Scilex Holding Company Announces Closing of Previously Announced Second Tranche Investment in Datavault AI Inc., Completing Its Two-Tranche Equity Financing in Datavault AI Inc.
Rhea-AI Summary
Scilex Holding Company (Nasdaq: SCLX) closed the second tranche of its strategic investment in Datavault AI (Nasdaq: DVLT) on Nov 26, 2025, completing a two‑tranche equity financing.
Scilex purchased a pre‑funded warrant exercisable for 263,914,094 shares of Datavault common stock, paid in Bitcoin based on the spot rate at signing, and has exercised the warrant in full.
The shares issued upon exercise have an approximate value of $583.3 million based on Datavault's closing price of $2.21 on Nov 25, 2025. Datavault stockholder approval was obtained at the Nov 24, 2025 annual meeting. Both companies plan to ramp collaboration on Real World Asset tokenization in 2026.
Positive
- Pre‑funded warrant exercised for 263,914,094 shares
- Issued shares have approximate value of $583.3 million
- Completes Scilex two‑tranche strategic investment in Datavault
- Planned collaboration on Real World Asset tokenization in 2026
Negative
- Issuance of 263,914,094 shares may dilute existing Datavault shareholders
News Market Reaction
On the day this news was published, SCLXW gained 3.67%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peers showed mixed moves, with AMRN up 1.97%, DERM up 0.52%, CTOR up 0.89%, BIOA flat, and IRWD down 0.41%. This divergence suggests the Datavault AI investment news was stock-specific for SCLX rather than a sector-wide driver.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 26 | AI investment close | Positive | +0.4% | Completed second tranche Datavault AI BTC-based equity financing and full warrant exercise. |
| Nov 25 | Warrant exercise deal | Negative | -8.0% | Reduced-price warrant exercises for $20.3M gross and issuance of new higher-strike warrant. |
| Nov 24 | Planned warrant exercise | Negative | -2.3% | Agreement for cash exercise of warrants raising $20.3M and issuing new 5-year warrant. |
| Nov 21 | Meme coin update | Positive | +18.8% | Update on Datavault’s voluntary Dream Bowl 2026 Meme Coin distribution mechanics for holders. |
| Nov 11 | Meme coin record set | Positive | +2.8% | Datavault-approved Dream Bowl 2026 Meme Coin distribution with record and ex-dividend dates set. |
Recent SCLX news has shown consistent alignment between news tone and price reaction, with AI-related and Datavault items often drawing positive moves while warrant/financing headlines have coincided with declines.
Over the past month, Scilex has repeatedly intersected with Datavault AI and digital-asset themes. On Nov 11 and Nov 21, Dream Bowl 2026 meme coin distribution updates tied to Datavault coincided with gains of 2.78% and 18.79%. On Nov 24–25, warrant exercises raising about $20.3 million produced negative reactions of -2.27% and -7.95%, reflecting sensitivity to financing structures. The current Nov 26 completion of the Datavault AI two‑tranche financing saw a modest 0.44% gain, extending the pattern of generally positive but varying responses to AI and Datavault-related milestones.
Market Pulse Summary
This announcement completed Scilex’s two‑tranche Datavault AI financing via a large pre‑funded warrant, now fully exercised into Datavault common shares valued at about $583.3 million using a $2.21 reference price. It extends an AI and tokenization strategy that has featured prior Datavault investments and meme coin distributions. Investors may watch how this sizable Datavault position, paid in Bitcoin, interacts with Scilex’s broader digital-asset and capital-raising activities disclosed in recent SEC filings.
Key Terms
pre-funded warrant financial
bitcoin (btc) financial
nasdaq capital market financial
real world asset tokenization technical
AI-generated analysis. Not financial advice.
- Scilex closed the second tranche, purchasing a pre-funded warrant exercisable for 263,914,094 shares of Datavault AI Inc. (Nasdaq: DVLT; “Datavault AI”) common stock in Bitcoin (BTC) (based on the spot exchange rate of BTC as of the signing of the strategic investment).
- The closing followed the approval by the Datavault AI stockholders, obtained at Datavault AI’s November 24, 2025 annual meeting, of the issuance of the shares of Datavault common stock upon exercise of the pre-funded warrant.
- Scilex has exercised the warrant in full and the shares of Datavault AI common stock issued upon such exercise have an approximate value of
$583.3 million based on the closing price of$2.21 per share of Datavault AI common stock on the Nasdaq Capital Market on November 25, 2025. - Both companies will ramp up collaboration to deliver growth in Real World Asset tokenization in 2026 and beyond.
PALO ALTO, Calif., Nov. 26, 2025 (GLOBE NEWSWIRE) -- Scilex Holding Company (“Scilex” or the “Company”) (Nasdaq: SCLX), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and neurodegenerative and cardiometabolic disease, announced today that it has closed the second tranche of its strategic investment in Datavault AI in BTC (based on the spot exchange rate of BTC as of the signing of the strategic investment). The closing of this second tranche followed the approval by the Datavault stockholders at Datavault’s November 24, 2025 annual meeting of the issuance of the shares of Datavault common stock upon exercise of the pre-funded warrant. Scilex’s shares of Datavault common stock issued upon the exercise in full of the pre-funded warrant have an approximate value of
For more information on Scilex Holding Company, refer to www.scilexholding.com.
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For more information on Gloperba®, including Full Prescribing Information, refer to www.gloperba.com.
