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Datavault AI Inc., a semiconductor company based in Beaverton, Oregon, has amended its asset purchase agreement with CompuSystems, Inc. (CSI), extending the finalization deadline to May 23, 2025. This extension, disclosed in a recent SEC filing, marks the fourth amendment to the agreement initially entered on December 19, 2024. The company, currently valued at $52.65 million, has shown mixed signals recently with InvestingPro data indicating an 11.78% stock price surge over the past week despite ongoing financial challenges.
The agreement involves Datavault AI’s acquisition of various assets from CSI, including customer contracts, trademarks, and intellectual property related to the Acquired Business and products and services that utilize the Transferred Assets. The terms of the asset purchase were previously modified on December 30, 2024, February 25, 2025, and March 31, 2025. According to InvestingPro analysis, the company faces significant financial challenges with weak gross profit margins of 14.06% and rapid cash burn, though analysts project revenue growth for the current year.
The latest amendment solely affects the "Outside Date," the deadline by which the transaction must be completed, pushing it from an earlier unspecified date to May 23, 2025. If the closing has not occurred by this new date, any party may terminate the agreement. No other substantive changes to the Asset Purchase Agreement were made as per the Fourth Amendment.
Datavault AI, formerly known as WISA Technologies, Inc., Summit Wireless Technologies, Inc., and Summit Semiconductor (NASDAQ:DVLT) Inc., has undergone several name changes, with the most recent occurring on March 11, 2022. The company’s common stock is traded on the Nasdaq Capital Market under the ticker symbol DVLT.
This report is based on a press release statement and reflects the latest developments regarding Datavault AI’s ongoing efforts to finalize the asset acquisition from CSI.
In other recent news, Datavault AI reported a 28.4% increase in revenue for fiscal year 2024, reaching approximately $2,674,000, up from $2,083,000 in fiscal 2023. Gross profit also improved significantly, with an expected $376,000 compared to a previous gross deficit of $3,457,000. Despite these gains, operating expenses rose to about $21,514,000, and the company anticipates a net loss of approximately $51,409,000 for the year. Additionally, Datavault AI secured $15.5 million through a securities purchase agreement, involving convertible notes and warrants, as part of a strategy to strengthen its financial position. The agreement includes senior secured convertible notes and warrants to purchase common stock, providing a financial boost for future growth. In a strategic move, Datavault AI also entered into lock-up agreements with NYIAX, exchanging shares as part of a collaboration to integrate technologies and market presence. This agreement involves Datavault AI acquiring 900,000 shares of NYIAX’s common stock, with lock-up periods designed to stabilize stock liquidity and price. These recent developments highlight Datavault AI’s efforts to bolster its market position and financial stability.
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