Datavault AI falls 50% as firm cannot withdraw bitcoin from $150 million Scilex deal
AI summary
Datavault AI shares fell 50% after the company said it cannot withdraw bitcoin tied to a $150 million deal with Scilex, in which Scilex agreed to buy Datavault AI shares payable in bitcoin. The disclosure raises questions about whether the bitcoin consideration is accessible or under whose control it sits. Traders will watch for contagion in crypto-treasury and bitcoin-payment deal structures, and for any clarification on custody of the funds.
