Business Context and Reporting Period
This Form 8-K is a current report filed by Summit Wireless Technologies, Inc. (not Datavault AI Inc.) on May 11, 2021, regarding events occurring on May 6, 2021. The registrant is an emerging growth company incorporated in Delaware with its principal executive office in San Jose, CA. Its common stock trades on The Nasdaq Capital Market under the symbol WISA.
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 corporate governance changes and does not contain financial performance data.
Material Changes
- Board Resignation: Jonathan Gazdak resigned from the Board of Directors, effective May 10, 2021. The resignation is not due to any disagreement with the Company regarding operations, policies, or practices.
- Board Appointment: Wendy Wilson was appointed to the Board on May 6, 2021, to fill the vacancy left by Mr. Gazdak. She will serve until the next annual meeting of stockholders and is expected to serve on the Audit Committee.
- Compensatory Arrangement: The Board approved a one-time grant of 10,000 shares of common stock to Ms. Wilson under the 2018 Long-Term Stock Incentive Plan. The shares vest in equal installments over three years starting May 15, 2021, contingent on continued service.
Guidance, Outlook, and Risks
The filing contains no management commentary regarding financial guidance, future outlook, or specific risk factors. The only disclosed contingency is the standard vesting condition for the new director's stock grant, which requires Ms. Wilson to remain in service on each vesting anniversary.
Investor Verification Checklist
- Verify the trading symbol WISA corresponds to Summit Wireless Technologies, Inc., not Datavault AI Inc.
- Confirm the effective date of Jonathan Gazdak's resignation (May 10, 2021) and Wendy Wilson's appointment.
- Review the terms of the 10,000-share stock grant to Ms. Wilson, specifically the three-year vesting schedule.
- Check subsequent filings to confirm Ms. Wilson's election at the next annual meeting of stockholders.