Company: SCLXW
Filing Date: 2025-05-07
Form Type: POS AM
Source: 0001193125-25-115054
Chunk: 156

Company: Scilex Holding Co
Filing Date: 2025-05-07
Form: POS AM
Chunk 156
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 | reducing the number of investors, including institutional investors, willing to hold or acquire our Common Stock, which could negatively impact our ability to raise equity; |

| • |     | decreasing the amount of news and analyst coverage relating to us; |

| • |     | reducing the availability of information concerning the trading prices and volume of our Common Stock |

| • |     | limiting our ability to issue additional securities, obtain additional financing or pursue strategic restructuring, refinancing or other transactions; and |

| • |     | impacting our reputation and, as a consequence, our business and operations. |

**93

We effected a one-for-35Reverse Stock Split on April 15, 2025. The Reverse Stock Split may adversely impact the liquidity of our Common Stock and Public Warrants and may not be effective in facilitating our efforts to maintain compliance with the continued listing requirements of Nasdaq.

The liquidity of our common shares and warrants may be adversely affected by the Reverse Stock Split, given the significantly reduced number of shares of Common Stock that are outstanding following its effectiveness. In addition, there can be no assurance that the trading price of our common shares will remain at or above $1.00 per share.

Following the Reverse Stock Split, the market price of our Common Stock may not attract new investors or satisfy the investing requirements of those investors. As a result, the trading liquidity of our Common Stock may not necessarily improve.

In addition, the Reverse Stock Split has resulted in some stockholders owning “odd lots” of less than 100 shares of Common Stock on a post-Reverse Stock Split basis. Odd lots may be more difficult to sell, or require greater transaction costs per share to sell, than shares in “round lots” of even multiples of 100 shares.

The Reverse Stock Split was effected to regain compliance with Nasdaq’s Minimum Bid Price Requirement of at least $1.00 per share. 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