Company: SCLXW
Filing Date: 2025-08-04
Form Type: S-1
Source: 0001193125-25-172703
Chunk: 21

Company: Scilex Holding Co
Filing Date: 2025-08-04
Form: S-1
Chunk 21
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 the terms and subject to the conditions of the Semnur Business Combination Agreement, following the Denali Domestication and at the effective time of the Denali Merger (the “Denali Merger Effective Time”): (i) each share of common stock of Semnur issued and outstanding immediately prior to the Denali**

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**Merger Effective Time will be automatically converted into the right to receive, without interest, a number of New Semnur Shares equal to the Exchange Ratio (as defined in the Semnur Business Combination Agreement); (ii) each share of Series A preferred stock of Semnur issued and outstanding immediately prior to the Denali Merger Effective Time will be automatically converted into the right to receive, without interest, (a) one New Semnur Preferred Share and (b) one-tenth of one New Semnur Common Share, and (iii) subject to Denali’s receipt of the Option Exchange Approval (as defined in the Semnur Business Combination Agreement), each option to purchase a share of Semnur common stock that is then outstanding shall be converted into the right to receive an option to purchase a number of New Semnur Common Shares as determined by the Exchange Ratio upon substantially the same terms and conditions as are in effect with respect to such option immediately prior to the Denali Merger Effective Time, with the exercise price thereof adjusted by the Exchange Ratio.

The Semnur Business Combination is expected to close during the third quarter of 2025, following the receipt of the required approval by Denali’s shareholders (prior to the Denali Domestication) and the satisfaction or waiver of other customary closing conditions.

Recent Developments

Reverse Stock Split

On April 3, 2025, our Board approved the Reverse Stock Split of the Common Stock at a ratio of 1-for-35, which was effected on April 15, 2025. As a result of the Reverse Stock Split, every 35 shares of pre-Reverse Stock Split Common Stock was combined into one share of post-Reverse Stock Split Common Stock, without any change in par value per share. No fractional shares were issued as a result of the Reverse Stock Split, as fractional shares of Common Stock were rounded down to the nearest whole share. Stockholders who would have otherwise received a fractional share of Common Stock pursuant to the Reverse Stock Split, received cash in lieu of the fractional share. All Common Stock amounts and references have been retroactively adjusted for all figures presented to reflect