Company: SCLXW
Filing Date: 2025-01-22
Form Type: 8-K
Source: 0001193125-25-009911
Chunk: 0

Company: Scilex Holding Co
Filing Date: 2025-01-22
Form: 8-K
Item: Item 1.01
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Item 1.01.      Entry into a Material Definitive Agreement.  

As previously disclosed by Scilex Holding Company (the “ Company”), the Company issued a Senior Secured Promissory Note, dated as of September 21, 2023, to Oramed Pharmaceuticals Inc. (“ Oramed”, and the note, as amended, the “ Oramed Note”). Pursuant to the Oramed Note, the Company is required to repay the entire remaining principal balance of the Oramed Note on the Maturity Date, which as of the date hereof is defined as March 21, 2025 (the “ Existing Maturity Date”).

On January 21, 2025, the Company entered into an amendment letter with Oramed (the “ Oramed Amendment”), pursuant to which, among other things, Oramed agreed to extend the Maturity Date under and as set forth in the Oramed Note from the Existing Maturity Date to December 31, 2025. In consideration of such extension, SCLX Stock Acquisition JV (“ SCLX JV”) agreed to deliver to Oramed by deposit/withdrawal at custodian with the Depository Trust Company an aggregate of 3,250,000 shares of common stock, par value $0.0001 per share, of the Company, held by SCLX JV.

Pursuant to the Oramed Amendment, the parties agreed to amend the definition of “ Cash Sweep Financing” in the Oramed Note to remove certain specific exclusions of indebtedness previously present in such definition, and further agreed that prior to Payment in Full of the First Out Priority Obligations (each as defined in that certain Agreement Among Holders (the “ Agreement Among Holders”), dated as of October 8, 2024, between Oramed and the other holders of the Tranche B Notes (as defined below)), any prepayment required pursuant to Section 2(g) of the Oramed Note may be waived in Oramed’s sole discretion and, in such case, Oramed shall have the unilateral option to instead direct the Company to prepay the Last Out Holders (as defined in the Agreement Among Holders) and apply such amount to either, in Oramed’s sole discretion, (A) the outstanding principal amount of that certain Tranche B Senior Secured Convertible Note (the “ Tranche B Notes”), dated as of October 8, 2024 held by