- Data Vault’s CEO to join today’s Q3 2024
conference call to discuss its commercialization strategy –
WiSA Technologies, Inc. (NASDAQ: WISA), which is in a definitive
agreement to acquire AI, blockchain and Data Web 3.0 IP assets of
Data Vault Holdings, Inc.® (“Data Vault”) to form a data technology
& licensing company leveraging IP & proprietary HPC
software, today filed a Preliminary Proxy Statement for its Annual
Meeting, which included information regarding its planned
acquisition of Data Vault’s ADIO® and Data Vault assets (the “Asset
Purchase”). In its Q3 2024 conference call and presentation today
at 8:00 am PT / 11:00 am ET, Data Vault’s CEO Nate Bradley will
also be joining to discuss recent news and the commercialization
strategy.
The Asset Purchase Agreement
On September 4, 2024, as amended on November 14, 2024, WiSA
Technologies executed a $210 million Definitive Agreement to
purchase assets, including High-Performance Computing (HPC)
software and acoustic technologies IP, from Data Vault, to create a
licensing and technology company with an extensive patent portfolio
serving multiple industry and government entities in
bioengineering, energy, education, finance & fintech,
healthcare, sports entertainment, consumer, restaurants,
automotive, and more. The $210 million purchase price consists of
40 million shares of WiSA common stock to be issued at $5 per share
plus a $10 million 3-year Note, along with a 3% royalty on
applicable product revenues.
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
Canada (toll free) 855-669-9658 and using access code 4877124.
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 U.S. Securities and Exchange
Commission (the “SEC”). The information in this press release is as
of the date hereof and neither the Company nor Datavault undertakes
any obligation to update such information unless required to do so
by law. The reader is cautioned not to place under reliance on
forward looking statements. Neither the Company nor Datavault gives
any assurance that either the Company or Datavault will achieve its
expectations.
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 Beaverton, OR 97006 (408) 627-4716
Investors Contact for WiSA Technologies and Data Vault
Holdings: David Barnard, Alliance Advisors Investor Relations,
415-433-3777, wisa@lhai.com
WiSA Technologies (NASDAQ:WISA)
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부터 10월(10) 2024 으로 11월(11) 2024
WiSA Technologies (NASDAQ:WISA)
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