Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 198

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 198
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 Warrant for a purchase price in cash equal to the Black Scholes value, as calculated under the terms of the September 2025 Warrants, of the then unexercised portion of the September
2025 Warrant.

126

DESCRIPTION OF THE NOVEMBER 2025 WARRANTS

The following summary of certain terms and provisions of the November 2025 Warrants is not complete and is subject to, and qualified in its entirety by, the provisions of the November 2025 Warrants. The forms of November 2025 Warrant are filed as exhibits to the registration statement of which this prospectus forms a part.

Shares Issuable on Exercise

We are
registering the offer and sale from time to time of the November 2025 Warrant Shares, comprised of (i) 1,356,594 shares of Common Stock underlying the November 2025 Investor Warrant and (ii) 72,352 shares of Common Stock underlying the November 2025
Placement Agent Warrants, each covered by this prospectus and which shares are issuable upon exercise in full of the respective November 2025 Warrants.

Exercise Price

The November 2025
Investor Warrant is exercisable at an exercise price equal to $29.00 per share of Common Stock.

The exercise price is subject to
adjustment for any stock split, stock dividend, stock combination, recapitalization or similar event. The exercise price is also subject to full-ratchet adjustment in connection with a subsequent offering at a per share price less than the exercise
price then in effect.

In the event of stock dividends and splits, the number of shares of Common Stock issuable upon the exercise of the
November 2025 Investor Warrant will also be adjusted so that the aggregate exercise price shall be the same immediately before and immediately after any such adjustment.

Cashless Exercise

If at the time of
exercise of the November 2025 Investor Warrant, there is no effective registration statement available for the resale of the shares of our Common Stock underlying the November 2025 Investor Warrant, such warrant may be exercised on a cashless basis
pursuant to their terms.

Limitations on Exercise

A holder shall not have the right to exercise any portion of the November 2025 Investor Warrant to the extent that, after giving effect to such
conversion, the holder (together with certain of its related parties) would beneficially own in excess of 4.99% of shares of our Common Stock outstanding