Sep. 16 at 1:07 PM
$SCLX $DVLT
Key facts from the filings:
* Scilex extended a
$20M credit facility to Vivasor, where Ji is CEO.
* On Aug. 20, Scilex transferred 50M DVLT shares at
$0.3151/share, creating about
$15.76M of debt at 5% interest.
* Vivasor had already disposed of about 75.9M DVLT shares by Aug. 19, one day before receiving the new 50M shares.
* Separately, Vivasor owes Scilex about
$12M for repurchasing Scilex’s Vivasor preferred stock, with about
$5M due Sept. 30.
* Vivasor reported only about
$0.5M cash at June 30, and Datavault recorded a
$55.4M impairment on its Vivasor investment.
* Ji signed as Vivasor CEO, and the transactions were approved by Scilex’s board/audit committee.
The real question is whether Vivasor can repay Scilex.
