Company: SCLXW
Filing Date: 2025-05-14
Form Type: 424B3
Source: 0001193125-25-119831
Chunk: 153

Company: Scilex Holding Co
Filing Date: 2025-05-14
Form: 424B3
Chunk 153
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 reputation and, as a consequence, our business and operations. |

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 93

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” of even multiples of 100 shares.

The Reverse Stock Split was effected to regain compliance with Nasdaq’s
Minimum Bid Price Requirement of at least $1.00 per share. Although we have regained compliance with such requirement, there can be no assurance that we will maintain compliance with such requirement, or that we will not become deficient with
respect to other Nasdaq listing requirements following, or as a result of, the Reverse Stock Split.

We and/or our directors and officers may be subject to litigation or other actions as a result of or relating to our internal investigation and our failure to timely file the Q3 Form 10-Qwith the SEC and an unfavorable outcome with respect to such matters could harm our business, financial condition and results of operations.

As previously disclosed, the audit committee of
the Board (the “Audit Committee”) commenced an investigation with the assistance of independent counsel with respect to an evaluation of the following contracts: (i) the Commitment Side Letter (the “Commitment Letter”)
entered into with FSF 33433 LLC (“FSF”) (a copy of which was filed with the SEC as an exhibit to our Current Report on Form 8-K filed on June 12, 2024), (ii) a distribution agreement entered
into with Endeavor Distribution LLC (“Endeavor”) in