Datavault AI has agreed to acquire BankWyse, a Wyoming banking institution, in a transaction valued initially at approximately $22 million. The agreement comprises $14.66 million in Datavault stock and $7.34 million in cash, with sellers eligible for up to an additional $10 million in milestone-based payments split evenly between cash and stock.
In addition to the purchase price, Datavault has committed to providing BankWyse with $35 million for capitalization and operations. The funding schedule outlines an initial $5 million payment at closing, five installments of $2.5 million each between days 60 and 180, and a final $17.5 million payment by the eighth month.
The transaction requires approval or non-objection from the Wyoming Division of Banking and is contingent on Datavault securing immediately available financing for its closing obligations, which include the initial cash payment and BankWyse funding. These conditions contrast with Datavault's June 30 balance sheet, which reported $1.4 million in cash and $49 million in Bitcoin, alongside an operational cash usage of approximately $80 million during the first half of the year. Management noted that existing resources were insufficient to fund operations for the next 12 months, raising substantial doubt about the company's ability to continue as a going concern.
To support its liquidity, Datavault previously proposed selling 837 Bitcoin to Scilex Holding for $50 million, though the transaction was not assured and featured structured payments through 2028. The company also reported raising $32.4 million through an at-the-market stock program during the first half of the year. Furthermore, on August 18, Datavault sold an unsecured convertible note with $25.03 million in principal for $25 million, featuring an 8% interest rate and potential dilution through fixed or market-price conversion mechanics.
The signed agreement defines an initial outside closing date 30 days after signing, with an automatic 30-day extension if Wyoming regulatory approval remains pending. As of August 20, public SEC submissions showed no filings confirming a closing, approval, or deadline extension, leaving the dedicated source of the full BankWyse commitment unverified.
