---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-239551"
form_type: "8-K"
ticker: "SCLX"
cik: "0001820190"
company_name: "Scilex Holding Co"
filed_at: "2023-09-21T23:59:59+00:00"
generated_at: "2026-06-10T11:04:19.516891+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001193125-23-239551
- form_type: 8-K
- ticker: SCLX
- cik: 0001820190
- company_name: Scilex Holding Co
- filed_at: 2023-09-21T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 1.01, 3.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820190/000119312523239551/0001193125-23-239551-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820190/000119312523239551/d554572d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-239551
- JSON: https://secwatch.observer/filing/0001193125-23-239551.json
- Plain text: https://secwatch.observer/filing/0001193125-23-239551.txt

## Key facts
- Material Agreements
  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
  source text: 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 ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820190/000119312523239551/0001193125-23-239551-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.