WiSA Technologies, Inc. (NASDAQ: WISA), a leading innovator in
wireless audio technology for intelligent devices and
next-generation home entertainment systems, issued a Letter to
Shareholders.
Dear Fellow Shareholders,
I am writing to share some exciting news regarding WiSA
Technologies and our upcoming Special Meeting of Stockholders on
May 13, 2024.
At its core, WiSA Technologies is an innovative company, a
company whose dynamic products are built on a strong R&D
foundation. Over the past decade, we have been at the forefront of
innovation in the audio/video entertainment space. Our bold vision
to deliver a superior at-home entertainment listening experience
has guided us to prioritize significant investments in R&D in
order to create a company that is built to last. With this
foundation firmly in place, we strongly believe that, at this
juncture, we have set the stage for sustainable long-term success
because we have a dynamic core product that will help us and our
customers advance multichannel wireless audio to become the
ubiquitous standard in the industry.
Our journey has been marked by several milestones:
Formation of a Strong Foundation: In
our early years, we focused on building talented teams of R&D,
sales, marketing, and management, while fostering a culture that
embraced our vision.
Industry Recognition: We formed the
70+ member WiSA Association focused on standardizing the delivery
of multichannel wireless audio and we showcased our technology
solutions at prestigious events like CES, forging strong
relationships with the world's leading consumer electronics
manufacturers.
Continuous Innovation: Year after
year, we invested heavily in R&D to introduce robust technology
solutions to consumer electronics manufacturers.
Today, I am proud to say that WiSA Technologies is
well-positioned to transform the spatial audio industry.
Culminating from our years of hard work and investment in R&D,
we introduced a groundbreaking technology in 2023, WiSA E. This
breakthrough represents a transformative milestone and new chapter
for WiSA Technologies. Leading consumer electronics manufacturers
are partnering with us to bring WiSA E to market through their
channels and products by licensing our IP, which is expected to
unlock new revenue streams for our company for years to come.
To realize the promise of WiSA E, we are introducing a new
program, called Propel, that will consist of several strategic
initiatives over the next 18 months that include:
Enhanced Value for Shareholders:
Standardizing industry solutions and implementing initiatives to
achieve consistent revenue performance, reduce infrastructure costs
and maximize long-term shareholder value.
Revenue Growth: Creating new revenue
streams that are expected to significantly impact our company's
top-line growth. This includes enhancing our WiSA E technology to
attract partnerships with TV/Audio speaker and chip manufacturers,
resulting in increased licensing agreements and certifications.
Path to Profitability: Developing
stringent specifications compliance and close working partnerships
with consumer electronics manufacturers and chip makers to produce
high-volume, lower cost solutions that will deliver positive
benefits to our bottom line.
Industry Leadership: Expanding
interbrand operability among premier audio manufacturers and
delivering premium technology solutions to mass-market audio
systems. WiSA Technologies aims to solidify its position as an
industry innovator through this expansion.
Strong Governance: Implementing
amendments to our certificate of incorporation and bylaws. These
changes are expected to provide WiSA Technologies with the
flexibility and governance needed to swiftly execute and adapt to
market demands.
To achieve these ambitious goals, we need your support. At the
upcoming Special Meeting of Stockholders, we will be presenting
several proposals that are crucial for the successful execution of
our Propel program:
Proposal #1: Authorize a Reverse Stock Split Proposal
#2: Approve an Amendment to the Certificate of Incorporation to
Allow the Board of Directors to Amend the Bylaws Proposal
#3: Approve Issuance of Shares upon Exercise of February 2024
Warrants Proposal #4: Approve Issuance of Shares upon
Exercise of March 2024 Warrants Proposal #5: Consider and
Act Upon Other Business
The WiSA Board of Directors and I wholeheartedly recommend that
you VOTE FOR each of the proposals.
Each of these proposals is vital for us to move forward with
confidence and realize the full potential of WiSA E and Propel. I
urge you to read about these proposals in detail in the Definitive
Proxy Statement on Schedule 14A, filed with the Securities and
Exchange Commission.
Your vote is important regardless of the number of shares you
own. Please take the time to vote today to ensure your vote is
received prior to the special meeting on May 13, 2024. For
assistance with voting your shares, please reach out to our proxy
solicitor, Lioness Consulting, via email at
info@lionessconsultingllc.com.
Thank you for your ongoing support of our vision and our efforts
to be the industry standard for wireless innovation.
Warm regards,
Brett Moyer
CEO and Founder WiSA Technologies Inc.
Safe Harbor Statement
This communication contains forward-looking statements, which
are not historical facts, within the meaning of Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. In some cases, you can
identify these forward-looking statements by the use of words such
as “may,” “could,” “expect,” “intend,” “plan,” “seek,”
“anticipate,” “believe,” “estimate,” “predict,” “potential,”
“continue,” “likely,” “will,” “would” and variations of these terms
and similar expressions, or the negative of these terms or similar
expressions. Such forward-looking statements, including statements
herein regarding our business opportunities and prospects,
strategy, future revenues and profitability, and licensing
initiatives and expectations, are necessarily based upon estimates
and assumptions that, while considered reasonable by us and our
management, are inherently uncertain. Readers are cautioned not to
place undue reliance on these forward-looking statements. Actual
results may differ materially from those indicated by these
forward-looking statements as a result of risks and uncertainties
regarding, among other items: our current liquidity position and
the need to obtain additional financing to support ongoing
operations; general market, economic and other conditions; our
ability to continue as a going concern; our ability to maintain the
listing of our common stock on Nasdaq; our ability to manage costs
and execute on our operational and budget plans; our ability to
achieve our financial goals; the degree to which our licensees
implement the licensed technology into their products, if at all;
the timeline to any such implementation; risks related to
technology innovation and intellectual property, and other risks as
more fully described in our filings with the U.S. Securities and
Exchange Commission. The information in this communication is
provided only as of the date of this communication, and we
undertake no obligation to update any forward-looking statements
contained in this communication based on new information, future
events, or otherwise, except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20240426282680/en/
David Barnard, LHA Investor Relations,
415-433-3777, wisa@lhai.com
WiSA Technologies (NASDAQ:WISA)
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