WiSA Technologies, Inc. Files Preliminary Proxy, Advancing Data Vault Asset Purchase
WiSA Technologies (NASDAQ: WISA) has filed a Preliminary Proxy Statement for its Annual Meeting regarding its planned $210 million acquisition of Data Vault Holdings' assets. The purchase price includes 40 million shares at $5 per share, a $10 million 3-year Note, and a 3% royalty on applicable product revenues. The acquisition encompasses AI, blockchain, and Data Web 3.0 IP assets, including High-Performance Computing software and acoustic technologies IP. Data Vault's recent achievements include receiving three new patents, launching DVHolo hologram product suite, partnering with CLEAR for KYC solutions, and launching VerifyU with Arizona State University.
WiSA Technologies (NASDAQ: WISA) ha presentato una Dichiarazione di Voto Preliminare per la sua Assemblea Annuale riguardo l'acquisizione pianificata di 210 milioni di dollari degli attivi di Data Vault Holdings. Il prezzo d'acquisto comprende 40 milioni di azioni a 5 dollari per azione, un Nota da 10 milioni di dollari con durata di 3 anni e una royalty del 3% sui ricavi dei prodotti applicabili. L'acquisizione include tecnologie relative all'IA, blockchain e Data Web 3.0, compreso il software per il calcolo ad alte prestazioni e le tecnologie acustiche. I recenti successi di Data Vault comprendono l'ottenimento di tre nuovi brevetti, il lancio della suite di prodotti olografici DVHolo, la partnership con CLEAR per soluzioni KYC e il lancio di VerifyU con l'Università dello Stato dell'Arizona.
WiSA Technologies (NASDAQ: WISA) ha presentado una Declaración de Representación Preliminar para su Junta Anual sobre su adquisición planificada de 210 millones de dólares de los activos de Data Vault Holdings. El precio de compra incluye 40 millones de acciones a 5 dólares por acción, una Nota de 10 millones de dólares a 3 años y una regalía del 3% sobre los ingresos de productos aplicables. La adquisición abarca activos de IP en IA, blockchain y Data Web 3.0, incluyendo software de Computación de Alto Rendimiento y tecnologías acústicas. Los logros recientes de Data Vault incluyen la obtención de tres nuevas patentes, el lanzamiento de la suite de productos holográficos DVHolo, una colaboración con CLEAR para soluciones KYC y el lanzamiento de VerifyU con la Universidad del Estado de Arizona.
WiSA Technologies (NASDAQ: WISA)는 Data Vault Holdings의 자산을 2억 1천만 달러에 인수하기 위한 연례 회의에 대한 초기 위임장 성명을 제출했습니다. 구입 가격에는 주당 5달러의 4천만 주, 3년 만기의 1천만 달러 어음, 및 해당 제품 수익에 대한 3%의 로열티가 포함됩니다. 이번 인수는 인공지능, 블록체인, 데이터 웹 3.0 지적 재산을 포함하고 있으며, 고성능 컴퓨팅 소프트웨어와 음향 기술 지적 재산을 포함합니다. Data Vault의 최근 성과로는 세 개의 새로운 특허 획득, DVHolo 홀로그램 제품군 출시, KYC 솔루션을 위한 CLEAR와의 파트너십 체결, 그리고 애리ゾ나 주립대학교와의 VerifyU 출시가 포함됩니다.
WiSA Technologies (NASDAQ: WISA) a déposé une Déclaration de Procuration Préliminaire pour son Assemblée Annuelle concernant son acquisition prévue de 210 millions de dollars des actifs de Data Vault Holdings. Le prix d'achat comprend 40 millions d'actions à 5 dollars par action, une Note de 10 millions de dollars sur 3 ans et une redevance de 3 % sur les revenus des produits applicables. L'acquisition englobe des actifs de propriété intellectuelle liés à l'IA, à la blockchain et au Data Web 3.0, y compris des logiciels de calcul haute performance et des technologies acoustiques. Les réalisations récentes de Data Vault comprennent l'obtention de trois nouveaux brevets, le lancement de la suite de produits holographiques DVHolo, un partenariat avec CLEAR pour des solutions KYC, et le lancement de VerifyU en collaboration avec l'Université de l'État d'Arizona.
WiSA Technologies (NASDAQ: WISA) hat eine vorläufige Vollmachtserklärung für seine Jahreshauptversammlung hinsichtlich des geplanten Erwerbs von Vermögenswerten der Data Vault Holdings im Wert von 210 Millionen Dollar eingereicht. Der Kaufpreis umfasst 40 Millionen Aktien zu einem Preis von 5 Dollar pro Aktie, eine 10 Millionen Dollar Note mit einer Laufzeit von 3 Jahren und eine Lizenzgebühr von 3 % auf die entsprechenden Produktumsätze. Die Übernahme umfasst IP-Vermögenswerte in den Bereichen KI, Blockchain und Data Web 3.0, einschließlich Software für Hochleistungsrechner und akustischen Technologien. Zu den jüngsten Erfolgen von Data Vault gehören der Erhalt dreier neuer Patente, die Einführung der DVHolo-Hologrammproduktreihe, die Partnerschaft mit CLEAR für KYC-Lösungen sowie der Start von VerifyU in Zusammenarbeit mit der Arizona State University.
