8-K
filed September 26, 2023, 7:59 PM ET
ticker ORMP
CIK 0001176309
debt
confidence high
sentiment positive
materiality 0.80
Oramed receives $101.875M senior secured note from Scilex with warrants for 17M shares
ORAMED PHARMACEUTICALS INC.
- Principal $101,875,000, 18-month maturity, interest SOFR+8.5% (4% floor), paid in kind.
- Oramed gets penny warrants for 13M shares at $0.01 (vesting conditions) and 4M transferred warrants at $11.50.
- Note is senior secured on substantially all assets of Scilex and subsidiaries with first-priority lien.
- Prior Sorrento SPA and DIP loan terminated; Scilex assumes DIP, buys Sorrento's Scilex equity for $110M.
- Oramed receives $2.91M expense reimbursement and right to designate a board observer.
Key facts
Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ORAMED PHARMACEUTICALS INC. entered into Securities Purchase Agreement with Scilex Holding Company (effective 2023-09-21).
- Action
- entry
- Agreement
- equity purchase
- Counterparty
- Scilex Holding Company
- Effective
- 2023-09-21
Exact text from the filing
On September 21, 2023 (the “Closing Date”), the Company entered into, and consummated the transactions contemplated by, a Securities Purchase Agreement (the “Scilex SPA”) with Scilex and the Agent (as defined below).
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ORAMED PHARMACEUTICALS INC. entered into Senior Secured Promissory Note with Scilex Holding Company valued at $101,875,000 (effective 2023-09-21).
- Action
- entry
- Agreement
- notes offering
- Counterparty
- Scilex Holding Company
- Value
- $101,875,000
- Effective
- 2023-09-21
Exact text from the filing
a Senior Secured Promissory Note due 18 months from the date of issuance in the principal amount of $101,875,000 (the “Note”)
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
ORAMED PHARMACEUTICALS INC. terminated Stock Purchase Agreement with Sorrento Therapeutics, Inc. (effective 2023-09-21).
- Action
- termination
- Agreement
- asset purchase
- Counterparty
- Sorrento Therapeutics, Inc.
- Effective
- 2023-09-21
Exact text from the filing
ugust 7, 2023, Oramed Pharmaceuticals Inc., a Delaware corporation (the “Company”), entered into a Stock Purchase Agreement (as subsequently amended on August 9, 2023 and August 21, 2023, the “Sorrento SPA”) with Sorrento Therapeutics, Inc.
View on SEC.gov
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