Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 407

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 407
---
 Scilex distributed $20,000,000 to Scilex (via a dividend).

Junior Debtor-in-Possession Financingwith Sorrento

Background

Our former
controlling stockholder, Sorrento, together with its wholly owned direct subsidiary, Scintilla Pharmaceuticals, Inc. (together with Sorrento, the “Debtors”), commenced voluntary proceedings under Chapter 11 of the United States
Bankruptcy Code (the “Bankruptcy Code”) in the Bankruptcy Court.

After a hearing before the Bankruptcy Court on
March 29, 2023, the Bankruptcy Court entered a final order approving a non-amortizing super-priority senior secured term loan facility in an aggregate principal amount not to exceed $75,000,000 in term loan commitments (the “Senior DIP
Facility”), provided to the Debtors by JMB Capital Partners Lending, LLC (the “Senior DIP Lender”), on a final basis. The Debtors then negotiated definitive financing documentation, including a Senior Secured, Super-Priority Debtor-in-Possession Loan and Security Agreement and other documents evidencing the Senior DIP Facility. At the time of the entry of the Interim DIP Order (as defined below), the Debtors’ liquidity was
projected to last only until July 7, 2023. The Senior DIP Facility matured on July 31, 2023 and was not repaid on such date.

On
June 30, 2023, the Debtors filed the Debtors’Emergency Motion for Entry of Interim and Final Orders (I)Authorizing the Debtors to (A)Obtain Junior Secured Superpriority Postpetition Financing and (B)Use Cash Collateral, (II)Granting Liens and Providing Claims with Superpriority Administrative Expense Status, (III)Modifying the Automatic Stay, (IV)Scheduling a Final Hearing, and (V)Granting Related Relief (the “DIP Motion”), seeking the Bankruptcy Court’s approval of the Junior DIP Facility (as defined below) and certain
related relief.

Terms of the Junior DIP Facility

On July 5, 2023, the Company and the Debtors executed that
certain Debtor-in-Possession Term Loan Facility Summary of Terms and Conditions (the “Junior DIP Term Sheet”), pursuant to which the Company (or

268

its designees or its assignees) agreed to provide the Debtors with a non