- Patent protected acoustic and data valuation,
visualization and monetization technologies successfully acquired
include Web 3.0 Sumerian® crypto anchors, ADIO® advertising
network, industry first blockchain and AI enabled Information Data
Exchange® - - WiSA Will Change Name to Datavault Inc. in
Mid-January 2025 -
WiSA Technologies, Inc. (“WiSA Technologies”, the “Company”, or
“WiSA”) (Nasdaq: WISA), closed its purchase of Datavault®
intellectual property and information technology assets of
privately held Data Vault Holdings Inc.® (“Data Vault Holdings”) on
December 31, 2024. In conjunction with the closing, WiSA issued 40
million shares of restricted common stock, par value $0.0001 per
share (the “Common Stock”), to Data Vault Holdings (the “Closing
Stock Consideration”); Nathaniel T. Bradley (Nate) was named CEO
and Director; and Brett Moyer assumed a new role as CFO while
remaining a director. WiSA Technologies plans to change its name to
Datavault Inc. (“Datavault”) in mid-January 2025, concurrent with a
planned change of its Nasdaq ticker symbol to ADIO. The Company
will continue to trade under the Nasdaq ticker symbol WISA until
such time as the new ticker symbol is announced.
On December 31, 2024, in connection with Nate Bradley’s
appointment as the Company’s CEO, Mr. Bradley was granted 1,200,000
units of restricted stock of WiSA (the “Units”) as an inducement
material to Mr. Bradley’s entering into employment with WiSA. The
Units were approved by the board of directors of the Company and
granted outside of the Company’s 2020 Stock Incentive Plan and 2018
Long-Term Stock Incentive Plan in accordance with Nasdaq Listing
Rule 5635(c)(4). In connection with the award of Units, Mr. Bradley
and the Company have entered into an Inducement Award Agreement for
the Units, which agreement contemplates half of the Units vesting
in equal 3-month installments over a 36-month period beginning
March 20, 2025, and the other half of the Units vesting upon the
Company’s aggregate revenue equaling or exceeding $40 million over
any trailing 12 calendar month period ending on or prior to the
date that is 5 years from the grant date.
Nate Bradley, CEO of WiSA Technologies, said, “Successfully
integrating Datavault and WiSA creates a much larger and more
robust company with significant synergies. As a public company, we
are positioned to grow by acquiring complementary niche
technologies, to raise our investment profile and to further
leverage our core technologies. The strategic opportunities are
abundant, and I am thrilled to be leading our transformation.”
Brett Moyer, CFO of WiSA Technologies, said, “Nate is a
technology visionary with the experience of successfully launching
multiple publicly traded companies. I resoundingly welcome him as
incoming CEO and director to create value for our shareholders.
Datavault has been advancing its technology and strategic
relationships since its founding six years ago, building value in
the process. Now, we have a more diversified portfolio of assets
and broad reach into multiple markets that are expected to exceed
$4 billion in annual sales. Our offerings are gaining traction and
now we can accelerate our growth plan.”
Datavault is a data technology and licensing company that
enables clients and strategic partners to monetize their Blockchain
Data and AI Web 3.0 assets via tokenization, data ownership and
digital twins offering two primary solutions:
- Data Sciences will license High Performance Computing
(HPC) software applications and Web 3.0 data management serving the
biotech research, energy, education, fintech, real estate, and
healthcare industries, among others.
- Acoustic Sciences will license spatial and multichannel
HD sound transmission, including proprietary brands ADIO®, WiSA®
and Sumerian®, to customers in sports & entertainment, events
& venues, restaurants, automotive, finance, and other
industries.
The Datavault Platform
Datavault’s software and encryption enables a comprehensive
solution for managing and monetizing data in the Web 3.0
environment. It allows risk-free licensing of name, image, and
likeness (NIL) by securely attaching physical real-world objects to
immutable metadata or blockchain objects, fostering responsible AI
with integrity. Datavault's solutions ensure privacy and credential
protection. They are completely customizable and offer AI and ML
automation, third-party integration, detailed analytics and data,
marketing automation and advertising monitoring.
