Summit Wireless Technologies (WISA) Prices 2M Share Common Offering at $3.25/Sh

Summit Wireless Technologies, Inc. (NASDAQ: WISA) announced today the pricing of an underwritten public offering of 2,000,000 shares of its common stock (or pre-funded common stock purchase warrants to purchase common stock in lieu thereof) and common stock purchase warrants to purchase up to an aggregate of 2,000,000 shares of the Company’s common stock. Each share of common stock or pre-funded common stock purchase warrant is being sold together with one common stock purchase warrant to purchase one share of common stock at a combined price to the public of $3.25 per share and common stock purchase warrant. Gross proceeds before deducting underwriting discounts, commissions and other offering expenses are expected to be $6.5 million.

Each common stock purchase warrant is immediately exercisable for one share of common stock at an exercise price of $3.25 per share and will expire five years from issuance. The offering is expected to close on or about April 23, 2020, subject to customary closing conditions.

The Company intends to use the net proceeds of the offering for product development, repayment of debt, sales and marketing, working capital, capital expenditures and other general corporate purposes.

Maxim Group LLC is acting as sole book-running manager in connection with the offering.

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