Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 196

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 196
---
 events, an Exchange Warrant
holder will thereafter have the right to receive upon an exercise such shares, securities, cash, assets or any other property whatsoever which the holder would have been entitled to receive upon the happening of the applicable corporate event had
the Exchange Warrant been exercised immediately prior to the applicable corporate event.

When there is a transaction involving specified
changes of control, holders of Exchange Warrants will have the right to force us to repurchase such holder’s Exchange Warrant for a purchase price in cash equal to the Black Scholes value, as calculated under the terms of the Exchange
Warrants, of the then unexercised portion of the Exchange Warrant.

124

DESCRIPTION OF THE SEPTEMBER 2025 WARRANTS

The following summary of certain terms and provisions of the September 2025 Warrants is not complete and is subject to, and qualified in its entirety by, the provisions of the September 2025 Warrants. The form of September 2025 Warrant is filed as an exhibit to the registration statement of which this prospectus forms a part.

Shares Issuable on Exercise

We are
registering the offer and sale from time to time by the September 2025 Warrant Holders of up to an aggregate of 275,000 September 2025 Shares covered by this prospectus, which shares are issuable upon exercise in full of all of the September 2025
Warrants.

Exercise Price

The
September 2025 Warrants are exercisable at an exercise price equal to $20.00 per share of Common Stock.

The exercise price is subject to
adjustment for any stock split, stock dividend, stock combination, recapitalization or similar event. The exercise price is also subject to full-ratchet adjustment in connection with a subsequent offering at a per share price less than the exercise
price then in effect. The September 2025 Warrants also provide for a voluntary adjustment to the exercise price, subject to certain conditions set forth therein, including compliance with Nasdaq rules and having obtained the prior written consent of
the holder of such warrant.

In the event of stock dividends and splits, the number of shares of Common Stock issuable upon the exercise
of the September 2025 Warrants will also be adjusted so that the aggregate exercise price shall be the same immediately before and immediately after any such adjustment.

Cashless Exercise

If at the time of
exercise of the September 2025 Warrants, there is no effective registration statement available for the resale of the