Datavault AI Inc. (NASDAQ: DVLT) dropped a bombshell Thursday: its board removed CEO and President Nathaniel Bradley, effective Nov. 1. The board also terminated his employment. Every director except Bradley approved the move. Bradley, perhaps unsurprisingly, voted against his own removal.
But here's the twist: Bradley isn't entirely out the door. He remains a director, having been elected at the company's 2025 annual shareholder meeting. His board term runs until the next annual meeting and the election of a qualified successor, unless he resigns or is removed earlier. The filing didn't disclose a reason for the termination or name a replacement CEO. So the corner office is vacant, but Bradley still has a seat at the table.
Accounting Headache: The $150 Million Bitcoin Blunder
Bradley's ouster comes as Datavault wrestles with accounting errors tied to a $150 million Bitcoin (CRYPTO: BTC) transaction with Scilex Holding Company (NASDAQ: SCLX).
In an Oct. 20 SEC filing, Datavault admitted it had incorrectly recognized Bitcoin associated with a September 2025 stock purchase agreement as a company asset. The agreement involved 15 million common shares and warrants to purchase another 263.9 million shares in exchange for Bitcoin.
Then things got worse. Datavault said it could not complete a requested withdrawal of Bitcoin from its Biconomy digital wallet in June 2026. That's a red flag for any crypto holder, but especially for a company that had been counting those coins as assets.
The company expects the accounting corrections to reduce previously reported assets by $92.2 million as of Dec. 31, 2025, and by $49 million as of June 30, 2026. That's a hefty haircut.
Datavault is also reassessing its ability to continue operating as a going concern because the Bitcoin balances will no longer count as assets and collection of amounts owed by Scilex remains uncertain. In plain English: the company may struggle to keep the lights on. Datavault hasn't announced when it will complete the restatements.
DataMEDS AI Pulls the Plug on IP Deal
Adding to the drama, DataMEDS AI Inc. (NASDAQ: MEDS) announced Tuesday that it had terminated an Oct. 19 agreement involving Datavault and several other companies. The proposed transaction involved licensing or acquiring intellectual property in exchange for DataMEDS common shares. Other parties included REBOOT Health AI, EOS Technology Holdings, Scilex Holding Company and HealthBridge Advisors.
DataMEDS cited market conditions for the cancellation. The company said it would no longer issue shares under the proposed transaction and would face no fees or obligations from its termination. So at least there's no breakup fee.
Existing Tech Partnerships Stay Put
Despite the canceled deal, DataMEDS said its existing technology agreements remain in effect. These include an exclusive license with REBOOT Health AI for managing users of GLP-1 medications, signed Oct. 13. Its November 2025 agreement with Datavault AI covering PharmacyChain blockchain-enabled smart contracts also remains active. DataMEDS confirmed that it had not issued any shares to Datavault AI under that agreement.
So the relationship isn't entirely severed, just the big IP swap.
DVLT Price Action: Datavault AI shares rose 13.18% to $0.06 in premarket trading Friday after plunging 14.49% in the previous session, highlighting the sharp volatility often seen in micro-cap stocks, according to market data.
