Company: SCLXW
Filing Date: 2025-05-14
Form Type: 424B3
Source: 0001193125-25-119846
Chunk: 155

Company: Scilex Holding Co
Filing Date: 2025-05-14
Form: 424B3
Chunk 155
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(c)(1) by filing the Q3 Form 10-Qon January 17, 2025. If, in the future, we are unable to maintain compliance with Nasdaq Listing Rules, Nasdaq could determine to delist our securities from trading on its exchange and if we are then unable to obtain listing on another national securities exchange, some or all of the following may occur, each of which could have a material adverse effect on our stockholders:

| • |     | causing our shares of Common Stock to be transferred to a more limited market than Nasdaq, which could affect the 
 market price, trading volume, liquidity and resale price of such shares;                                          |

| • |     | causing an event of default under our existing debt instruments; |

| • |     | reducing the number of investors, including institutional investors, willing to hold or acquire our Common Stock, 
 which could negatively impact our ability to raise equity;                                                        |

| • |     | decreasing the amount of news and analyst coverage relating to us; |

| • |     | reducing the availability of information concerning the trading prices and volume of our Common Stock |

| • |     | limiting our ability to issue additional securities, obtain additional financing or pursue strategic 
 restructuring, refinancing or other transactions; and                                                |

| • |     | impacting our reputation and, as a consequence, our business and operations. |

93

We effected a one-for-35Reverse Stock Split on April 15, 2025. The Reverse Stock Split may adversely impact the liquidity of our Common Stock and Public Warrants and may not be effective in facilitating our efforts to maintain compliance with the continued listing requirements of Nasdaq.

The liquidity of
our common shares and warrants may be adversely affected by the Reverse Stock Split, given the significantly reduced number of shares of Common Stock that are outstanding following its effectiveness. In addition, there can be no assurance that the
trading price of our common shares will remain at or above $1.00 per share.

Following the Reverse Stock Split, the market price of our
Common Stock may not attract new investors or satisfy the investing requirements of those investors. As a result, the trading liquidity of our Common Stock may not necessarily improve.

In addition, the Reverse Stock Split has resulted in some stockholders owning “odd lots” of less than 100 shares of Common Stock on
a post-Reverse Stock Split basis. Odd lots may be more difficult to sell, or require greater transaction costs per share to sell, than shares in “round lots”