Scilex Raises $20M As Investors Exercise Stock Warrants To Support Non-Opioid Pain Drug Strategy

Scilex Holding Company ("Scilex" or the "Company") (NASDAQ:SCLX), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain and neurodegenerative and cardiometabolic disease, announced today that it has entered into a definitive agreement for the exercise of certain existing warrants to purchase an aggregate of (i) 428,572 shares of common stock (the "Common Stock") having an exercise of $38.50 per share and issued in April 2024 (the "April 2024 Warrants") and (ii) 475,824 shares of Common Stock having an exercise price of $22.72 per share and issued in December 2024 (together with the April 2024 Warrants, the "Existing Warrants"). The aggregate gross proceeds from the exercise of the Existing Warrants are expected to be approximately $20.3 million, before deducting placement agent fees and other offering expenses payable by the Company.

Rodman & Renshaw LLC and StockBlock Securities LLC are acting as the exclusive placement agents for the offering (the "Offering").

In consideration for the immediate exercise of the Existing Warrants for cash, the Company will issue to the holder of the Existing Warrants a new unregistered warrant to purchase up to an aggregate of 1,356,594 shares of Common Stock at an exercise price of $29.00 per share (the "New Warrant"). The New Warrant will be exercisable immediately upon issuance and will have a term of five years from the date of issuance.