The platform creates value through scarcity, utility, and
encrypted data protection and generates revenue through licensing
partnerships that provide detailed analytics, sophisticated HPC
modeling, digital ownership, tokenization, and advertising, among
other means.
Summary of the Asset Purchase
- Consideration paid to Data Vault Holdings in exchange for
Datavault and ADIO intellectual property and information technology
assets by WiSA Technologies.
- Closing Stock Consideration issued at closing of the
transaction
- $10 million in an unsecured promissory note due 3 years from
closing, with 10% of the proceeds of any financings used to pay
down or pay off the promissory note in the interim
- 3% royalty on future net revenues from Datavault and ADIO
product lines
Restricted Common Stock Distribution to Data Vault Holdings’
Stockholders
In connection with the closing of the asset purchase, Data Vault
Holdings distributed the Closing Stock Consideration pro rata to
its stockholders, excluding 3,999,911 shares of Common Stock that
are held by Data Vault Holdings.
Nathaniel (Nate) Bradley
Nathaniel (Nate) Bradley, CEO and Co-founder of Data Vault
Holdings, a highly accomplished inventor with over 70 international
and U.S. patents across diverse fields such as Internet
broadcasting, mobile advertising, behavioral healthcare,
blockchain, cybersecurity, AI, and data science. As CEO and
co-founder of Data Vault Holdings Inc., which operates Datavault
Inc., Adio LLC, True Luck Inc., and Data Donate Technologies,
Bradley has developed patented technologies that establish
Datavault as a leader in Web 3.0 data monetization. He has also
lobbied Congress for a Digital Bill of Rights and founded the
Intellectual Property Network Inc., offering IP and IT development
services globally. Previously, Bradley was the inventor and founder
of AudioEye (Nasdaq: AEYE), where he pioneered cloud-based
assistive technologies, earning recognition for his contributions
to internet accessibility. His extensive experience includes roles
as Chief Technology Officer for Marathon Patent Group (currently
named Marathon Digital Holdings, Nasdaq: MARA) and involvement in
significant acquisitions within the Internet Radio industry.
Legal Advisors
Sullivan & Worcester LLP served as legal counsel for WiSA
Technologies, and Mitchell Silberberg & Knupp LLP served as
legal counsel for Data Vault Holdings Inc.
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. Datavault Inc. and True Luck, Inc. as wholly
owned subsidiaries under one corporate structure. Learn more about
Data Vault Holdings Inc. at www.datavaultsite.com.
About WiSA Technologies, Inc.
WiSA is a leading provider of immersive, wireless sound
technology for intelligent devices and next-generation home
entertainment systems. Working with leading CE brands and
manufacturers such as Harman International, a division of Samsung;
LG; Hisense; TCL; Bang & Olufsen; Platin Audio; and others, the
company delivers immersive wireless sound experiences for
high-definition content, including movies and video, music, sports,
gaming/esports, and more. WiSA Technologies, Inc. is a founding
member of WiSA™ (the Wireless Speaker and Audio Association) whose
mission is to define wireless audio interoperability standards as
well as work with leading consumer electronics companies,
technology providers, retailers, and ecosystem partners to
evangelize and market spatial audio technologies driven by WiSA
Technologies, Inc. The company is headquartered in Beaverton, OR
with sales teams in Taiwan, China, Japan, Korea, and
California.
Cautionary Note Regarding Forward-Looking Statements
This press release of WiSA Technologies 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 expectations with
respect to the completed asset purchase (the “Asset Purchase”),
including statements regarding the benefits of the Asset Purchase,
the implied valuation of the Company, the products offered by the
Company and the markets in which it operates, and the Company’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 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 WiSA’s
ability to realize some or all of the anticipated benefits from the
Asset Purchase, any risks that may adversely affect the business,
financial condition and results of operations of WiSA after the
completion of the Asset Purchase, 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 (iii) other risks as set forth from time to
time in WiSA’s filings with the U.S. Securities and Exchange
Commission. 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. The Company does not give any assurance that
the Company will achieve its expectations.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250107730995/en/
Investors Contact: David Barnard, Alliance Advisors
Investor Relations, 415-433-3777, dbarnard@allianceadvisors.com
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