Business Context and Reporting Period
This Form 8-K is filed by WiSA Technologies, Inc. (not Datavault AI Inc.) on June 24, 2022, reporting an event that occurred on June 23, 2022. The company is a Delaware corporation listed on the Nasdaq Capital Market under the ticker symbol "WISA."
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The only financial metric disclosed is the stock price performance triggering the regulatory notice:
- Stock Price Deficiency: The closing bid price of the Common Stock was below $1.00 per share for 30 consecutive business days prior to June 23, 2022.
Material Changes
The material change reported is the receipt of a written notification from Nasdaq indicating non-compliance with the Minimum Bid Price Requirement (Listing Rule 5550(a)(2)). This is a regulatory status change rather than an operational or financial performance change.
Outlook, Risks, and Contingencies
- Compliance Period: The company has been granted 180 calendar days (until December 20, 2022) to regain compliance.
- Compliance Criteria: To close the matter, the stock must close at or above $1.00 per share for 10 consecutive business days during the compliance period.
- Extension Possibility: If compliance is not met by December 20, 2022, the company may be eligible for an additional 180-day grace period, contingent on meeting other listing standards (e.g., market value of publicly held shares).
- Delisting Risk: Failure to regain compliance within the allotted periods may result in delisting from the Nasdaq Capital Market.
- Management Action: The company is considering various measures to resolve the deficiency but provided no assurance of success.
Investor Verification Checklist
- Verify the current trading price of WISA stock to assess proximity to the $1.00 threshold.
- Monitor the company's stock price for 10 consecutive days to determine if the initial compliance period is satisfied.
- Review the company's market value of publicly held shares to assess eligibility for a potential second compliance period.
- Check for subsequent filings regarding reverse stock splits or other corporate actions intended to raise the share price.