Business Context and Reporting Period
This Form 8-K Current Report was filed by WiSA Technologies, Inc. (not Datavault AI Inc.) on June 12, 2024. The registrant is incorporated in Delaware and trades on The Nasdaq Capital Market under the symbol WISA. The report addresses corporate governance changes effective June 12, 2024.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel changes and does not contain financial performance data.
Material Changes
- Resignation: Lisa Cummins resigned from the Board of Directors, effective June 12, 2024. She previously served on the Audit Committee and the Nominating and Corporate Governance Committee.
- Appointment: Kimberly Briskey was appointed to the Board of Directors to replace Ms. Cummins, effective June 12, 2024.
- Committee Assignment: Ms. Briskey was appointed to the Audit Committee.
- Reason for Departure: The resignation was not the result of any disagreement with the Company regarding operations, policies, or practices.
Guidance, Outlook, and Management Commentary
The filing contains no financial guidance, outlook, or management commentary regarding business operations. Regarding the new director:
- Ms. Briskey will serve until the next annual meeting of stockholders, at which time she will stand for election.
- She is entitled to receive equity compensation pursuant to the Company's 2018 Long-Term Stock Incentive Plan.
- An indemnity agreement was entered into with Ms. Briskey in the Company's standard form.
- No understanding or arrangement existed between Ms. Briskey and any other person regarding her appointment.
Important Facts for Investor Verification
- Verify the correct company name is WiSA Technologies, Inc., as the input metadata referenced "Datavault AI Inc."
- Confirm the effective date of the board changes is June 12, 2024.
- Note that the resignation of Lisa Cummins was voluntary and unrelated to any dispute with the company.
- Review the Company's 2018 Long-Term Stock Incentive Plan (referenced in the 2024 Form 10-K) for details on Ms. Briskey's equity compensation.
- Check the press release (Exhibit 99.1) for additional context on the appointment.