Business Context and Reporting Period
This Form 8-K is filed by WiSA Technologies, Inc. (trading symbol: WISA), not Datavault AI Inc. The report date is November 17, 2023, regarding a notice received from the Nasdaq Listing Qualifications staff concerning the company's compliance with listing standards.
Key Financial Metrics
- Stockholders' Equity: The company reported a deficit of ($885,000) as of September 30, 2023.
- Listing Requirement: Nasdaq Listing Rule 5550(b)(1) requires a minimum of $2,500,000 in stockholders' equity for continued listing on the Nasdaq Capital Market.
- Compliance Status: The company is currently non-compliant due to the equity deficit.
- Other Metrics: The filing text does not provide specific values for revenue, profit, cash flow, margins, debt, or liquidity beyond the equity deficit.
Material Changes and Events
The primary material event is the notification of non-compliance with the Stockholders' Equity Requirement. This status is based on the financial results reported in the Form 10-Q for the quarter ended September 30, 2023. No other material changes to operations or financial position are detailed in this specific filing.
Outlook, Risks, and Management Commentary
- Compliance Plan: The company must submit a plan to regain compliance to Nasdaq by January 2, 2024.
- Extension Period: If the plan is accepted, the company may receive an extension of up to 180 calendar days from November 17, 2023, to demonstrate compliance.
- Delisting Risk: If compliance is not regained within the allotted period (including extensions), the company's common stock will be subject to delisting.
- Liquidity and Financing: Management highlights risks related to the current liquidity position and the potential need to obtain additional financing to support ongoing operations and regain compliance.
- Forward-Looking Statements: The company cautions that there is no assurance it will satisfy the equity requirement or maintain listing status.
Investor Verification Checklist
- Verify the company name is WiSA Technologies, Inc. (WISA), not Datavault AI Inc.
- Confirm the deadline for submitting the compliance plan is January 2, 2024.
- Review the most recent Form 10-Q (ended September 30, 2023) to understand the full scope of the ($885,000) equity deficit.
- Monitor future filings for the submission and acceptance of the compliance plan by Nasdaq.
- Assess the company's ability to raise capital or improve equity to meet the $2.5 million threshold within the potential 180-day extension.