In brief
- Datavault AI shares fell 49.55% to $0.067 on Oct. 27 after an SEC filing said the company has been unable to complete a June request to withdraw Bitcoin from Biconomy.
- The company will restate four financial reports, cutting reported assets by up to $92.2 million, after reclassifying Bitcoin from a $150 million Scilex stock deal as a subscription receivable.
- Management is reassessing its going-concern status because it had counted the Bitcoin as a source of liquidity and says collecting what Scilex owes is uncertain.
Datavault AI shares fell more than 50% on Tuesday to close at $0.06, after the Nasdaq-listed company disclosed that it has been unable to withdraw Bitcoin from the crypto exchange Biconomy since June. The company…
