Summit Wireless Technologies (WISA) Prices 2.275M Registered Direct Offering at $2.55/Sh

Summit Wireless Technologies, Inc. (NASDAQ: WISA) today announced that it has entered into a securities purchase agreement with institutional investors to purchase approximately $5.8 million of its common stock in a registered direct offering priced at-the-market under Nasdaq rules and warrants to purchase common stock in a concurrent private placement. The combined purchase price for one share of common stock and warrant to purchase one share of common stock will be $2.55.

Under the terms of the securities purchase agreement, Summit Wireless has agreed to sell 2,275,000 shares of common stock. In a private placement, which will be consummated concurrently with the Offering, Summit Wireless also has agreed to issue warrants to purchase up to an aggregate of 2,275,000 shares of common stock. The warrants will be immediately exercisable, will expire 5.5 years from the date of issuance and will have an exercise price of $2.55 per common share.

The gross proceeds to the Company from the registered direct offering and concurrent private placement are estimated to be approximately $5.8 million before deducting the placement agent’s fees and other estimated offering expenses. The offering is expected to close on or about June 8, 2020, subject to the satisfaction of customary closing conditions.

Maxim Group LLC is acting as the sole placement agent for the offering.

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