Scilex announces exercise of warrants for $20.3M gross proceeds

Scilex (SCLX) Holding entered into a definitive agreement for the exercise of certain existing warrants to purchase an aggregate of 428,572 shares of common stock having an exercise of $38.50 per share and issued in April 2024 and 475,824 shares of Common Stock having an exercise price of $22.72 per share and issued in December 2024. The aggregate gross proceeds from the exercise of the Existing Warrants are expected to be approximately $20.3M, before deducting placement agent fees and other offering expenses payable by the Company. Rodman & Renshaw and StockBlock Securities are acting as the exclusive placement agents for 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 will be exercisable immediately upon issuance and will have a term of five years from the date of issuance. The offering is expected to close on or about November 25, 2025, subject to satisfaction of customary closing conditions. The Company expects to use the net proceeds from the Offering for working capital and general corporate purposes.