Company: SCLXW
Filing Date: 2025-05-14
Form Type: 424B3
Source: 0001193125-25-119846
Chunk: 271

Company: Scilex Holding Co
Filing Date: 2025-05-14
Form: 424B3
Chunk 271
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ilex of at least $40.0 million, certain of the former Semnur optionholders will be paid cash in lieu of: (i) the 352,972 shares of
Legacy Scilex Common Stock otherwise issuable to such former Semnur optionholders pursuant to the Semnur Acquisition Agreement, and (ii) any shares that would otherwise be issued to such former Semnur optionholders upon release of shares held
in escrow pursuant to the Semnur Acquisition Agreement, with such shares in each case valued at $1.16 per share. The Semnur optionholders subsequently agreed, under the terms of the Exchange Agreement (as defined and described below) to forego the
foregoing right to any such payment in exchange for the right to participate in the Share Exchange (as defined below).

In March 2019, the
Semnur Equityholders that received $55.0 million of shares of Common Stock (47,039,315 shares issued and 352,972 shares issuable, valued at $1.16 per share, in each case on a pre-Reverse Stock Split
basis) (the “the Stock Consideration”) were required to sign an Exchange and Registration Rights Agreement with Legacy Scilex (as amended, the “Exchange Agreement”). Pursuant to the Exchange Agreement, and upon the terms and
subject to the conditions contained therein, if within 18 months following the closing of the Semnur Acquisition, 100% of the outstanding equity of Legacy Scilex had not been acquired by a third party or Legacy 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