- Acquisition of substantial IP portfolio and technology assets valued at $210 million
- Strategic expansion into multiple high-growth markets through Data Vault acquisition
- Recent patent approvals strengthening intellectual property portfolio
- New commercial partnerships with CLEAR and Arizona State University
- Significant shareholder dilution through issuance of 40 million new shares
- Additional debt burden with $10 million 3-year Note
- Future revenue subject to 3% royalty payment obligation
Insights
The
The acquisition targets high-growth markets including blockchain, AI and Web 3.0, marking a major transformation from WiSA's core audio technology business. While Data Vault brings valuable IP assets and partnerships (CLEAR, Arizona State University), the execution risk is considerable given the dramatic scale difference between the deal size and WiSA's current valuation. The upcoming shareholder vote will be important for deal completion.
The strategic combination of WiSA's spatial audio technology with Data Vault's HPC software and blockchain capabilities creates an interesting technology portfolio spanning multiple domains. Key technological assets include Data Vault's newly patented innovations and the DVHolo product suite. The partnership with CLEAR for KYC solutions and VerifyU's blockchain-based credential verification platform demonstrates practical applications in identity management and education sectors.
However, integrating these diverse technologies and successfully monetizing them across multiple markets will be challenging. While the entertainment and events sector shows promise for near-term revenue, the broad market approach across bioengineering, energy, healthcare and other sectors may strain resources and execution capabilities.
- Data Vault’s CEO to join today’s Q3 2024 conference call to discuss its commercialization strategy –
The Asset Purchase Agreement
On September 4, 2024, as amended on November 14, 2024, WiSA Technologies executed a
Nathaniel T. Bradley, CEO and co-founder of Data Vault, said, “Data Vault continues to execute on our strategic initiatives to monetize our technologies with partners, licensees, and direct customers in large addressable markets. We’ve made strong inroads into the entertainment and events market, where we’ve demonstrated capabilities across multiple venues, including concerts, MMA, boxing, golf and sports entertainment arenas, which we expect to substantially monetize in 2025. We look forward to building a well-capitalized public company in combination with WiSA Technologies and unlocking shareholder value for all our investors.”
“The Data Vault transaction continues to move forward, and on November 15, 2024, we filed the preliminary proxy for WiSA stockholders to vote on the planned asset acquisition, which will create a larger, more dynamic entity with broad reach in multiple, rapidly growing markets,” said Brett Moyer, CEO of WiSA. “Data Vault’s substantial IP portfolio significantly amplifies our spatial audio technology and adds powerful HPC assets.”
Data Vault’s Recent Operating Highlights
- Received three new patents and one new allowance from the United States Patent Office and related International publication of its now patented innovations.
- Launched DVHolo, its hologram product suite, powered by ADIO and developed in partnership with HYPERVSN, renowned for its innovative holographic solutions that provide an immersive, real-time 3D experience that is both visually compelling and commercially potent.
- Partnered with CLEAR, the security identity platform, to power CLEAR’s Know Your Customer (KYC) solution.
- Launched VerifyU in collaboration with Arizona State University and its Luminosity Lab. The VerifyU platform provides secure, real-time blockchain-based academic credential verification, a key solution for students, educational institutions, and employers who rely on trustworthy and efficient methods to confirm qualifications.
- Presented at the New York Scientific Data Summit 2024. Hosted by Brookhaven National Laboratory on September 16-17, 2024, Datavault addressed key advancements in Digital Twin technologies impacting various sectors, and in particular bioenergy.
Stockholders’ Meeting
The Company has filed a Preliminary Proxy on November 15, 2024 for its Annual Meeting of Stockholders (the “Annual Meeting”) to be held in December 2024. Stockholders will have an opportunity to vote at the Annual Meeting to approve the Asset Purchase of Datavault and Adio assets. If approved by stockholders, WiSA expects that the Asset Purchase will close shortly after the Annual Meeting, subject to satisfaction of customary closing conditions.
WiSA Technologies Investor Conference Call
Management will host its third quarter 2024 results conference call at 8:00 am PT / 11:00 am ET, on Friday, November 15, 2024.
The conference call will be available through a live webcast found here:
Webcast | Third Quarter 2024 Results
Those without internet access or who wish to dial in may call: 1-833-366-1124 (domestic), or 1-412-317-0702 (international). All callers should dial in approximately 10 minutes prior to the scheduled start time and ask to be joined into the WiSA Technologies call.
