05:19 AM EDT, 09/04/2024 (MT Newswires) -- WiSA Technologies ( WISA ) said Wednesday it has agreed to acquire the Datavault intellectual property and information technology assets of privately held Data Vault Holdings for $210 million.

Of the deal consideration, $200 million will be paid in the form of 40 million of WiSA's ( WISA ) common shares to be issued at $5 per share, while the $10 million will be paid in an unsecured promissory note due three years from closing.

The company will also have to pay 3% royalty on future revenue from the Datavault product lines to Master Vault. The transaction is set to close by Dec. 31.

Upon closing, the company will change its name to Datavault and will be led by Datavault's current Chief Executive Nathaniel Bradley as CEO and WiSA's ( WISA ) current CEO Brett Moyer as chief financial officer.

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