Form 4: Scilex Holding Exercises Warrants, Sells DVLT Shares

Scilex Holding Co., a 10% owner and director of Datavault AI Inc., exercised warrants for 263.9 million shares and subsequently sold 422,299 shares of common stock.

Summary

• Scilex Holding Co., identified as a Director and 10% Owner of Datavault AI Inc. (DVLT), reported changes in its beneficial ownership.
• On November 25, 2025, Scilex Holding Co. exercised a warrant to purchase 263,914,094 shares of Datavault AI Inc. common stock at an exercise price of $0.0001 per share.
• Following the warrant exercise, Scilex Holding Co.'s beneficial ownership of common stock increased to 265,524,859 shares.
• The warrant, which had an exercise price of $0.0001, expired on November 25, 2025, upon its full exercise.
• On November 28, 2025, Scilex Holding Co. disposed of 422,299 shares of Datavault AI Inc. common stock through a sale transaction at a price of $2.0629 per share.
• After these transactions, Scilex Holding Co. beneficially owns 265,102,560 shares of Datavault AI Inc. common stock.

Sentiment

Score: 6

Explanation: The sentiment is moderately positive for the reporting person (Scilex Holding Co.) due to the successful exercise of a large warrant position at a very low price, significantly increasing their direct stake. For the issuer (Datavault AI Inc.), the insider sale, while small relative to the total stake, introduces a slightly cautious note, but the overall increase in beneficial ownership by a key insider is generally positive.

Positives

• Scilex Holding Co. successfully exercised a significant warrant position (263,914,094 shares) at a nominal price of $0.0001 per share, indicating a substantial paper gain on the underlying shares.
• The full exercise of the warrant demonstrates a commitment to increasing direct equity ownership in Datavault AI Inc. by a significant stakeholder.

Negatives

• Scilex Holding Co. sold 422,299 shares of Datavault AI Inc. common stock at $2.0629 per share, which could be interpreted as profit-taking or a slight reduction in exposure by an insider.

Future Outlook

This Form 4 filing reports past insider transactions and does not contain forward-looking statements or guidance regarding the company's future outlook.

Management Comments

• The filing was signed by Henry Ji, Chief Executive Officer, President, and Chairperson of Scilex Holding Company.

Industry Context

This filing details insider trading activity by a significant shareholder and director, Scilex Holding Co., in Datavault AI Inc. It does not provide broader industry trends or competitive analysis.

Related Party Transactions

• Scilex Holding Co. is a 10% owner and director of Datavault AI Inc., making these transactions related-party dealings.

Stakeholder Impact

• Shareholders of Datavault AI Inc. may view the insider sale, even if small, as a signal of profit-taking by a significant stakeholder.
• The substantial increase in direct ownership by Scilex Holding Co. through warrant exercise could be seen as a long-term commitment to Datavault AI Inc. by a key insider.

Key Dates

Keywords

Scilex Holding Co, Datavault AI Inc, DVLT, Form 4, Insider Trading, Warrant Exercise, Stock Sale, Beneficial Ownership, SEC Filing