WiSA Technologies Successfully Resolves Nasdaq Listing Compliance Issues

WiSA Technologies, Inc. (Nasdaq: WISA), which specializes in developing spatial audio wireless technology for smart devices and next-generation home entertainment systems, has successfully resolved its compliance challenges with Nasdaq’s continued listing standards.

Resolution of Compliance Matters

The company announced that it has now achieved full compliance with all Nasdaq listing requirements. The resolution came after a series of regulatory proceedings that began in June 2022 when the Nasdaq Listing Qualifications staff issued a notification regarding the Company’s failure to maintain the minimum bid price requirement outlined in Listing Rule 5550(a)(2).

Timeline of Events

Initially, WiSA Technologies received a 180-calendar-day compliance period to address the minimum bid price issue, which was subsequently extended through June 20, 2023. However, on January 18, 2023, Nasdaq staff issued a delisting notice, determining that the Company’s stock had traded at $0.10 or below for 10 consecutive trading days, thereby failing to meet the low-priced stock standards required for continued Nasdaq listing.

In response, the Company promptly requested a hearing on January 20, 2023. By February 13, 2023, Nasdaq staff determined that WiSA Technologies had successfully restored compliance with the minimum bid price requirement, including the $0.10 threshold mandated by Listing Rule 5550(a)(2). Consequently, this particular compliance matter was not presented to the hearing panel.

Shareholder Approval Determination

Nasdaq staff had also raised concerns regarding whether the Company complied with shareholder approval requirements under Listing Rule 5635(d). This rule requires prior shareholder approval for transactions—excluding public offerings—that involve issuing 20% or more of outstanding shares at prices below the Minimum Price threshold.

The hearing panel convened on March 9, 2023 to address this shareholder approval matter. On March 22, 2023, the panel issued its determination: the Company’s common stock would remain listed on Nasdaq, and no further action would be taken regarding the compliance issue. As a result, WiSA Technologies is no longer classified as a “Noncompliant Company” on Nasdaq’s official registry.

Company Overview

WiSA Technologies (Nasdaq: WISA) develops, markets, and distributes spatial audio wireless technology designed for consumer electronics and next-generation home entertainment applications. The Company operates through the WiSA Association, a consortium that partners with leading electronics manufacturers, technology providers, and retailers to advance spatial audio adoption across the industry. Headquartered in Beaverton, Oregon, the Company continues to expand its market presence through strategic partnerships and product innovation.