WiSA Technologies (NASDAQ: WISA) Enters into Asset Purchase Agreement with CompuSystems, Inc.

WiSA Technologies, Inc., a Delaware corporation, has recently announced the signing of an asset purchase agreement (the “Agreement”) with CompuSystems, Inc., an Illinois corporation. The deal involves WiSA acquiring various rights and assets used in the Acquired Business from CSI, including customer contracts, trademarks, and intellectual property, as outlined in the Agreement dated December 19, 2024.

The purchase price for the Transferred Assets, as stipulated in the Agreement, includes several components such as cash, shares of WiSA’s restricted common stock, and convertible notes. The Agreement consists of customary representations, warranties, and closing conditions subject to certain limitations and third-party consents and agreements.

In the event that the Company fails to obtain stockholder approval for the transactions outlined in the Agreement, provisions are in place for the Company to convene a stockholders meeting to seek approval. Termination rights for the Agreement are also detailed, allowing for mutual consent termination or termination by either party post-March 31, 2025 (the “Outside Date”), among other specified conditions.

The issuance of securities related to the asset purchase will comply with exemptions from registration under the Securities Act of 1933. Furthermore, two convertible notes will be issued, with details on conversion options and event of default provisions outlined in the Agreement.

Additionally, a Voting Agreement has been established requiring the majority of WiSA’s stockholders to vote in favor of the asset purchase at shareholder meetings. This agreement outlines termination clauses based on specific conditions.

The press release issued on December 26, 2024, indicated that WiSA Technologies, CSI, and Data Vault Holdings will host an investor conference call on December 30, 2024, to discuss the recent Agreement. More detailed information regarding these transactions can be found in the exhibits attached to the Form 8-K filing with the SEC.

Investors and stakeholders are encouraged to review the full details of this Agreement and related documents for a comprehensive understanding of the anticipated transactions and their potential impacts on WiSA Technologies.

WiSA Technologies reminds investors that caution is necessary when interpreting forward-looking statements, as uncertainties and risks exist that may impact the actual outcomes of the transactions. The Company and CSI undertake to provide updates as required by law and when significant changes occur.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read WiSA Technologies’s 8K filing here.

About WiSA Technologies

WiSA Technologies, Inc develops, manufactures, and sells audio wireless technology for smart devices and next-generation home entertainment systems in the United States and Europe. The company offers wireless modules. It serves primarily to consumer electronics companies. The company was formerly known as Summit Wireless Technologies, Inc and changed its name to WiSA Technologies Inc in March 2022.