secwatch.observer — SEC 8-K summary
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Issuer:     Scilex Holding Co (SCLX)
CIK:        0001820190
Form:       8-K
Filed at:   2023-09-26T23:59:59+00:00
Accession:  0001193125-23-242508
Event type: other_material
Sentiment:  neutral
Materiality: 0.90
Item codes: 1.01, 1.02, 2.03, 3.02, 5.01, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1820190/000119312523242508/0001193125-23-242508-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1820190/000119312523242508/d537034d8k.htm
  HTML page:      https://secwatch.observer/filing/0001193125-23-242508

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