Scilex terminates $118.6M convertible note deal with Hudson Bay, settles with stock issuance

Scilex Holding Co

Terminated $118.6M convertible debenture and 33.4M warrant deal; parties released all claims.
To issue shares worth $255K to Cove Lane and $495K to HBC by Dec 31, 2023 or after Sorrento stock sale.
Cove Lane gets 11.22% and HBC 21.78% participation in future equity/debt financings until Jan 13, 2024.
Shares issued under Regulation D, exempt from registration; registration rights on Form S-1/S-3.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

Scilex Holding Co entered into Settlement Agreement with Cove Lane Onshore Fund, LLC, HBC Investments LLC, Hudson Bay Capital Management LP valued at $255,000 and $495,000 (effective 2023-09-15).

Action: entry
Agreement: settlement
Counterparty: Cove Lane Onshore Fund, LLC, HBC Investments LLC, Hudson Bay Capital Management LP
Value: $255,000 and $495,000
Effective: 2023-09-15

Exact text from the filing

On September 15, 2023, Scilex Holding Company (the “ Company ”), Cove Lane Onshore Fund, LLC (“ Cove Lane ”), HBC Investments LLC (“ HBC ” and together with Cove Lane, the “ Investors ” and each an “ Investor ”) and Hudson Bay Capital Management LP (“ Hudson Bay ” and collectively with the Investors, the “ Hudson Bay Parties ” and each a “ Hudson Bay Party ”) entered into a settlement agreement (the “ Settlement Agreement ”).

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38 material agreements filed in the last 30 days. Browse all material agreements →

Scilex Holding Co filing history →

Source: SEC EDGAR

accession 0001193125-23-239551

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