Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 27

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 27
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 Shares to be 
 issued pursuant to such applicable exercise notice, then the Tranche B Investors may, in their sole discretion, exercise the Exchange Warrant in whole or in part and, in lieu of making the cash payment otherwise contemplated to be made to us upon   
 such exercise in payment of the aggregate exercise price, elect instead to receive upon such exercise the “Net Number” of Exchange Warrant Shares determined in accordance with the formula set forth therein (and described elsewhere in                
 this prospectus).                                                                                                                                                                                                                                        |

| Limitations on Exercise | A holder shall not have the right to exercise any portion of an Exchange Warrant to the extent that, after giving effect to such conversion, the holder (together with certain of its related parties) would beneficially own in excess of 4.99%, or 
 the “Exchange Warrant Maximum Percentage”, of shares of our common stock outstanding immediately after giving effect to such conversion. The Exchange Warrant Maximum Percentage may be raised or lowered to any other percentage not in             
 excess of 9.99%, at the option of the holder, except that any increase will only be effective upon 61 days’ prior notice to us.                                                                                                                      |

| Use of proceeds | We will receive up to an aggregate of approximately $20.0 million from the exercise of the Exchange Warrants, assuming the exercise in full of all of the Exchange Warrants for cash. The Exchange Warrants are exercisable at a price of $40.00   
 per share. On December 12, 2025, the closing price for our Common Stock was $16.63 per share. If the price of our Common Stock remains below $40.00 per share, we believe the Tranche B Investors will be unlikely to cash exercise their Exchange 
 Warrants, resulting in little or no cash proceeds to us.                                                                                                                                                                                           |

| We expect to use the net proceeds from the exercise of the Exchange Warrants for cash for working capital and general corporate purposes, which may include capital expenditures, research and development expenditures,                     
 regulatory affairs expenditures, clinical trial expenditures, acquisitions of new technologies and investments, business combinations and the repayment, refinancing, redemption or repurchase of indebtedness or capital stock. See “Use of 
 Proceeds” elsewhere in this prospectus.                                                                                                                                                                                                      |

| Certain U.S. Federal Income Tax Considerations | You should consult your tax advisor with respect to the U.S. federal income tax consequences of owning the Exchange Warrants or any |

18

shares of common stock that may be issued upon exercise