secwatch.observer — SEC 8-K summary
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Issuer:     ORAMED PHARMACEUTICALS INC. (ORMP)
CIK:        0001176309
Form:       8-K
Filed at:   2023-09-26T23:59:59+00:00
Accession:  0001213900-23-079586
Event type: debt
Sentiment:  positive
Materiality: 0.80
Item codes: 1.01, 1.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Oramed receives $101.875M senior secured note from Scilex with warrants for 17M shares
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1176309/000121390023079586/0001213900-23-079586-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1176309/000121390023079586/ea185680-8k_oramedpharma.htm
  HTML page:      https://secwatch.observer/filing/0001213900-23-079586

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