American technology company Datavault AI will receive $150 million in Bitcoin to build a supercomputer.
Scilex Holding Company plans to transfer digital assets to Datavault AI in two transactions. On September 26, the company is scheduled to transfer $8 million in BTC, while the remaining $142 million in cryptocurrency will be transferred after the transaction is approved by Datavault AI shareholders. The amount of digital assets to be transferred will be calculated based on the Bitcoin exchange rate on Coinbase. The reason for using BTC as an investment vehicle is not disclosed.
In exchange for its investment, Scilex Holding Company will receive over 278 million Datavault AI shares, purchasing them at a price of $0.5378. If the deal is completed under these terms, Scilex Holding Company will benefit significantly from the rise in Datavault AI's share price, which has risen to $1 since the companies' plans were announced.
Datavault AI Share Price Increase
Datavault AI will use the raised funding to build supercomputer infrastructure, cloud platforms, and a data exchange. Scilex Holding Company's business is focused on the sale of opioid-alternative painkillers, so it's safe to assume the company plans to use Datavault AI's digital resources for drug development and commercialization.