Scilex Holding Co (SCLX): M&A transaction — Scilex completes $150M Bitcoin investment in Datavault AI, warrant shares now valued at $583M

Scilex Holding Co

Scilex purchased a pre-funded warrant for 263,914,094 Datavault shares in the second tranche, paying in Bitcoin.
Datavault stockholders approved the share issuance at their Nov 24, 2025 annual meeting.
Scilex exercised the warrant in full; shares have approximate value of $583.3M based on Nov 25 closing price of $2.21.
Both companies plan to collaborate on Real World Asset tokenization in 2026.
The aggregate purchase price for both tranches was $150M in Bitcoin.

item 2.01 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.7

Scilex Holding Co completed an acquisition involving Datavault AI Inc. for $150 million in Bitcoin (closed 2025-11-25).

Action: acquisition
Counterparty: Datavault AI Inc.
Consideration: $150 million in Bitcoin
Closing: 2025-11-25

Exact text from the filing

(the “Pre-Funded Warrant”) to purchase 263,914,094 shares of Datavault Common Stock in a subsequent closing (the “Subsequent Closing”), for an aggregate purchase price of $150 million in Bitcoin (“BTC”) (based on the spot exchange rate for BTC as published by Coinbase.com at 8:00 p.m. (New York City time) on the trading day immediately prior to the date of the

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Source: SEC EDGAR

accession 0001193125-25-303037

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