Datavault AI said in a Form 8-K filed Oct. 26 that it has been unable to complete a request made in June to withdraw Bitcoin from Biconomy. The filing did not explain the holdup. Its shares fell on Oct. 27 after the disclosure.
The company said four financial reports can no longer be relied upon and expects to restate them, reducing reported assets by as much as $92.2 million. It concluded that Bitcoin credited to its Biconomy account under a Sept. 25, 2025, stock deal with Scilex should instead be recorded as money Scilex owes for shares. Datavault is reassessing whether it can continue as a going concern because it had counted the Bitcoin as a source of liquidity; the filing says collection from Scilex is uncertain. The company has not said when it will file the restated reports.
