Datavault AI Inc 8-K, filed May 11, 2021
Datavault AI Inc. (DVLT)
About this 8-K
Datavault AI Inc filed this 8-K on May 11, 2021, reporting on events of May 6, 2021.
Items reported
- Item 5.02: Director or officer change, or executive pay
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) May 11, 2021 (May 6, 2021)
SUMMIT WIRELESS TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 001-38608 | 30-1135279 | ||
| (State or other jurisdiction of Incorporation) |
(Commission File Number) |
(IRS Employer Identification Number) |
|
6840 Via Del Oro Ste. 280 San Jose, CA |
95119 | |
| (Address of registrant’s principal executive office) | (Zip code) |
(408) 627-4716
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading symbol(s) | Name of each exchange on which registered | ||
| Common Stock, par value $0.0001 per share | WISA | The Nasdaq Capital Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
Emerging growth company x
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Resignation of Jonathan Gazdak from the Board of Directors
On May 6, 2021, Jonathan Gazdak notified Summit Wireless Technologies, Inc. (the “Company”) of his decision to resign from the Company’s board of directors (the “Board”), effective May 10, 2021. Mr. Gazdak is not resigning due to any disagreement between the Company and Mr. Gazdak, or any matter related to the Company s operations, policies or practices.
Appointment of Wendy Wilson to the Board of Directors
On May 6, 2021, the Board, pursuant to its powers under the Company’s bylaws, appointed Wendy Wilson as a member of the Board to replace Mr. Gazdak. Ms. Wilson will serve as a director until the next annual meeting of the Company’s stockholders, at which time she will stand for election until the annual meeting of the Company’s stockholders following her election, or her earlier resignation, retirement or other termination of service.
Additionally, on May 6, 2021, the Board approved a one-time grant of 10,000 shares of common stock, par value $0.0001 per share, of the Company (the “Shares”) pursuant to the Company’s 2018 Long-Term Stock Incentive Plan. The shares are scheduled to vest in equal installments on the first, second and third anniversaries of May 15, 2021, so long as Ms. Wilson remains in the service of the Company on each such anniversary. Ms. Wilson is not party to any transaction, or series of transactions, required to be disclosed pursuant to Item 404(a) of Regulation S-K. Ms. Wilson is expected to serve on the Company’s Audit Committee.
| Item 8.01 | Other Events |
On May 11, 2021, the Company issued a press release announcing the resignation of Mr. Gazdak and the appointment of Ms. Wilson to the Board, a copy of which is furnished herewith as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference. The information in the such exhibit shall not be deemed filed for purposes of Section 18 of the Securities Act of 1934, as amended, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as expressly set forth by specific reference in such filing.
| Item 9.01 | Financial Statements and Exhibits. |
| (d) | Exhibits |
| No. | Description | |
| 99.1 | Press Release of the Company, dated May 11, 2021. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Date: May 11, 2021 | SUMMIT WIRELESS TECHNOLOGIES, INC. | ||
| By: | /s/ Brett Moyer | ||
|
Name: Brett Moyer Title: Chief Executive Officer |
|||
Exhibit 99.1
| May 11, 2021 |  |
Summit Wireless Technologies Appoints Wendy Wilson, Digital Marketing Executive, to the Board of Directors
SAN JOSE, Calif.--(BUSINESS WIRE)-- Summit Wireless Technologies, Inc. (Nasdaq: WISA), a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems, announced it has appointed Wendy Wilson, 53, to the board of directors effective May 10, 2021. In addition, the board thanks Jonathan Gazdak for his service, who will remain an advisor to the company. The board count will remain at eight.
This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20210511005419/en/
Brett Moyer, chief executive officer, president and chairman, stated, “Building on our marketing initiatives for Summit technology as the standard for wireless immersive sound among brands and ODMs, we welcome Wendy Wilson, a digital marketing executive, to the board. Wendy’s wealth of experience includes leadership roles in large enterprises, such as Disney, Jive, and Yahoo, as well as venture-funded high-tech start-ups. We believe her insights will be valuable as we drive consumer awareness and interest in wireless immersive sound technology and next-generation home entertainment.”
