Company: SCLXW
Filing Date: 2025-12-29
Form Type: 424B3
Source: 0001193125-25-335429
Chunk: 163

Company: Scilex Holding Co
Filing Date: 2025-12-29
Form: 424B3
Chunk 163
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 approve of such amendment. In addition, almost all of the other warrants to purchase shares of our Common Stock are out-of-the-moneyand may also expire worthless.

As of September 30, 2025, the exercise price for our SPAC Warrants is $402.50 per whole share of Common Stock. On December 12, 2025, the
closing price of our Common Stock on the Nasdaq Capital Market was $16.63. If the price of our shares of Common Stock remains below $402.50 per whole share, which is the exercise price of our SPAC Warrants, we believe our warrant holders will be
unlikely to cash exercise their SPAC Warrants, resulting in little or no cash proceeds to us. There is no guarantee that our SPAC Warrants will be in the money prior to their expiration and, as such, our SPAC Warrants may expire worthless.

The SPAC Warrants were issued in registered form under the Warrant Agreement. The Warrant Agreement provides that the terms of the SPAC
Warrants may be amended without the consent of any holder to cure any ambiguity or correct any defective provision or correct any mistake, but requires the approval by the holders of a majority of the then-outstanding SPAC Warrants to make any
change that adversely affects the interests of the registered holders of SPAC Warrants. Accordingly, we may amend the terms of the SPAC Warrants in a manner adverse to a holder if holders of a majority of the then-outstanding SPAC Warrants approve
of such amendment. Although our ability to amend the terms of the SPAC Warrants with the consent of majority of the then-outstanding SPAC Warrants is unlimited, examples of such amendments could be amendments to, among other things, increase the
exercise price of the SPAC Warrants, convert the SPAC Warrants into cash, shorten the exercise period, or decrease the number of shares of our Common Stock purchasable upon exercise of a SPAC Warrant.

In addition, as noted above, on December 12, 2025, the closing price of our Common Stock on the Nasdaq Capital Market was $16.63, making
almost all of the Warrants out-of-the-money. If the price of our shares of Common Stock remains below the exercise prices of such
other warrants, we believe the holders of such warrants will be unlikely to cash exercise such warrants, resulting in little or no cash proceeds to us. There is no guarantee that such
out-of-the