Company: SCLXW
Filing Date: 2025-05-14
Form Type: 424B3
Source: 0001193125-25-119822
Chunk: 263

Company: Scilex Holding Co
Filing Date: 2025-05-14
Form: 424B3
Chunk 263
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 Scilex had not entered into a definitive agreement
with respect to, or otherwise consummated, a firmly underwritten offering of Legacy Scilex capital stock on a major stock exchange that met certain requirements, then holders of the Stock Consideration could collectively elect to exchange, during
the 60-day period commencing the date that was the 18-month anniversary of the closing of the Semnur Acquisition (the “Share Exchange”), the Stock
Consideration for shares of Sorrento’s common stock with a value of $55.0 million based on a price per share of Sorrento’s common stock equal to the greater of (a) the 30-day trailing
volume weighted average price of one share of Sorrento’s common stock as reported on The Nasdaq Stock Market LLC (“Nasdaq”) as of the consummation of the Share Exchange and (b) $5.55 (subject to adjustment for any stock dividend,
stock split, stock combination, reclassification or similar transaction) (the “Exchange Price”). Pursuant to an amendment to the Exchange Agreement entered into by Sorrento and the Semnur Equityholders’ Representative on
September 28, 2020, on October 9, 2020, Sorrento paid $55.0 million in cash to the Semnur Equityholders in lieu of issuing $55.0 million of shares of Sorrento’s common stock at the Exchange Price.

The foregoing is a summary of the material terms of the Semnur Acquisition Agreement (including the amendment thereto) in the forms filed as
exhibits to the registration statement of which this prospectus is a part. You should read the Semnur Acquisition Agreement (including the amendment thereto) for a complete understanding of all of their respective terms.

Semnur-Denali Business Combination

On August 30, 2024, Semnur entered into the Semnur Business Combination Agreement with Denali and Denali Merger Sub.

The Semnur Business Combination Agreement provides that, among other things, (i) on the terms and subject to the conditions set forth
therein, Denali Merger Sub will merge with and into Semnur, with Semnur surviving as a wholly owned subsidiary of Denali (the “Semnur Business Combination”), and (ii) prior to the closing of the Semnur Business Combination, Denali
will migrate to and domesticate as a Delaware corporation in accordance with Section 388 of the