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

Scilex Holding Company has increased its beneficial ownership in Datavault AI Inc. to 47.99% after purchasing and exercising a pre-funded warrant for approximately $141.9 million in Bitcoin.

Summary

• Scilex Holding Company filed Amendment No. 1 to its Schedule 13D regarding Datavault AI Inc.
• Datavault AI Inc. stockholders approved the transactions contemplated by the Datavault SPA on November 24, 2025.
• On November 25, 2025, Scilex completed the purchase of a Pre-Funded Warrant for approximately $141.9 million, paid in Bitcoin.
• Immediately following the purchase, Scilex exercised the Pre-Funded Warrant in full for an aggregate exercise price of approximately $26.4 thousand, paid in cash.
• Scilex Holding Company now beneficially owns 265,102,560 shares of Datavault AI Inc. Common Stock.
• This represents approximately 47.99% of Datavault AI Inc.'s issued and outstanding Common Stock, based on 552,403,421 shares outstanding as of November 25, 2025.

Sentiment

Score: 8

Explanation: The filing reports the successful completion of a significant strategic investment and capital injection for Datavault AI Inc., increasing Scilex's stake to nearly 48%. This indicates strong confidence and provides substantial funding, which are positive developments for both entities.

Positives

• Scilex Holding Company has significantly increased its stake in Datavault AI Inc. to 47.99%, indicating strong commitment and belief in the company's future.
• Datavault AI Inc. received approximately $141.9 million in Bitcoin from the sale of the Pre-Funded Warrant, providing substantial capital.
• The transaction involved stockholder approval, suggesting alignment between management and shareholders regarding the strategic move.

Negatives

• NA

Risks

• NA

Future Outlook

NA

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." (Signed by Henry Ji, Ph.D., Chief Executive Officer and President of Scilex Holding Company).

Industry Context

This transaction represents a significant strategic investment by Scilex Holding Company into Datavault AI Inc., potentially signaling a deeper collaboration or integration between a biopharmaceutical company (Scilex is often associated with biopharma) and an AI data management firm. Such cross-industry investments can drive innovation and efficiency, particularly in areas like drug discovery or clinical trial data analysis, where AI is increasingly critical.

Comparison to Industry Standards

• NA

Corporate Governance

Legal Proceedings

• NA

Related Party Transactions

• NA

Stakeholder Impact

• Shareholders (Datavault AI Inc.): The company received a significant capital injection ($141.9 million in Bitcoin), which can fund operations, growth, or strategic initiatives. The increased stake by Scilex could lead to more focused strategic direction or potential future integration.
• Shareholders (Scilex Holding Company): Scilex has significantly increased its equity position in Datavault AI Inc., potentially gaining greater influence and exposure to Datavault's future performance.

Next Steps

• NA

Key Dates

Recommendation

The filing details a significant increase in Scilex Holding Company's stake in Datavault AI Inc. and a substantial capital injection for Datavault. This is a positive development, indicating strong investor confidence and providing financial resources. However, without further financial performance details or strategic plans from Datavault AI Inc., a 'hold' recommendation is prudent to observe how this capital is deployed and its impact on future growth and profitability. The large stake by Scilex suggests potential strategic alignment or future corporate actions that could influence valuation.

Keywords

Datavault AI Inc., Scilex Holding Company, Schedule 13D, Beneficial Ownership, Pre-Funded Warrant, Bitcoin, Equity Stake, Corporate Governance, Investment, AI