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Datavault AI Inc. (NASDAQ:DVLT), a technology company with a market capitalization of $126.15 million and trailing twelve-month revenue of $4.44 million, announced Friday that it has amended its agreement with International Business Machines Corporation ( IBM ), revising the payment schedule for software subscription licenses and accelerating the program start date. The information was disclosed in a press release statement filed with the Securities and Exchange Commission. According to InvestingPro analysis, the company has been quickly burning through cash, which may explain the need for payment restructuring.
Under the terms of the amendment signed Monday, Datavault AI will pay IBM $2,500,000 toward previously agreed program payments. The revised schedule now includes a first payment of $3,296,183 due on December 23, 2025, followed by eight payments of $2,183,676 each, due quarterly from March 2026 through December 2027. With a current ratio of 0.47 and short-term obligations exceeding liquid assets, as revealed by InvestingPro data, this payment restructuring appears crucial for the company’s cash flow management.
The amendment also advances the commencement of the one-year committed term for the "Fixed Quantity Subscription License Programs" to September 30, 2025, two months earlier than previously scheduled.
Separately, on Thursday, Datavault AI filed a charter amendment with the Delaware Secretary of State, permitting its board of directors to amend the company’s bylaws. The board subsequently approved a bylaw amendment reducing the quorum required for stockholder meetings from a majority to one-third of the voting power of outstanding shares.
The company stated that the summaries of the agreement and bylaw amendments are qualified in their entirety by the full text of the documents filed as exhibits with the SEC.
In other recent news, Datavault AI Inc. announced a significant $150 million investment agreement with Scilex Holding Company. This deal involves the sale of common stock and a pre-funded warrant, with the transaction to be completed in two stages, contingent on stockholder approval and Nasdaq requirements. Additionally, EOS Technology Holdings converted a $3.2 million promissory note into 10 million shares of Datavault AI, highlighting the connection between the two entities through Nathaniel Bradley, who serves as CEO for both companies. Datavault AI shareholders have also approved the issuance of up to 5 million shares of common stock under a waiver agreement, as disclosed in a recent SEC filing. The approval was granted by written consent, representing approximately 52% of the company’s voting power. Furthermore, Datavault AI has expanded its VerifyU platform globally to combat fraudulent military service claims using blockchain technology. This platform aims to authenticate military service records and will support government contractor Burke Products with real-time verification capabilities. These developments reflect Datavault AI’s ongoing strategic initiatives and partnerships.
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