WiSA Technologies to acquire assets, IP from Datavault in $210M transaction

WiSA Technologies announced that it has executed a definitive asset purchase agreement to purchase the Datavault intellectual property and information technology assets of privately held Data Vault Holdings for $210M, consisting of 40M shares of common stock of WiSA Technologies to be issued at $5 per share plus a $10M three-year note. Closing, subject to customary conditions and approval by the stockholders of WiSA Technologies, is expected to occur prior to December 31. The management teams of WiSA Technologies and Data Vault Holdings will host an investor conference call to discuss the transaction. The resulting publicly traded data technology and licensing company will enable clients and strategic partners to monetize their Blockchain Data and AI Web 3.0 assets via tokenization, data ownership and digital twins. Following the asset acquisition, the company will include the Datavault and ADIO assets, talent and experience with WiSA Technologies to offer two solutions. Data Sciences will license high performance computing, or HPC, software applications and Web 3.0 data management serving biotech research, energy, education, fintech, real estate, healthcare, among others. Acoustic Sciences will license spatial and multichannel HD sound transmission, including Adio, WiSA and Sumerian, to customers in sports & entertainment, events & venues, restaurants, automotive, finance, and other industries. The $210M consideration will be paid to Data Vault in exchange for Datavault and Adio intellectual property and information technology assets by WiSA Technologies. A total of $200M will be in the form of shares of restricted common stock of WiSA Technologies to be issued at $5.00 per share, $10M will be paid in an unsecured promissory note due three years from closing, with 10% of the proceeds of any financings used to pay down or pay off the promissory note in the interim. And lastly, a 3% royalty on future revenues from Datavault and ADIO product lines will be paid to Master Vault. Closing is subject to customary conditions and approval by the stockholders of WiSA Technologies. The proxy is expected to be mailed around the end of September, with the stockholders meeting to be held in Q4. Upon closing, Nathaniel Bradley, CEO and co-founder of Data Vault, will become CEO and Brett Moyer, CEO of WiSA, will become CFO. The company intends to change its name to Datavault Inc.