Scilex Holding to Invest $150M of Bitcoin in Datavault AI
By Kelly CloonanScilex Holding will make a $150 million bitcoin investment in Datavault AI.The company, which acquires and commercializes non-opioid pain management products, said Thursday the investment aims to help Datavault accelerate its supercomputing infrastructure, expand independent data exchanges, and unlock new revenue streams.Under the agreement, Scilex will receive up to about 278.9 million shares of Datavault common stock at a price of 54 cents per share, with 15 million shares issued at the closing of the initial tranche of Scilex's investment. The remainder will be issued in a second tranche.Datavault's board and management remain unchanged, though Scilex will have the right to nominate two directors to its board, so long as Scilex maintains beneficial ownership of at least 10% of the company's common stock.Write to Kelly Cloonan at [email protected]