In recent transactions reported to the SEC, Stanley Mbugua, Chief Accounting Officer and VP of Finance at WISA Technologies, Inc. (NASDAQ:WISA), sold 2,267 shares of the company's common stock. The transaction comes as WISA's stock has shown strong momentum with a 19.77% gain over the past week, despite an 88% decline year-to-date. The shares were sold at an average price of $1.7851 per share, totaling $4,046. This transaction was conducted to satisfy tax obligations related to the vesting of equity awards. Following the sale, Mbugua holds 67,733 shares directly in the $17.7 million market cap company. According to InvestingPro analysis, WISA is currently experiencing rapid cash burn, with a weak overall financial health score. InvestingPro subscribers have access to 14 additional key insights and a comprehensive Pro Research Report that provides deeper analysis of WISA's financial position.
In other recent news, WiSA Technologies has announced several significant developments. The company reported a substantial Q3 revenue increase, reaching $1.2 million, marking a 240% rise year-over-year, attributed to improved gross margins and a shift towards direct-to-consumer sales. WiSA Technologies also reduced its inventory by 17%, ending the quarter with a robust cash position of $3.9 million.
WiSA Technologies has made strides in its strategic plans with the acquisition of CompuSystems, Inc. (CSI), a service provider for live event management. This acquisition aims to enhance WiSA's offerings by integrating CSI's expertise with Datavault's ADIO technology. CSI is projected to contribute $13 million to $15 million in revenue and $3 million to $4 million in EBITDA for the year 2025.
The company's shareholders have elected eight nominees to serve as directors until the 2025 Annual Meeting, and the appointment of BPM LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024, was ratified. Additionally, WiSA Technologies has approved the acquisition of intellectual property and technology assets from Data Vault Holdings Inc.
WiSA Technologies has also confirmed the effective resignation of Mr. Gary Williams, with Mr. Stanley Mbugua succeeding him as the new Chief Accounting Officer. The company extended the warrant exercise period, a strategic move to encourage warrant holders to participate in the exercise process, potentially increasing the company's equity base.
These are recent developments, indicating the ongoing strategic moves and managerial decisions within WiSA Technologies.
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