Wilson added, “This is an exciting time to join Summit, as the WiSA Wave marketing program is gaining traction. Its wireless sound technology is in leading brands hitting the end user marketplace. I look forward to providing strategic input in expanding consumer awareness of these end markets and in supporting the strong customer portfolio of leading consumer entertainment brands and manufacturers.”
Moyer concluded, “We thank Jonathan for his service during Summit’s journey. We are pleased he will continue to advise the company as we drive growth.”
About Wendy Wilson
Wendy Wilson is currently VP of Marketing at ChargePoint, one of the world’s largest EV charging network. She runs go-to-market functions for the SaaS businesses, has P&L responsibility, and is helping expand the company’s operations into European markets with scalable localization, web, and marketing processes. Ms. Wilson has held leadership roles in small VC funded startups as well as publicly traded firms including Disney, Jive and Yahoo. In her leadership role at Infoseek, which was acquired by Disney in 1998, she was responsible for cross-disciplinary teams from ESPN, Go.com (ABC News), Mr. Showbiz and Infoseek brands. At Yahoo, she was responsible for both the monetization and editorial strategy for the Yahoo front page, known then as the world’s homepage. Ms. Wilson led demand generation, field and web teams at Jive Software.
Ms. Wilson is a graduate of Northwestern University with a BA in English.
About Summit Wireless Technologies, Inc.
Summit Wireless Technologies, Inc. (NASDAQ: WISA) is a leading provider of immersive, wireless sound technology for intelligent devices and next-generation home entertainment systems. Working with leading CE brands and manufacturers such as Harman International, a division of Samsung, LG Electronics, Klipsch, Bang & Olufsen, Xbox, a subsidiary of Microsoft, and others, Summit Wireless delivers seamless, dynamic audio experiences for high-definition content, including movies and video, music, sports, gaming/esports, and more. Summit Wireless is a founding member of WiSA, the Wireless Speaker and Audio Association and works in joint partnership to champion the most reliable interoperability standards across the audio industry. Summit Wireless is headquartered in San Jose, CA with sales teams in Taiwan, China, Japan, and Korea. For more information, please visit: www.summitwireless.com.
About WiSA, LLC
WiSA®, the Wireless Speaker and Audio Association, is a consumer electronics consortium dedicated to creating interoperability standards utilized by leading brands and manufacturers to deliver immersive sound via intelligent devices. WiSA CertifiedTM components from any member brand can be combined to dramatically increase the enjoyment of movies and video, music, sports, gaming/esports, and more. WiSA also combines robust, high definition, multi-channel, low latency surround sound with the simple setup of a soundbar. For more information about WiSA, please visit: www.wisaassociation.org.
© 2021 Summit Wireless Technologies, Inc. All rights reserved. Summit Wireless Technologies and the Summit Wireless logo are trademarks of Summit Wireless Technologies, Inc. The WiSA logo, WiSA, WiSA Ready, and WiSA Certified are trademarks, or certification marks of WiSA LLC.
Safe Harbor Statement
This press release contains forward-looking statements, which are not historical facts, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Our actual results, performance or achievements may differ materially from those expressed or implied by these forward-looking statements. In some cases, you can identify forward-looking statements by the use of words such as “may,” “could,” “expect,” “intend,” “plan,” “seek,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” “likely,” “will,” “would” and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Such forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by us and our management, are inherently uncertain. As a result, readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting Summit Wireless’ business including, current macroeconomic uncertainties associated with the COVID-19 pandemic, our ability to predict the timing of design wins entering production and the potential future revenue associated with our design wins; our rate of growth; our ability to predict customer demand for our existing and future products and to secure adequate manufacturing capacity; consumer demand conditions affecting our customer’s end markets; our ability to hire, retain and motivate employees; the effects of competition, including price competition; technological, regulatory and legal developments; developments in the economy and financial markets and other risks detailed from time to time in Summit Wireless’ filings with the Securities and Exchange Commission.
View source version on businesswire.com:
https://www.businesswire.com/news/home/20210511005419/en/
Kirsten Chapman, LHA Investor Relations, 415.433.3777, summit@lhai.com
Source: Summit Wireless Technologies, Inc.