Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 468

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 468
---
 pursuant to the Option Agreement described elsewhere in this
prospectus.

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 number of shares of Common Stock issuable upon the exercise of the Penny Warrants will be subject to adjustment in the event of any stock dividend, stock split, recapitalization, reorganization
or similar transaction, as described in the Penny Warrants; provided that there shall not be any adjustment to the exercise price of the Penny Warrants in the event we combine (by combination, reverse stock split or otherwise) our Common Stock into
a smaller number of shares. Accordingly, there was no adjustment made in connection with the Reverse Stock Split. Oramed may exercise the Penny Warrants by means of a “cashless exercise.”

The Penny Warrants may not be exercised if Oramed, together with its affiliates, would beneficially own in excess of 9.9% of the number of
shares of Common Stock outstanding immediately after giving effect to such exercise (the “Oramed Beneficial Ownership Limitation”); provided, however, that upon 61 days’ prior notice to us, Oramed may increase or decrease the
Oramed Beneficial Ownership Limitation.

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

February 2024 BDO Warrants

On
February 29, 2024, we entered into the February 2024 BDO Underwriting Agreement, pursuant to which we sold, in an underwritten offering, (i) the February 2024 BDO Firm Warrants to purchase up to 108,686 shares of Common Stock, issued to
certain investors, with an exercise price of $59.50 per share and (ii) the February 2024 BDO Representative Warrants to purchase up to 13,446 shares of Common Stock, issued to StockBlock and Rodman & Renshaw LLC, as the representatives
of the underwriters named therein, with an exercise price of $74.38 per share. As of September 30, 2025, there were 122,132 February 2024 BDO Warrants that