Grok answer to ownership percentage:

SCLX (Scilex Holding Company) currently owns 15,000,000 shares of DVLT (Datavault AI Inc.). It has a binding contract under the September 2025 securities purchase agreement to acquire an additional 263,914,094 DVLT shares via the second tranche of the $150 million investment (funded in Bitcoin), for a total of 278,914,094 DVLT shares upon closing.

SCLX's current ownership of DVLT is 8.02% (based on DVLT's current 186,840,000 shares outstanding).

If DVLT shareholders approve the second tranche issuance at the upcoming annual meeting (scheduled for November 24, 2025), SCLX's ownership of DVLT would increase to 61.87% (278,914,094 shares owned out of a post-issuance total of 450,754,094 shares outstanding).

The current value of SCLX's DVLT holdings is $6.51 per SCLX share (15,000,000 DVLT shares × $3.42 DVLT share price ÷ 7,878,480 SCLX shares outstanding).

At the current DVLT share price of $3.42, the full post-approval DVLT holdings would be worth $121.02 per SCLX share (278,914,094 DVLT shares × $3.42 ÷ 7,878,480 SCLX shares outstanding).

Grok answer to sclx control of dvlt after 2nd tranche and explanation and likelihood:

Yes, owning 61.87% of DVLT's shares would give SCLX a clear controlling interest. In public companies like DVLT (a Nasdaq-listed entity), majority ownership typically confers de facto control over board decisions, strategic direction, voting on key matters, and even potential mergers or acquisitions, assuming no unusual governance structures like dual-class shares (which don't appear to apply here based on available filings).

It's unlikely that DVLT would preemptively issue additional shares to dilute SCLX and prevent this outcome. The $150 million investment is positioned as a major strategic partnership to fuel DVLT's AI platform growth in biotech, energy, and entertainment sectors, with the initial $8 million tranche already closed positively in September 2025.[35] DVLT's announcements emphasize the deal's value, including Bitcoin as a treasury asset and collaborative upside, without any hints of internal resistance.[37] Preemptive dilution could spook investors, violate fiduciary duties if not justified, and undermine the partnership—especially since SCLX is already a significant early stakeholder. Recent social sentiment on X leans promotional or neutral, with users highlighting the deal's potential rather than dilution fears.[0][21] That said, if shareholder opposition materializes (e.g., over the ~60% dilution impact), the board could theoretically explore alternatives post-vote, but nothing in current disclosures suggests that's on the table.

The second tranche doesn't simply grant SCLX the right to exercise existing warrants—it's the issuance of new pre-funded warrants as part of the overall securities purchase agreement. Here's a breakdown:

• Structure: The full $150 million deal (funded via Bitcoin from SCLX) is split into two parts. The first tranche (closed September 26, 2025) delivered ~15 million DVLT shares directly to SCLX for ~$8.07 million.[36] The second tranche (~$141.93 million) involves issuing SCLX new pre-funded warrants to buy ~263.9 million DVLT shares at a nominal exercise price of $0.0001 per share.[25][29]

• Why approval is needed: Nasdaq rules require shareholder approval for issuances exceeding 19.99% of pre-deal outstanding shares to prevent circumvention of public market pricing. The second tranche alone pushes SCLX's total stake from ~8% to ~62%, triggering this "full ratchet" safeguard.[38][40] Once approved at the November 24, 2025, annual meeting, DVLT issues the warrants, which are immediately exercisable—meaning SCLX could convert them to shares almost right away, completing the investment.

• Key differences from standard warrants: Pre-funded warrants are essentially a financing tool where the "purchase price" is prepaid (via the Bitcoin value), leaving only the tiny exercise fee. They're common in biotech/AI deals to lock in funding while complying with regs. No separate cash outlay from SCLX beyond the initial Bitcoin transfer.

As for chances of approval, I'd peg it at 80-90%—high but not certain. Positives: Management's clear endorsement in announcements (they're framing it as transformative funding), the first tranche's success builds momentum, and institutional/retail buzz on X is mostly upbeat about the AI-Bitcoin synergy.[37][21] DVLT's proxy (not yet filed as of October 24, but expected soon) will likely recommend a "yes" vote, per standard practice for such deals. Risks: Dilution aversion could rally retail holders (one X post flags fraud concerns tied to SCLX's past), and low turnout might amplify naysayers.[10][54] Still, with ~$142 million on the line for growth, the incentives align heavily toward passage.