Company: SCLXW
Filing Date: 2025-08-21
Form Type: 424B3
Source: 0001193125-25-184627
Chunk: 7

Company: Scilex Holding Co
Filing Date: 2025-08-21
Form: 424B3
Chunk 7
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 conversion of any Parity Security for or into any Junior Security or (G) the
settlement of incentive equity awards (including any applicable withholdings and the net exercise of options) in accordance with the terms thereof).

The
Series A Preferred Stock ranks (i) senior to all of the Company’s Common Stock, and to all other classes or series of the Company’s capital stock, except for any such other class or series, the terms of which expressly provide that
it ranks on parity with the Series A Preferred Stock as to dividend rights and rights on liquidation, dissolution or winding-up of the Company (“Junior Securities”); and (ii) on parity with
each class or series of the Company’s capital stock, created specifically ranking by its terms on parity with the Series A Preferred Stock as to dividend rights and rights on liquidation, dissolution or
winding-up of the Company (“Parity Securities”).

3

After a hearing before the Bankruptcy Court on September 12, 2023, the Bankruptcy Court entered a final
order approving, among other things, the termination of the Stockholder Agreement, upon the closing of the Equity Repurchase Transaction (as defined below). Accordingly, the Stockholder Agreement terminated on September 21, 2023.

Background

Our former controlling stockholder, Sorrento,
together with its wholly owned direct subsidiary, Scintilla Pharmaceuticals, Inc. (together with Sorrento, the “Debtors”), commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy
Code”) in the Bankruptcy Court.

After a hearing before the Bankruptcy Court on March 29, 2023, the Bankruptcy Court entered a final order
approving a non-amortizing super-priority senior secured term loan facility in an aggregate principal amount not to exceed $75,000,000 in term loan commitments (the “Senior DIP Facility”), provided
to the Debtors by JMB Capital Partners Lending, LLC (the “Senior DIP Lender”), on a final basis. The Debtors then negotiated definitive financing documentation, including a Senior Secured, Super-Priority Debtor-in-Possession Loan and Security Agreement and other documents evidencing the Senior DIP Facility. At the time of the entry of the Interim DIP Order (as defined below), the Debtors’ liquidity was
projected to last only until July 7, 2023. The Senior DIP Facility matured on July 31