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About Scilex Holding Company
Scilex is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and neurodegenerative and cardiometabolic disease. Scilex targets indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and is dedicated to advancing and improving patient outcomes. Scilex’s commercial products include: (i) ZTlido® (lidocaine topical system)
In addition, Scilex has three product candidates: (i) SP-102 (10 mg, dexamethasone sodium phosphate viscous gel) (“SEMDEXA” or “SP-102”), which is owned by Semnur (a majority owned subsidiary of Scilex) and is a novel, viscous gel formulation of a widely used corticosteroid for epidural injections to treat lumbosacral radicular pain, or sciatica, for which Scilex has completed a Phase 3 study and was granted Fast Track status from the FDA in 2017; (ii) SP-103 (lidocaine topical system)
Scilex is headquartered in Palo Alto, California.
About Datavault AI Inc.
Datavault AI™ (Nasdaq: DVLT) is leading the way in AI driven data experiences, valuation and monetization of assets. Datavault AI’s cloud-based platform provides comprehensive solutions with a collaborative focus in its Acoustic Science and Data Science Divisions. Datavault AI’s Acoustic Science Division features WiSA®, ADIO® and Sumerian® patented technologies and industry-first foundational spatial and multichannel wireless HD sound transmission technologies with IP covering audio timing, synchronization and multi-channel interference cancellation. The Data Science Division leverages the power of high-performance computing to provide solutions for experiential data perception, valuation and secure monetization. Datavault AI’s cloud-based platform provides comprehensive solutions serving multiple industries, including HPC software licensing for sports & entertainment, events & venues, biotech, education, fintech, real estate, healthcare, energy and more. The Information Data Exchange® (IDE) enables Digital Twins, licensing of name, image and likeness (NIL) by securely attaching physical real-world objects to immutable metadata objects, fostering responsible AI with integrity. Datavault AI’s technology suite is completely customizable and offers AI and Machine Learning (ML) automation, third-party integration, detailed analytics and data, marketing automation and advertising monitoring.
Datavault AI is headquartered in Beaverton, OR.
Learn more about Datavault AI at www.dvlt.ai
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts and may be accompanied by words that convey projected future events or outcomes, such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,” “seem,” “seek,” “future,” “outlook” or variations of such words or by expressions of similar meaning. These forward-looking statements include, but are not limited to, statements regarding future events, future opportunities for Scilex and its subsidiaries, the future business strategies, long-term objectives and commercialization plans of Scilex and its subsidiaries, the current and prospective product candidates, planned clinical trials and preclinical activities and potential product approvals, as well as the potential for market acceptance of any approved products and the related market opportunity of Scilex and its subsidiaries, statements regarding SP-102, if approved by the FDA, Scilex’s potential to attract new capital and avoid the effects of negative debt leverage and other statements that are not historical facts. These statements are based on management’s current expectations of and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on, by any investor as a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Scilex. These statements are subject to a number of risks and uncertainties regarding Scilex’s business, and actual results may differ materially. These risks and uncertainties include, but are not limited to, market and other conditions, general economic, political and business conditions; the ability of Scilex and its subsidiaries to achieve the benefits of the strategic investment in and other transactions with Datavault, including future financial and operating results; risks related to the outcome of any legal proceedings that may be instituted against the parties regarding the strategic investment or other transactions between the parties; the risk that the strategic investment or other transactions between the parties disrupt current plans and operations; the ability of Scilex and its subsidiaries to develop and successfully market products; the ability of Scilex and its subsidiaries to grow and manage growth profitably and retain its key employees; the risk that the potential product candidates that Scilex develops may not progress through clinical development or receive required regulatory approvals within expected timelines or at all; risks relating to uncertainty regarding the regulatory pathway for Scilex’s product candidates; the risk that Scilex’s product candidates may not be beneficial to patients or successfully commercialized; the risk that Scilex has overestimated the size of the target patient population, their willingness to try new therapies and the willingness of physicians to prescribe these therapies; risks that the prior results of the clinical trials may not be replicated; regulatory and intellectual property risks; the risk of failure to realize the anticipated benefits of the transactions contemplated with Datavault and other risks and uncertainties indicated from time to time and other risks set forth in Scilex’s filings with the SEC. There may be additional risks that Scilex presently does not know or that Scilex currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements provide Scilex’s expectations, plans or forecasts of future events and views as of the date of the communication. Scilex anticipates that subsequent events and developments will cause such assessments to change. However, while Scilex may elect to update these forward-looking statements at some point in the future, Scilex specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Scilex’s assessments as of any date subsequent to the date of this communication. Accordingly, investors are cautioned not to place undue reliance on these forward-looking statements.
Contacts:
Investors and Media
Scilex Holding Company
960 San Antonio Road
Palo Alto, CA 94303
Office: (650) 516-4310
Email: investorrelations@scilexholding.com
Website: www.scilexholding.com
SEMDEXA™ (SP-102) is a trademark owned by Semnur Pharmaceuticals, Inc., a majority-owned subsidiary of Scilex Holding Company. A proprietary name review by the FDA is planned.
ZTlido® is a registered trademark owned by Scilex Pharmaceuticals Inc., a wholly-owned subsidiary of Scilex Holding Company.
Gloperba® is the subject of an exclusive, transferable license to use the registered trademark by Scilex Holding Company.
ELYXYB® is a registered trademark owned by Scilex Holding Company.
Scilex Bio™ is a trademark owned by Scilex Holding Company, Inc.
All other trademarks are the property of their respective owners.
© 2025 Scilex Holding Company All Rights Reserved.
FAQ
What did Scilex (SCLX) announce on Nov 26, 2025 about Datavault AI (DVLT)?
How much are the Datavault shares issued to Scilex worth on Nov 25, 2025?
How many Datavault shares did Scilex acquire by exercising the warrant?
When was shareholder approval obtained for the Datavault share issuance related to Scilex's warrant?
Was Scilex's second tranche investment paid in cash or cryptocurrency?
What is the stated business collaboration between Scilex and Datavault after the closing?
