WiSA Technologies Amends Asset Purchase Agreement with Data Vault Holdings

WiSA Technologies, Inc. (NASDAQ: WISA) recently announced amendments to its Asset Purchase Agreement with Data Vault Holdings Inc. The changes took effect on November 14, 2024, following the initial agreement made on September 4, 2024. The Asset Purchase Agreement involves the acquisition of various assets and interests utilized in Data Vault’s business, including patents, trademarks, and software source code.

The amendment, termed the “Asset Purchase Agreement Amendment,” focused on refining the definition of the Acquired Business to Acquired Assets. Additionally, adjustments were made to the definition of Key Employees to specifically include Nathaniel Bradley and Brett Moyer. Changes were also outlined for the terms of the Promissory Note, introducing a floor price of $1.116 and outlining payment adjustments based on prior transactions between the parties.

Apart from these adjustments, the Asset Purchase Agreement Amendment did not introduce any other significant alterations to the original agreement.

WiSA Technologies also released a press statement on November 15, 2024, detailing its financial and business highlights for the quarter ending September 30, 2024. In conjunction with this, the company will be hosting a conference call on the same day to present the third-quarter results to shareholders. The presentation will cover updates on the recent business activities, including details about the asset acquisition from Data Vault.

Moreover, a press release was issued on November 15, 2024, announcing the submission of a preliminary proxy statement to the U.S. Securities and Exchange Commission in preparation for WiSA’s upcoming 2024 annual stockholders’ meeting. At this meeting, various proposals will be presented, including those related to the Asset Purchase Agreement amendments.

WiSA Technologies and Data Vault Holdings are working together to finalize the Asset Purchase Agreement, which is anticipated to merge their complementary technologies and build a more robust entity serving diverse markets. The integration is designed to leverage Data Vault’s advanced AI, blockchain, and Data Web 3.0 IP assets in collaboration with WiSA’s existing solutions.

Investors and stakeholders can access additional information about the proposed acquisition, including the confirmed specifications and future prospects, through official filings with the Securities and Exchange Commission.

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.

WiSA Technologies Company Profile

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.