Scilex dismisses EY as auditor amid investigation into contracts; Nasdaq non-compliance, note defaults expected

Scilex Holding Co

EY requested investigation into June and Sept 2024 contracts (Commitment Side Letter, distribution agreement, Satisfaction Agreement) that may impact Q2 and Q3 financials.
Audit committee commenced investigation with independent counsel; no conclusive findings yet; investigation may take weeks.
On Nov 19, 2024, Audit Committee dismissed EY effective immediately due to inability to assure timely completion of Q3 review.
Company expects Nasdaq non-compliance notice for failure to file Q3 10-Q, and defaults under Oramed Note and Tranche B Notes.
EY provided letter disagreeing with certain company statements; company disputes EY's characterization of Audit Committee composition.

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