Why did CEO Nathaniel Bradley's ownership percentage decrease by 33.16% by June 27, 2025, despite increased shares?

The observed decrease in CEO Nathaniel Bradley's ownership percentage in Datavault AI Inc. (US:DVLT) by June 27, 2025, despite an increase in his share count, strongly suggests share dilution. This typically occurs when a company issues new shares, increasing the total number of outstanding shares and thereby reducing the percentage ownership of existing shareholders, even if their absolute share count remains the same or increases.

Common reasons for such dilution include:

• Secondary Offerings: Companies often issue new shares to raise capital for operations, acquisitions, or debt repayment. For instance, Datavault AI Inc. completed a registered direct offering of common stock and warrants on May 29, 2024, which significantly increased its outstanding shares. Another offering was announced on June 27, 2025, for approximately $10 million in common stock and warrants.
• Stock-Based Compensation: Issuance of shares to employees, executives, or board members as part of compensation packages can also contribute to an increased share count.
• Conversion of Convertible Securities: If the company has convertible notes or preferred stock, their conversion into common shares would also increase the total outstanding shares.

In DVLT's case, the registered direct offerings in May 2024 and June 2025 are significant events that would have increased the total shares outstanding, leading to a dilution of existing shareholders' percentage ownership. While Mr. Bradley may have received additional shares through compensation or open market purchases, the overall increase in the company's share base would reduce his proportional stake.