Company: SCLXW
Filing Date: 2025-05-14
Form Type: 424B3
Source: 0001193125-25-119831
Chunk: 442

Company: Scilex Holding Co
Filing Date: 2025-05-14
Form: 424B3
Chunk 442
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, the warrants may have no value, the market
for the warrants may be limited and the warrants may expire worthless.

Warrantholders may elect to be subject to a restriction on the
exercise of their warrants such that an electing warrantholder would not be able to exercise their warrants to the extent that, after giving effect to such exercise, such holder (together with such holder’s affiliates) would beneficially own in
excess of 9.8% of the Common Stock outstanding immediately after giving effect to such exercise.

No fractional shares will be issued upon
exercise of the warrants. If, upon exercise of the warrants, a holder would be entitled to receive a fractional interest in a share, we will, upon exercise, round up to the nearest whole number of shares of Common Stock to be issued to the
warrantholder.

Private Warrants

The Private Warrants are identical to the Public Warrants except that such Private Warrants are exercisable for cash (even if a registration
statement covering the issuance of the Common Stock issuable upon exercise of such warrants is not effective) or on a cashless basis, at the holder’s option, and will not be redeemable by us, in each case so long as they are still held by the
initial purchasers or their affiliates.

The foregoing summary of the terms and conditions of the SPAC Warrants does not purport to be
complete and is qualified in its entirety by reference to the copy of the specimen warrant certificate and the Warrant Agreement that are filed as an exhibit to the registration statement of which this prospectus forms a part.

277

Penny Warrants

In connection with the closing of the transactions contemplated by the Scilex-Oramed SPA, we issued the Penny Warrants, having an exercise
price of $0.01 per share, subject to adjustment as provided therein, to Oramed. As of March 31, 2025, of the 13,000,000 Penny Warrants initially issued to Oramed, warrants to purchase 6,500,000 shares of Common Stock have been exercised and
warrants to purchase 6,500,000 shares of Common Stock remain outstanding, are currently exercisable and will expire on the date that is the fifth anniversary of the issuance date.

The exercise price of the Penny Warrants issued to Oramed pursuant to the Scilex-Oramed SPA is $0.01 per share, subject to adjustment as
provided therein. The exercise price and