WiSA Technologies Stockholders Approve Major Asset Acquisition

WiSA Technologies Stockholders Vote in Favor of Strategic Acquisition

WiSA Technologies, Inc. (NASDAQ: WISA) has officially secured overwhelming support from its stockholders for an important transaction — acquiring the intellectual property and technology assets of Data Vault Holdings Inc. This decisive approval is set to reshape WiSA Technologies' future, transforming the company into a major player in data technologies.

Approval Overview

A stunning 94% of stockholders either present or represented by proxy voted in favor of this acquisition. WiSA Technologies will purchase the Datavault® intellectual property along with information technology assets in an exchange that will include 40 million shares of restricted common stock and a $10 million promissory note.

Transaction Details

This asset purchase agreement is not just a transaction; it's a strategic move that highlights the growth potential of WiSA Technologies. The net value of Data Vault’s assets was assessed between $266 million and $501 million, signifying the importance of this agreement.

Transformative Changes Ahead

Upon completion of the acquisition, set to close subject to customary conditions and approvals, WiSA Technologies will undergo a rebranding to become Datavault Inc. This new identity reflects its pivot into a technology and licensing firm, focusing on monetizing Blockchain Data and AI-driven Web 3.0 assets. The company aims to leverage this acquisition to better serve clients through innovative products.

Strategic Offerings

The re-established firm will concentrate on two primary areas: Data Sciences and Acoustic Sciences. The Data Sciences division will offer high-performance computing software applications for various industries such as biotech, education, and fintech. Meanwhile, Acoustic Sciences will specialize in spatial and multichannel sound technologies and transmit proprietary brands like ADIO® and WiSA® across sports, entertainment, and finance sectors.

CEO Perspectives on the Acquisition

Brett Moyer, the CEO of WiSA Technologies, expressed optimism regarding the acquisition. He stated, "This resounding vote of approval from our stockholders marks a turning point in the company’s history, as this transaction will transform the company into a dramatically larger entity with a broad reach in multiple, rapidly growing markets."

Nate Bradley, the co-founder of Data Vault Holdings, echoed this sentiment, emphasizing the transaction's potential to bolster access to capital and foster commercial expansion. Since commencing integration efforts with WiSA earlier this year, the companies have made several customer and partnership announcements, creating a positive momentum that is expected to carry into the following year.

Understanding the Datavault Platform

The backbone of this acquisition is the Datavault platform, which facilitates efficient data management and monetization within the Web 3.0 environment. This innovative technology ensures secure licensing of rights related to name, image, and likeness, effectively merging real-world objects with blockchain capabilities.

Additionally, Datavault offers a host of customizable solutions including AI and machine learning automation, detailed analytics, and integrated marketing tools. These features not only enhance revenue opportunities through licensing partnerships but also ensure data protection and privacy.

Summary of the Asset Purchase Agreement

The terms outlined in this asset purchase agreement indicate WiSA Technologies' commitment to Data Vault Holdings. Consideration involves:

• Issuance of 40 million shares of restricted common stock.
• An unsecured promissory note of $10 million due three years after closing.
• A 3% royalty on future revenues from Datavault and ADIO product lines.

These agreements are a testament to the mutual trust and shared vision on both sides.

Leadership Changes Following the Acquisition

Post-acquisition, Nathaniel T. Bradley will take on the role of CEO while Brett Moyer will serve as CFO of Datavault Inc., steering the newly formed company as it navigates through this transformative phase.

Legal Representation

For this significant transaction, WiSA Technologies relied on legal advice from Sullivan & Worcester LLP, while Data Vault Holdings Inc. was represented by Mitchell Silberberg & Knupp LLP.

Overview of Data Vault Holdings Inc.

Data Vault Holdings Inc. is recognized as a technology holding company that enables businesses to securely monetize their data assets through its proprietary platform. With a focus on blockchain technology, the company aims to streamline data management and enhance user accessibility. The ongoing consolidation of its subsidiaries under one corporate umbrella signifies its strategic growth plans and commitment to innovation.

Frequently Asked Questions

What is the main purpose of the acquisition by WiSA Technologies?

The acquisition aims to enhance WiSA Technologies' capabilities in data technologies and licensing while expanding its market reach in growing sectors like AI and blockchain.

How did stockholders respond to the acquisition proposal?

A resounding 94% of stockholders voted in favor of the acquisition during the meeting.

What new services will Datavault Inc. offer after the acquisition?

Datavault Inc. will focus on two main areas: Data Sciences for high-performance computing and Acoustic Sciences for advanced sound technologies.

Who will lead Datavault Inc. after the acquisition?

Nathaniel T. Bradley will become CEO, while Brett Moyer will take on the role of CFO post-acquisition.

What is the significance of the Datavault platform?

The Datavault platform enables efficient data management and monetization in the Web 3.0 landscape, ensuring secure licensing and data privacy.

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