Company: SCLXW
Filing Date: 2025-01-17
Form Type: 10-Q
Source: 0000950170-25-006755
Chunk: 274

Company: Scilex Holding Co
Filing Date: 2025-01-17
Form: 10-Q
Item: Item 8
Chunk 274
---
 Company and its Subsidiaries (as defined therein) shall be required to maintain the following minimum liquidity during the specified time periods instead: from and after September 19, 2024 until the Maturity Date, $0, and (ii) to extend the due date of the $20,000,000 amortization payment from September 23, 2024 to September 30, 2024. Oramed further agreed to extend such due date to October 8, 2024, on which date a consent and amendment letter was signed with Oramed (“Oramed Consent and Amendment”) under which: (i) the Company made a payment of $12,500,000 to Oramed in lieu of the payment due on September 23, 2024, using the proceeds from the issuance of the Tranche B Notes (as defined and described in Note 13 “Subsequent Events” below), and (ii) the remaining payments under the Oramed Note were amended as follows: installment payment of $15,000,000 payable on December 21, 2024, and the remaining principal balance, accrued interest and fees payable on the Maturity Date.  The following table provides a summary of the changes in the balance and the estimated fair value of the Oramed Note (in thousands): 

        September 30,

        2024

        Ending Balance as of December 31, 2023
        $
        104,089

        Repayment of Oramed Note
        $
        (36,700
        )

        Change in fair value of Oramed Note – recorded in the unaudited condensed consolidated statements of operations
         
        7,568

        Change in fair value of Oramed Note – due to instrument-specific credit risk recorded as a component of other comprehensive income
         
        (5,011
        )

        Ending Balance as of September 30, 2024
        $
        69,946

       Commitment Letter On June 11, 2024, the Company entered into the Commitment Letter with FSF Lender, pursuant to which FSF Lender committed to provide the Company the FSF Loan in the aggregate amount of $100.0 million. The Commitment Amount should be payable as follows: (i) $85.0 million no later than the Outside Date, which is 70 days following the date on which the Company received the FSF Deposit and (