Datavault to Acquire BankWyse for 22 Million USD, Plans 35 Million USD Funding
Prefer us on GoogleDatavault AI has agreed to acquire BankWyse, a Wyoming banking institution, with an initial consideration of approximately 22 million USD, consisting of 14.66 million USD in Datavault stock and 7.34 million USD in cash. BankWyse's sellers could earn up to an additional 10 million USD based on performance milestones, split evenly between cash and stock. Datavault will also provide 35 million USD for BankWyse's capitalization and operations, starting with 5 million USD at closing, followed by five installments of 2.5 million USD and a final payment of 17.5 million USD by the eighth month. The transaction requires approval from the Wyoming Division of Banking and Datavault must secure financing to cover closing obligations, including the 7.34 million USD cash payment and the initial 5 million USD funding. As of June 30, Datavault reported 1.4 million USD in cash and 49 million USD in Bitcoin, with concerns about its ability to fund operations for the next 12 months. The company had proposed selling 837 Bitcoin to Scilex Holding for 50 million USD, but this transaction is not guaranteed. Datavault raised 32.4 million USD through its stock program in the first half and sold an unsecured convertible note for 25 million USD, which bears 8% interest and includes potential dilution. The deal's execution risk lies in securing financing without incurring additional debt or equity dilution.
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