A webcast replay of the call will be available approximately one hour after the end of the call and will be available for 90 days, at the above webcast link. A telephonic replay of the call will be available through November 22, 2024, and may be accessed by calling 1- 877-344-7529 (domestic) or 1- 412-317-0088 (international) or
A presentation of the Q3 2024 results will be accessible on Friday, November 15, 2024, under the “Investors” section of WiSA Technologies’ website.
About Data Vault Holdings, Inc.
Data Vault Holdings Inc. is a technology holding company that provides a proprietary, cloud-based platform for the delivery of blockchain objects. Data Vault Holdings Inc. provides businesses with the tools to monetize data assets securely over its Information Data Exchange® (IDE). The company is in the process of finalizing the consolidation of its affiliates Data Donate Technologies, Inc., ADIO LLC, and Datavault Inc. as wholly owned subsidiaries under one corporate structure. Learn more about Data Vault Holdings Inc. here.
LEGAL DISCLAIMER
Forward-Looking Statements
This press release of WiSA Technologies, Inc. (NASDAQ: WISA) (the “Company”, “us”, “our” or “WiSA”) contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements, include, among others, the Company’s and Data Vault Holdings, Inc.’s (“Datavault”) expectations with respect to the proposed asset purchase (the “Asset Purchase) between them, including statements regarding the benefits of the Asset Purchase, the anticipated timing of the Asset Purchase, the implied valuation of Datavault, the products offered by Datavault and the markets in which it operates, and the Company’s and Datavault’s projected future results and market opportunities, as well as information with respect to WiSA’s future operating results and business strategy. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of a variety of factors, including, but are not limited to: (i) risks and uncertainties impacting WiSA’s business including, risks related to its current liquidity position and the need to obtain additional financing to support ongoing operations, WiSA’s ability to continue as a going concern, WiSA’s ability to maintain the listing of its common stock on Nasdaq, WiSA’s ability to predict the timing of design wins entering production and the potential future revenue associated with design wins, WiSA’s ability to predict its rate of growth, WiSA’s ability to predict customer demand for existing and future products and to secure adequate manufacturing capacity, consumer demand conditions affecting WiSA’s customers’ end markets, WiSA’s ability to hire, retain and motivate employees, the effects of competition on WiSA’s business, including price competition, technological, regulatory and legal developments, developments in the economy and financial markets, and potential harm caused by software defects, computer viruses and development delays, (ii) risks related to the Asset Purchase, including WiSA’s ability to close the Asset Purchase in a timely manner or at all, or on the terms anticipated, whether due to WiSA’s ability to satisfy the applicable closing conditions and secure stockholder approval from WiSA stockholders or otherwise, as well as risks related to WiSA’s ability to realize some or all of the anticipated benefits from the Asset Purchase, (iii) any risks that may adversely affect the business, financial condition and results of operations of Datavault, including but not limited to cybersecurity risks, the potential for AI design and usage errors, risks related to regulatory compliance and costs, potential harm caused by data privacy breaches, digital business interruption and geopolitical risks, and (iv) other risks as set forth from time to time in WiSA’s filings with the
This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor will there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act, or an exemption therefrom.
Additional Information and Where to Find It
In connection with the proposed Asset Purchase, WiSA intends to file with the SEC a definitive proxy statement. The definitive proxy statement for WiSA (if and when available) will be mailed to stockholders of WiSA. WISA STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND OTHER DOCUMENTS THAT MAY BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED ASSET PURCHASE.
WiSA stockholders will be able to obtain free copies of these documents (if and when available) and other documents containing important information about WiSA and Data Vault, once such documents are filed with the SEC, through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC will also be made available free of charge by contacting WiSA using the contact information below.
Participants in the Solicitation
WISA and its directors, executive officers and other members of its management and employees may be deemed to be participants in the solicitation of proxies from WiSA’s stockholders in connection with the Asset Purchase. Stockholders are urged to carefully read the proxy statement regarding the Asset Purchase when it becomes available, because it will contain important information. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of WiSA’s stockholders in connection with the Asset Purchase will be set forth in the proxy statement when it is filed with the SEC. Information about WiSA’s executive officers and directors will be set forth in the proxy statement relating to the Asset Purchase when it becomes available. You can obtain free copies of these and other documents containing relevant information at the SEC’s web site at www.sec.gov or by directing a request to the address or phone number set forth below.
View source version on businesswire.com: https://www.businesswire.com/news/home/20241115120021/en/
For further information, please contact:
WiSA Technologies, Inc.
15268 NW Greenbrier Pkwy
(408) 627-4716
Investors Contact for WiSA Technologies and Data Vault Holdings:
David Barnard, Alliance Advisors Investor Relations, 415-433-3777, wisa@lhai.com
Source: WiSA Technologies, Inc.
FAQ
What is the value of WiSA Technologies' acquisition of Data Vault assets?
When will WISA stockholders vote on the Data Vault asset acquisition?
What key assets is WISA acquiring from Data Vault?
What recent partnerships has Data Vault secured before the WISA acquisition?
