Scilex closes initial $150 million Bitcoin investment in Datavault AI

Scilex Holding Company (NASDAQ: SCLX) completed the first tranche of its previously announced $150 million Bitcoin investment in Datavault AI Inc. (NASDAQ: DVLT), according to a company statement.

Under the agreement, Scilex received 15 million shares of Datavault common stock at an effective purchase price of $0.5378 per share. The company expects to receive up to 278.9 million total shares across both tranches of the investment.

The remaining shares will be issued in a second tranche through a pre-funded warrant, subject to Datavault stockholder approval for the issuance of shares exceeding 19.99% of the company's pre-financing outstanding shares.

Scilex focuses on acquiring, developing and commercializing non-opioid pain management products for acute and chronic pain treatment, as well as neurodegenerative and cardiometabolic diseases. The Palo Alto-based company's commercial products include ZTlido, ELYXYB, and Gloperba.

Datavault AI operates a cloud-based platform providing AI-driven data experiences and asset monetization solutions. The Beaverton, Oregon-based company serves multiple industries including sports, entertainment, biotech, education, fintech, real estate, healthcare and energy through its Acoustic Science and Data Science divisions.

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