WiSA Technologies (WISA) said Monday that the majority of its shareholders approved the acquisition of Data Vault Holdings' Datavault intellectual property and information technology assets for 40 million common WiSA shares and a $10 million three-year note.

The transaction is expected to close about Dec. 31, upon which WiSA Technologies will change its name to Datavault, according to the statement.

Data Vault Holdings Chief Executive Nathaniel Bradley will serve as the rebranded company's CEO, while WiSA Technologies CEO Brett Moyer will become chief financial officer.

Once rebranded as Datavault, the company said it will offer data sciences and acoustic sciences solutions and will grant Data Vault Holdings a 3% royalty on future revenues from its Datavault and ADIO product lines.

WiSA Technologies shares were up over 4% in recent trading.

Price: 1.77, Change: +0.07, Percent Change: +4.29