SCHEDULE: Scilex Boosts Datavault AI Stake to 47.99% via Warrant Exercise

Scilex Holding Company has significantly increased its beneficial ownership in Datavault AI Inc. to 47.99% after purchasing and exercising a Pre-Funded Warrant.

Summary

• Scilex Holding Company (SHC) filed Amendment No. 1 to its Schedule 13D, updating its beneficial ownership in Datavault AI Inc. (the "Issuer").
• SHC is now deemed the beneficial owner of 265,102,560 shares of Datavault AI Inc. Common Stock.
• This represents approximately 47.99% of the issued and outstanding Common Stock of Datavault AI Inc., calculated based on 552,403,421 shares outstanding as of November 25, 2025.
• The increase in ownership resulted from the completion of the purchase and sale of a Pre-Funded Warrant pursuant to the Datavault SPA on November 25, 2025.
• The Pre-Funded Warrant was purchased for approximately $141.9 million in Bitcoin (BTC).
• Following the purchase, SHC exercised the Pre-Funded Warrant in full on November 25, 2025, for an aggregate exercise price of approximately $26.4 thousand, paid in cash.

Sentiment

Score: 7

Explanation: The filing indicates a significant increase in beneficial ownership by Scilex Holding Company in Datavault AI Inc., demonstrating strong investor confidence and providing Datavault with substantial capital. This is generally a positive development for the issuer.

Positives

• Scilex Holding Company significantly increased its equity stake in Datavault AI Inc. to nearly 48%, demonstrating strong conviction in the Issuer's future.
• Datavault AI Inc. received a substantial investment of approximately $141.9 million in Bitcoin through the sale of the Pre-Funded Warrant.

Future Outlook

NA

Industry Context

This filing details a significant change in beneficial ownership for Datavault AI Inc., with Scilex Holding Company increasing its stake to nearly a controlling interest. This type of substantial investment by a single entity can signal strong confidence in the target company's technology or market position, potentially influencing market perception and future strategic direction. The use of Bitcoin as consideration for a significant portion of the transaction highlights an emerging trend in corporate finance, particularly within the tech and AI sectors, where digital assets are increasingly being utilized for large-scale investments.

Stakeholder Impact

• Shareholders of Datavault AI Inc. will see Scilex Holding Company become a dominant shareholder with nearly 48% ownership, potentially influencing corporate strategy, governance, and future operational decisions.
• The significant investment by Scilex Holding Company could provide Datavault AI Inc. with enhanced resources for growth and development.

Key Dates

Keywords

Datavault AI Inc., Scilex Holding Company, Schedule 13D, beneficial ownership, Pre-Funded Warrant, Bitcoin, equity stake, corporate control