Company: SCLXW
Filing Date: 2025-11-14
Form Type: 424B3
Source: 0001193125-25-283337
Chunk: 51

Company: Scilex Holding Co
Filing Date: 2025-11-14
Form: 424B3
Chunk 51
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36.40 per share (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations and similar events, the “Exercise Price Floor”), unless shareholder approval is obtained to allow the New Tranche B Warrants to be exercised at a price lower than the Exercise Price Floor in accordance with the Nasdaq Listing Rules. The Company is under no obligation to seek or obtain such shareholder approval. The following table provides a summary of the changes in the balance and the estimated fair value of the Tranche B Notes (in thousands):

|                                                                                                                                        | September 30, 
 2025          |         |   |
|:---------------------------------------------------------------------------------------------------------------------------------------|:--------------|--------:|:--|
| Ending Balance as of December 31, 2024                                                                                                 | $             |  23,560 |   |
| Repayment of Tranche B Notes principal and interest                                                                                    |               | (18,656 | ) |
| Change in fair value of Tranche B Notes                                                                                                |               |  12,936 |   |
| Change in fair value of Tranche B Notes - due to instrument-specific credit risk recorded as a component of other comprehensive income |               |   2,970 |   |
| Ending Balance as of September 30, 2025                                                                                                | $             |  20,810 |   |

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Aggregate principal repayments for the Company’s outstanding debt will be $4.3 million and $19.2 million in 2025 and 2026, respectively.

Promissory Notes

Pursuant to the Semnur Business Combination, Legacy Semnur assumed all liabilities of Denali, including its existing promissory notes and its liability for its deferred underwriting costs associated with the Semnur Business Combination. Simultaneously upon the closing of the Semnur Business Combination, the agreements for these existing liabilities were terminated and new promissory notes and discharge payment agreements were signed with the holders.

Immediately prior to the closing of the Semnur Business Combination, Denali, Sponsor and the Company entered a Satisfaction and Discharge of Indebtedness Agreement, pursuant to which the Sponsor received $1.1 million in cash and a promissory note from Denali for $0.8 million (the “Sponsor Note”). The Sponsor Note shall be payable in six monthly installments of $134.0 thousand beginning on October 1, 2025 and ending on March 1, 2026.

Immediately prior to