Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 148

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 148
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 not maintain or exceed such price, then our value, as measured by our market capitalization, will be reduced. Additionally, any reduction in our market capitalization may be magnified as a result of the smaller number of total shares of Common Stock outstanding following a reverse stock split. In addition, the Reverse Stock Split may increase the number of stockholders who own odd lots of our Common Stock, creating the potential for such stockholders to experience an increase in the cost of selling their shares and greater difficulty affecting such sales. 92

The Reverse Stock Split is intended for the Company to regain compliance with the minimum
bid price requirement of $1.00 per share of Common Stock for continued listing on the Nasdaq Capital Market. Although we have regained compliance with such requirement, there can be no assurance that we will maintain compliance with such
requirement, or that we will not become deficient with respect to other Nasdaq listing requirements following, or as a result of, the Reverse Stock Split.

We and/or our directors and officers may be subject to litigation or other actions as a result of or relating to our internal investigation and our failure to timely file the Q3 Form 10-Qwith the SEC and an unfavorable outcome with respect to such matters could harm our business, financial condition and results of operations.

As previously disclosed, the audit committee of the Board (the “Audit Committee”) commenced an investigation with the assistance of
independent counsel with respect to an evaluation of the following contracts: (i) the Commitment Side Letter (the “Commitment Letter”) entered into with FSF 33433 LLC (“FSF”) (a copy of which is filed as an exhibit to
the registration statement of which this prospectus forms a part), (ii) a distribution agreement entered into with Endeavor Distribution LLC (“Endeavor”) in June 2024, and (iii) the Satisfaction Agreement entered into with FSF and
Endeavor (a copy of which is filed as an exhibit to the registration statement of which this prospectus forms a part). The investigation relates to the accounting treatment of such contracts and related matters.

Failure to comply with applicable laws or regulations, as interpreted and applied, or our reporting obligations with the SEC could have a
material adverse effect on our reputation, the price of its securities and its business, financial condition and results of operations. We cannot predict the outcome of the above-referenced matters. Our management may be required to devote
significant time and attention to these matters. An unfavorable outcome could have a material