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Datavault AI Inc. (NASDAQ:DVLT) reported Wednesday that shareholders holding approximately 52% of the company’s voting power approved the issuance of up to 5 million shares of common stock. The approval was granted by written consent, as disclosed in a statement based on a recent SEC filing.
The issuance relates to a waiver agreement entered into on July 21 between Datavault AI and purchasers under a securities purchase agreement dated March 31, 2025. Under the terms of the waiver, the purchasers agreed to waive certain provisions regarding variable rate transactions and participation rights for a period of 60 days. In exchange, Datavault AI agreed to issue an aggregate of 5 million shares of common stock to the purchasers, pending stockholder approval as required by Nasdaq Listing Rule 5635(d). This comes as the company faces challenging market conditions, with the stock down over 80% year-to-date according to InvestingPro data.
The waiver also imposes restrictions on Datavault AI’s sales of common stock during the waiver period. The company may not sell shares on any trading day in an amount exceeding 10% of the trading volume during regular trading hours, outside of regular trading hours, at a price below $1.10 per share, or in an aggregate amount exceeding $25 million.
The written consent approving the share issuance was executed on Wednesday by holders of 50,365,422 shares of common stock. The company stated that an information statement describing the approved actions will be filed with the SEC and mailed to all shareholders. None of the approved actions will become effective until at least 20 calendar days after the mailing of the information statement. For deeper insights into Datavault AI’s financial health and comprehensive analysis, access the full Pro Research Report available on InvestingPro, which covers over 1,400 US stocks with expert analysis and actionable intelligence.
This information is based on a statement from Datavault AI’s SEC filing.
In other recent news, Datavault AI reported its Q2 2025 earnings with a revenue of $2.3 million, a substantial decrease from the previous year’s $467 million. The company is moving forward with its acquisition plans, amending its Stock Purchase Agreement with API Media Innovations. This agreement involves acquiring all outstanding shares of API Media for a combination of cash, shares, and convertible promissory notes. Datavault AI is also expanding its VerifyU platform globally, aiming to authenticate military service records using blockchain technology. This platform will support military institutions and government contractors by providing real-time verification of service records. Additionally, the system will mint "Valor tokens" to connect service members with benefits and services. These developments reflect Datavault AI’s ongoing efforts to innovate and expand its technological offerings.
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