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Datavault AI Signs Binding Term Sheet for $120 Million Cash Contribution From Scilex

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-- Datavault AI (DVLT) said Monday it has signed a binding term sheet for a cash contribution and revenue participation agreement with Scilex (SCLX).

Under the term sheet, Scilex will make an upfront cash contribution of $120 million to Datavault AI, according to a statement.

In return, Datavault AI will pay 30% of all gross revenues exclusively from its quantum-ready edge network up to $250 million. The company will then pay 15% of the network revenues until $1.2 billion is reached, and 5% from that point moving forward, the statement said.

The cash contribution will be used to finance the deployment of the network, Datavault AI said.

The two companies have agreed to negotiate in good faith and aim to enter into a definitive agreement reflecting the terms of the term sheet, while the Scilex transaction is targeted to close in multiple tranches, with the final tranche before the end of 2026, the statement said.

The initial deployment of the network, which will use Available Infrastructure's fleet of data centers, is expected in Q2, Datavault AI said.

Price: $0.74, Change: $+0.01, Percent Change: +0.79%

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