Datavault board requests plan for dividend spin-out of Acoustic Sciences unit

Datavault (DVLT) AI announced that company management has commenced its evaluation of a potential dividend spin-out of the Company’s Acoustic Sciences division which includes its ADIO, WiSA, Event Citadel, and API Media operations into a new stand-alone public company, which is proposed to be named “API Media”. The company has reserved the ticker symbol “ADIO” for the proposed spin-out entity and currently intends that API Media will be listed on NASDAQ following completion of the proposed transactions, which remain subject to approval by the Company’s board of directors, definitive agreement, and satisfaction of closing conditions, as well as any regulatory approvals that may be required in connection therewith. The Company has engaged Houlihan Lokey as its financial advisor and Paul Hastings LLP as its legal advisor in connection with the proposed transaction. The Company has interviewed interested investment banks and will be naming the banking partner after negotiating the best terms for Datavault AI.