Oct. 25 at 9:50 AM
$DVLT It’s important to note that the second tranche of approximately
$142 million is expected to be issued as a pre-funded warrant convertible into up to 263,914,094 additional shares, with the warrant exercisable at a nominal
$0.0001 per share (the main purchase price was paid in advance). The effective purchase price for the shares implied by the deal is
$0.5378 per share, which corresponds to roughly
$141.9M for the second tranche alone — this issuance would materially dilute existing shareholders and is likely to exert short-term downward pressure on the stock price. The second tranche and issuance of the warrant shares remain subject to stockholder approval and customary closing conditions.
