Here's Why WiSA Technologies Stock Is Getting Hammered

WiSA Technologies Inc WISA shares are trading lower by 38.89% to $2.20 Tuesday afternoon after the company announced a registered direct offering of 837,209 shares at $1.91 per share.

What Else?

WiSA Technologies says the company intends to use a portion of the net proceeds of the offering to partially or fully repay the outstanding principal amount of a senior secured convertible note issued to an institutional investor on August 15, 2022, as amended.

WiSA may use the remainder of the net proceeds for working capital, capital expenditures, product development and other general corporate purposes.

The offering is expected to close on or about March 29, 2023, subject to customary closing conditions.

According to data from Benzinga Pro, WISA has a 52-week high of $149.00 and a 52-week low of $0.88.