Scilex secures up to $50M non-recourse loan secured by 39.2M shares of Datavault AI (DVLT)

Scilex Holding Co

Loan of up to $50M in tranches at 12-month SOFR + 2.0% interest, maturity 4 years from first tranche.
Collateral: approx. 39.2M shares of Datavault AI (DVLT) common stock, held in securities account with lender.
Events of default include 20% decline in DVLT closing price not cured in 3 days by additional collateral, or 20% volume drop over 3 days.
Upon default, interest rate increases by 5% and lender can foreclose on pledged shares; prepayment blocked for first 20 months.
Loan is non-recourse (limited to pledged assets); upfront fee of 0.25% per tranche.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 1.0

Scilex Holding Co incurred loan of up to $50 million with The St. James Bank & Trust Company Ltd. at 12-month Secured Overnight Financing Rate plus 2.0% per annum maturing fourth anniversary of the closing date of the first tranche of the Loan.

Instrument: loan
Principal: up to $50 million
Counterparty: The St. James Bank & Trust Company Ltd.
Rate: 12-month Secured Overnight Financing Rate plus 2.0% per annum
Maturity: fourth anniversary of the closing date of the first tranche of the Loan
Event: incurrence

Exact text from the filing

pursuant to which the Lender agreed to loan the Company an aggregate principal amount of up to $50 million in one or more tranches

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Source: SEC EDGAR

accession 0001193125-25-309695

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