WiSA Technologies, Inc. (NASDAQ:WISA) shares are jumping premarket Wednesday. The company inked a definitive asset purchase agreement to acquire the Datavault intellectual property and IT assets from privately held Data Vault Holdings Inc. in a $210 million deal.
The deal includes $200 million in restricted common stock of WiSA Technologies, priced at $5.00 per share, and $10 million in an unsecured promissory note (due in three years, with 10% of any financing proceeds allocated to its repayment).
Datavault’s software and encryption facilitate secure data management and monetization in Web 3.0. The new publicly traded data technology and licensing company will enable clients and partners to monetize Blockchain Data and AI Web 3.0 assets through tokenization, data ownership, and digital twins.
The acquisition will combine Datavault and ADIO assets with WiSA Technologies to offer two solutions. The closing of the transaction is expected to occur before December 31, 2024, pending customary conditions and approval by WiSA Technologies’ stockholders.
“This exciting transaction leverages our public company structure, creating a larger, more dynamic entity with broad reach in multiple, rapidly growing markets,” said Brett Moyer, CEO of WiSA Technologies. “Datavault’s substantial IP portfolio significantly amplifies our spatial audio technology and adds powerful HPC assets.”
Nathaniel T. Bradley, CEO and co-founder of Data Vault Holdings said, “I have repeatedly monetized patent portfolios via licensing models. Now, our Data and Acoustic Sciences are ready for commercial expansion. Already, our applications, including secure tokenization, data ownership and digital twin, have attracted reputable users, and our increased industry awareness positions us to expand our customer base.”
Upon closure, Bradley will become CEO and Moyer CFO. The company will also change its name to Datavault Inc.
In June, WiSA Technologies announced that it has seen significant momentum with its WiSA E software, which has been gaining traction in the $296 billion wireless audio market.
Price Action: WISA shares are up 66.9% at $2.28 premarket at the last check Wednesday.
Image via Shutterstock
Read Next:
- Nvidia To Invest $137M In Tokyo-Based Sakana AI, Becoming Major Shareholder In The Startup
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
