Datavault AI shares fall 49.55% after restatement and Bitcoin access issues

Datavault AI, a company listed on the Nasdaq, saw its shares plunge by 49.55% to $0.067 on October 27 after filing with the U.S. Securities and Exchange Commission (SEC) revealed significant financial restatements and challenges in accessing Bitcoin assets held with the crypto exchange Biconomy. Datavault AI disclosed that it will restate four of its recent financial reports due to reclassification of assets linked to a major Bitcoin deal. The company plans to reduce reported assets by as much as $92.2 million, after determining that Bitcoin from a $150 million stock transaction with Scilex Holding should be recorded as a subscription receivable rather than as a digital asset.

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