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Datavault wants to buy a bank and fund it with $35 million after reporting $1.4 million cash
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Datavault AI has agreed to acquire BankWyse, a Wyoming banking institution, while promising funding substantially larger than the cash it reported at the end of June.
Key facts
- On Aug. 18, the company sold an unsecured convertible note with $25.03 million of principal for $25 million
- The agreement disclosed on Aug. 19 values the initial consideration at approximately $22 million, comprising $14.66 million in Datavault stock and $7.34 million in cash
- The transaction requires approval or non-objection from the Wyoming Division of Banking, and Datavault must obtain immediately available financing sufficient to cover its closing obligations
- Datavault had proposed selling 837 Bitcoin to Scilex Holding for $50 million, but the transaction was not assured, and Scilex could pay in cash, securities, or a mixture
Summary
01 Datavault AI agreed to acquire BankWyse for about $22 million initially and committed another $35 million for capitalization and operations. 02 The deal requires at least $12.34 million at closing, while Datavault reported $1.4 million in cash and warned its resources were insufficient. 03 Wyoming approval and immediately available financing remain required, while no public filing by Aug. 20 confirmed approval, an extension, or closing. The mismatch leaves a central question for the proposed deal: How can Datavault finance the purchase and capitalize the bank without another layer of debt or dilution?