SCHEDULE: Scilex Boosts Datavault AI Stake to 37.27%

Scilex Holding Company has increased its beneficial ownership in Datavault AI Inc. to 37.27% through recent stock purchases.

Summary

• Scilex Holding Company (SHC) filed Amendment No. 4 to its Schedule 13D, updating its beneficial ownership in Datavault AI Inc.
• SHC is now the beneficial owner of 213,766,229 shares of Datavault AI Inc. Common Stock.
• This ownership represents approximately 37.27% of the issued and outstanding Common Stock, calculated based on 573,632,396 shares outstanding as of January 5, 2026.
• Since Amendment No. 3, SHC acquired additional shares: 10,674,816 shares on January 12, 2026, at $0.878 per share; 175,139 shares on January 13, 2026, at $0.9117 per share; and 5,115,586 shares on January 14, 2026, at $0.7201 per share.
• The filing states that the purpose of these transactions is "Not applicable," indicating no specific strategic intent beyond reporting beneficial ownership.

Sentiment

Score: 7

Explanation: The increased stake by Scilex Holding Company in Datavault AI Inc. is generally a positive signal, indicating confidence from a significant investor. However, the lack of stated strategic purpose and the declining average purchase price in the latest transaction introduce some ambiguity.

Positives

• A significant increase in beneficial ownership by Scilex Holding Company, indicating continued confidence in Datavault AI Inc.
• Scilex Holding Company now holds a substantial 37.27% stake, potentially signaling a long-term strategic interest or influence.

Negatives

• The filing does not explicitly state the strategic purpose behind the increased stake, which could lead to speculation regarding Scilex's long-term intentions.
• The average price per share for the latest transaction on January 14, 2026, was $0.7201, which is lower than the prices paid in the preceding two transactions, potentially reflecting a declining market price or a strategic purchase at a lower valuation.

Future Outlook

The filing does not provide specific forward-looking statements or guidance from Datavault AI Inc. or Scilex Holding Company regarding future operations or financial performance. It primarily reports a change in beneficial ownership.

Management Comments

• "After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct." Stephen Ma, Chief Financial Officer, Chief Operating Officer, and Secretary of Scilex Holding Company.

Industry Context

This filing indicates a significant and growing stake by Scilex Holding Company in Datavault AI Inc., suggesting a potential strategic interest in the AI and data management sector. Such large ownership stakes can influence market perception and potentially signal future collaboration or acquisition possibilities within the industry, especially given the increasing importance of AI technologies.

Stakeholder Impact

• Shareholders: Increased institutional ownership by Scilex Holding Company could be viewed positively, potentially stabilizing the stock or signaling future strategic moves. However, the lack of stated intent could also create uncertainty regarding the long-term implications of such a large stake.
• Management: Datavault AI Inc.'s management will need to consider the implications of a large, active shareholder like Scilex Holding Company, which now holds a significant minority stake.

Key Dates

Recommendation

Scilex Holding Company's increased stake to 37.27% in Datavault AI Inc. suggests a strong conviction from a major investor. While this is generally a positive indicator, the absence of a stated strategic purpose for the acquisition and the declining average purchase price in the latest transaction warrant a cautious 'hold' recommendation. Investors should monitor future filings and company announcements for clarity on Scilex's intentions and any potential strategic developments before making further investment decisions.

Keywords

Datavault AI Inc., Scilex Holding Company, Schedule 13D, Beneficial Ownership, Common Stock, Share Acquisition, Institutional Investor, SEC Filing, DVAI