Datavault AI closes initial tranche of $150 million Bitcoin investment deal

Datavault AI Inc. (NASDAQ: DVLT) announced it has closed the initial tranche of a previously disclosed $150 million Bitcoin investment from Scilex Holding Company (NASDAQ: SCLX).

Under the agreement terms, Scilex is expected to receive up to 278,914,094 shares of Datavault common stock at an effective purchase price of $0.5378 per share, subject to adjustment for stock splits and similar transactions. In the initial tranche closing, Scilex received 15,000,000 shares of Datavault common stock.

The remaining investment will be issued in a second tranche through a pre-funded warrant to purchase Datavault common stock. This second tranche requires approval by Datavault stockholders for share issuance to Scilex exceeding 19.99% of Datavault's pre-financing shares outstanding.

Datavault AI operates as an AI-driven data visualization, valuation, and monetization company. The company's cloud-based platform serves multiple industries including sports and entertainment, biotech, education, fintech, real estate, healthcare, and energy sectors.

Scilex Holding Company focuses on acquiring, developing and commercializing non-opioid pain management products for treating acute and chronic pain. The company's commercial products include ZTlido, ELYXYB, and Gloperba, along with three product candidates in development.

The information is based on a press release statement from Datavault AI Inc.

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