Datavault AI removed CEO Nathaniel Bradley on November 6 and replaced several executives. The changes came amid scrutiny of a restatement involving a $150 million Bitcoin deal, invalidated financial statements tied to the deal, and going-concern risks following the termination of a previous merger agreement. The company’s shares rose after the leadership changes were announced. On November 7, Bradley filed suit in the Delaware Court of Chancery to contest his removal, alleging the board acted improperly and suppressed a significant financing offer.
Datavault AI’s founder filed the case on November 6, seeking to return as chief executive, while the board appointed Brett Moyer as his successor and kept Bradley on the board.
Read the full storyThe stock closed at $0.0592 after the board ended Nathaniel Bradley’s roles effective November 1, amid a reassessment of prior financial statements.
The company said data for several periods can no longer be relied upon after an accounting review of a Bitcoin-funded Scilex share transaction, and has not set a date for filing restated financial statements.