DEFA14A: WiSA Technologies Adjourns Special Meeting to Allow More Time for Voting on Bylaw Amendment

WiSA Technologies has adjourned its special meeting of stockholders to March 29, 2024, to provide shareholders additional time to vote on a proposal to amend the Certificate of Incorporation, potentially reducing the quorum requirement.

Summary

• WiSA Technologies has adjourned its special meeting of stockholders to Friday, March 29, 2024, at 1 p.m. Pacific Time.
• The adjournment is solely to allow shareholders more time to vote on Proposal 3, which involves amending the Certificate of Incorporation.
• The proposed amendment would permit the board of directors to amend the company's bylaws.
• If approved, WiSA's board intends to amend the bylaws to reduce its quorum requirement.
• WiSA believes this will mitigate unnecessary administrative burden, expense, and delay concerning future stockholder meetings.
• The company has experienced difficulties in reaching a quorum due to a large number of shares widely distributed among retail stockholders.
• Stockholders must actively vote by 11:59 pm Eastern Time on March 28, 2024, to ensure their vote is counted.
• The record date for the adjourned meeting remains February 13, 2024.

Sentiment

Score: 6

Explanation: The sentiment is neutral. While the company is taking steps to improve efficiency, the adjournment suggests underlying challenges in shareholder engagement.

Positives

• The proposed bylaw amendment aims to reduce administrative burden, expense, and delay for future stockholder meetings.
• Providing additional time for voting ensures that all shareholders have an opportunity to participate.

Negatives

• The adjournment of the meeting suggests difficulty in achieving quorum, indicating potential shareholder apathy or difficulty in engaging retail investors.

Risks

• Failure to achieve a quorum could hinder the company's ability to conduct business at future stockholder meetings.
• The need to adjourn the meeting may reflect underlying issues with shareholder engagement and communication.

Future Outlook

If the proposal is approved, WiSA's board intends to amend the bylaws to reduce its quorum requirement, which WiSA believes will mitigate unnecessary administrative burden, expense and delay with respect to future stockholder meetings.

Management Comments

• Brett Moyer, Chairman and Chief Executive Officer, encourages shareholders to vote and thanks them for their investment in WiSA Technologies.

Industry Context

Many companies, especially those with a large retail investor base, face challenges in achieving quorum for shareholder meetings. This action by WiSA reflects a common strategy to address this issue.

Stakeholder Impact

• Shareholders are encouraged to vote, and their participation is crucial for the company to achieve its objectives.
• The proposed bylaw amendment could streamline future stockholder meetings, potentially benefiting all stakeholders.

Next Steps

• Shareholders need to vote on Proposal 3 by the deadline of March 28, 2024.
• The board of directors will consider amending the bylaws to reduce the quorum requirement if the proposal is approved.

Key Dates

Keywords

WiSA Technologies, special meeting, quorum, bylaws, amendment, voting, stockholders, retail investors