---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-242508"
form_type: "8-K"
ticker: "SCLX"
cik: "0001820190"
company_name: "Scilex Holding Co"
filed_at: "2023-09-26T23:59:59+00:00"
generated_at: "2026-06-10T08:49:13.645474+00:00"
event_type: "other_material"
sentiment: "neutral"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Scilex issues $101.9M note to Oramed, buys back ~60M shares from Sorrento

## Summary
- Issued $101.875M senior secured note to Oramed (due March 2025, interest at Term SOFR+8.5%, PIK).
- Issued warrants to Oramed for 13M shares (4.5M closing, 8.5M subsequent) at $0.01 per share; transferred 4M existing $11.50 warrants.
- Purchased from Sorrento 60,068,585 common shares, 29,057,097 Series A preferred, and warrants for 4,490,617 shares at $11.50.
- Consideration: assumption of $100M DIP facility, credit bid of Junior DIP, $10M cash, and ~$12.25M legal fee assumption.
- Sorrento's ownership reduced to ~1.9M shares held in abeyance; Oramed gets Board Observer right.

## SEC filing metadata
- accession: 0001193125-23-242508
- form_type: 8-K
- ticker: SCLX
- cik: 0001820190
- company_name: Scilex Holding Co
- filed_at: 2023-09-26T23:59:59+00:00
- event_type: other_material
- sentiment: neutral
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.01, 1.02, 2.03, 3.02, 5.01, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1820190/000119312523242508/0001193125-23-242508-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1820190/000119312523242508/d537034d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-242508
- JSON: https://secwatch.observer/filing/0001193125-23-242508.json
- Plain text: https://secwatch.observer/filing/0001193125-23-242508.txt

## Key facts
- M&A Transactions
  Scilex Holding Co underwent a change of control involving Sorrento Therapeutics, Inc. (closed 2023-09-21).
  - Action: change of control
  - Counterparty: Sorrento Therapeutics, Inc.
  - Closing: 2023-09-21
  source text: Upon the closing of the transactions contemplated by the Sorrento SPA and the Company’s purchase of, and Sorrento’s sale of, the Purchased Securities, Sorrento no longer holds a majority of the voting power of the Company’s outstanding capital stock entitled to vote.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820190/000119312523242508/0001193125-23-242508-index.htm
- Material Agreements
  Scilex Holding Co entered into Securities Purchase Agreement with Oramed Pharmaceuticals Inc. valued at Issued senior secured promissory note of $101,875,000, warrants for 13,000,000 shares of common stoc (effective 2023-09-21).
  - Action: entry
  - Agreement: equity purchase
  - Counterparty: Oramed Pharmaceuticals Inc.
  - Value: Issued senior secured promissory note of $101,875,000, warrants for 13,000,000 shares of common stoc
  - Effective: 2023-09-21
  source text: On September 21, 2023 (the “ Closing Date ”), the Company entered into, and consummated the transactions contemplated by, a Securities Purchase Agreement (the “ Scilex-Oramed SPA ”) with Oramed and the Agent (as defined below).
  evidence_url: https://www.sec.gov/Archives/edgar/data/1820190/000119312523242508/0001193125-23-242508-index.htm

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