Datavault AI secures $150 million investment from Scilex Holding

Datavault AI Inc. (NASDAQ: DVLT) announced a $150 million strategic investment from Scilex Holding Company (NASDAQ: SCLX) through a securities purchase agreement. The transaction will occur in two tranches, with an initial $8.1 million expected to close on September 26, 2025, and the remaining $141.9 million following stockholder approval.

The investment will be executed in Bitcoin at the spot exchange rate published by Coinbase.com. Scilex will receive an aggregate of 278.9 million shares of Datavault AI at an effective purchase price of $0.54 per share, subject to adjustment for stock splits and similar transactions.

Under the agreement terms, 15 million shares will be issued at the initial tranche closing, with the remainder issued in the second tranche as a pre-funded warrant. The second tranche closing requires shareholder approval to issue shares exceeding the 19.99% share limitation under Nasdaq listing rules.

Scilex will have rights to nominate two directors to Datavault AI's board while maintaining at least 10% beneficial ownership, and one director while holding 5% to 10% ownership. The company also granted Scilex participation rights in future financings up to 20% of any such financing occurring before the second tranche closing.

Datavault AI stated the investment will support its supercomputing infrastructure development, expansion of independent data exchanges, and partnerships with the U.S. Department of Energy's Brookhaven National Laboratory and IBM WatsonX. The company operates AI-driven data visualization, valuation, and monetization platforms across biotech, natural resources, energy, and entertainment markets.

Henry Ji, CEO of Scilex Holding Company, said the investment reflects confidence in Datavault's ability to transform markets requiring trust and precision, particularly in biotech where Scilex has expertise.

The securities are being offered pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission.

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