10:11 AM EST, 12/23/2024 (MT Newswires) -- WiSA Technologies ( WISA ) said Monday that the majority of its shareholders approved the acquisition of Data Vault Holdings' Datavault intellectual property and information technology assets for 40 million common WiSA ( WISA ) shares and a $10 million three-year note.

The transaction is expected to close about Dec. 31, upon which WiSA Technologies ( WISA ) will change its name to Datavault, according to the statement.

Data Vault Holdings Chief Executive Nathaniel Bradley will serve as the rebranded company's CEO, while WiSA Technologies ( WISA ) CEO Brett Moyer will become chief financial officer.

Once rebranded as Datavault, the company said it will offer data sciences and acoustic sciences solutions and will grant Data Vault Holdings a 3% royalty on future revenues from its Datavault and ADIO product lines.

WiSA Technologies ( WISA ) shares were up over 4% in recent trading.

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