BEAVERTON, Ore. - WiSA Technologies, Inc. (NASDAQ: WISA), a company specializing in wireless audio technology for smart devices and home entertainment systems, announced it has regained compliance with the Nasdaq's minimum bid price requirement.
The Nasdaq Stock Market LLC confirmed that WiSA's stock price has maintained the minimum $1.00 per share threshold, as per Nasdaq Listing Rule 5550(a)(2).
The company will remain under a mandatory panel monitor until April 29, 2025, to ensure continued compliance with the listing rule. Should WiSA Technologies' shares fall below the requirement during this period, Nasdaq will issue a noncompliance notification, prompting the company to undergo a new hearing process.
WiSA Technologies works with consumer electronics brands and manufacturers to provide wireless sound experiences for various forms of high-definition content, including movies, music, sports, and gaming.
The company's partnerships include notable industry players like Harman International, LG, Hisense, TCL, and Bang & Olufsen. WiSA Technologies is also a founding member of the Wireless Speaker and Audio Association (WiSA), which aims to establish standards for wireless audio interoperability.
The compliance notice marks an important milestone for WiSA Technologies as it continues to navigate its operational and financial strategies. The company is committed to maintaining its listing on the Nasdaq, which is a critical aspect of its visibility and credibility in the market.
This development is based on a press release statement from WiSA Technologies, Inc. and does not include any forward-looking statements or assumptions. The information provided reflects the current status of WiSA Technologies' compliance with Nasdaq's listing requirements as of the date of the announcement.
InvestingPro Insights
WiSA Technologies, Inc. (NASDAQ: WISA) has recently achieved compliance with Nasdaq's minimum bid price requirement, reflecting a positive development for the company's market standing. In light of this news, key financial metrics and analyst insights from InvestingPro provide a broader perspective on the company's financial health and market performance.
InvestingPro Data shows that WiSA Technologies has a market capitalization of $16.6 million and has been experiencing significant price volatility. Notably, the stock has taken a substantial hit over the last week with a -16.05% price total return, underscoring the high-risk nature of the investment. Despite a strong return over the last month at 57.69%, the company's one-year price total return stands at a concerning -96.8%, indicating a steep decline in investor confidence over the longer term.
Analysts contributing to InvestingPro Tips have highlighted that WiSA Technologies is quickly burning through cash and suffers from weak gross profit margins, with a gross profit margin of -165.96% for the last twelve months as of Q4 2023. Furthermore, analysts do not anticipate the company will be profitable this year, which is consistent with the company's performance over the last twelve months, where it was not profitable.
For investors seeking a more comprehensive analysis, InvestingPro offers additional insights into WiSA Technologies' financial situation and future prospects. There are 17 more InvestingPro Tips available for WiSA, which can be accessed by visiting https://www.investing.com/pro/WISA. Interested readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing a deeper dive into the company's valuation, financial health, and market performance.
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