Company: SCLXW
Filing Date: 2025-07-23
Form Type: 424B3
Source: 0001193125-25-163077
Chunk: 184

Company: Scilex Holding Co
Filing Date: 2025-07-23
Form: 424B3
Chunk 184
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al At Custodian system, the Holder shall have the option, by
delivery of notice to the Company, to (x) rescind such Exercise Notice in whole or in part and retain or have returned, as the case may be, any portion of this Warrant that has not been exercised pursuant to such Exercise Notice; provided that
the rescission of an Exercise Notice shall not affect the Company’s obligation to make any payments that have accrued prior to the date of such notice pursuant to this Section 1(c) or otherwise, and/or (y) switch some or all of such
Exercise Notice from a cash exercise to a Cashless Exercise.

(d) . At any time on or after the
earlier to occur of (x) [ ], 2025 and (y) the initial date after the date hereof that a registration statement is effective and available for the issuance of Warrant Shares to the Holder (or resale of Warrant Shares by the
Holder, as applicable) (the “Cashless Exercise Eligibility Date”), notwithstanding anything contained herein to the contrary (other than Section 1(f) below), if at the time of exercise hereof a registration statement is not
effective (or the prospectus contained therein is not available for use) for the issuance to the Holder (or resale by the Holder, as applicable) of all of the Warrant Shares to be issued pursuant to such applicable Exercise Notice, then the Holder
may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to receive
upon such exercise the “Net Number” of Warrant Shares determined according to the following formula (a “Cashless Exercise”):

Net Number =

B

For purposes of the foregoing formula:

A= the total number of shares with respect to which this Warrant is then being exercised.

4

B = as elected by the Holder: (i) the VWAP of the shares of Common
Stock on the Trading Day immediately preceding the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a) hereof on a day that is not a Trading Day or (2) both
executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(88) of Regulation NMS