Benzinga | Jul 23, 2021 09:36AM EDT

Summit Wireless Technologies To Raise $10M Via Institutional Equity Offering At 13% Discount

* Summit Wireless Technologies Inc (NASDAQ:WISA) agreed to sell 2.5 million shares at $4 per share in a secondary institutional placement.

* The offer price signifies a 13% discount to the Thursday closing price of $4.6.

* The estimated gross offering proceeds is $10 million.

* The stock has gained 95% in the last year.

* Price action: WISA shares traded lower by 16.1% at $3.86 on the last check Friday.