January 20, 2023, reporting events occurring on January 18, 2023. The Company is incorporated in Delaware and its common stock trades on The Nasdaq Capital Market under the symbol "WISA". The filing addresses a critical regulatory event regarding the Company's continued listing status.
Key Financial Metrics
The filing text does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity. The only financial metric disclosed is the stock price performance triggering the regulatory action:
- Stock Price: The closing bid price was $0.10 or less for ten consecutive trading days as of January 18, 2023.
Material Changes and Regulatory Status
The Company received a Staff Delisting Determination from Nasdaq due to non-compliance with the "Low Priced Stocks Rule" (Listing Rule 5810(c)(3)(A)(iii)). This follows a history of non-compliance:
- Initial Notice: June 23, 2022 (bid price under $1.00 for 30 days).
- First Extension: Granted until December 20, 2022.
- Second Extension: Granted until June 20, 2023, after failing to regain compliance by the first deadline.
- Current Action: On January 18, 2023, Nasdaq determined the stock price remained at or below $0.10 for ten consecutive days, triggering an automatic delisting determination unless appealed.
Outlook, Management Commentary, and Risks
Appeal Process: The Company has requested a hearing before a Hearings Panel to appeal the delisting determination. Trading of the common stock will remain suspended only if the appeal is denied; currently, trading continues on Nasdaq pending the Panel's decision.
Timeline: Hearings are typically scheduled 30-45 days after the request. No hearing date has been set as of the filing date.
Risks and Uncertainties: Management explicitly states there are no assurances that an extension will be granted or that a favorable decision will be obtained. The Company faces the risk of delisting from The Nasdaq Capital Market if the appeal is unsuccessful.
Investor Verification Checklist
- Verify the current trading status of WISA stock on The Nasdaq Capital Market.
- Monitor for the scheduled hearing date with the Nasdaq Hearings Panel (expected within 30-45 days of January 20, 2023).
- Review the Company's plan to regain compliance with the $1.00 minimum bid price requirement by June 20, 2023, if the appeal is granted.
- Check for subsequent filings regarding the outcome of the appeal or potential transfer to an alternative trading venue (e.g., OTC markets) if delisted.