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Scilex Holding Company Announces Final Postponement of Annual Meeting of Stockholders
PALO ALTO, Calif., April 14, 2023 (GLOBE NEWSWIRE) -- Scilex Holding Company (Nasdaq: SCLX, “Scilex”), a subsidiary of Sorrento Therapeutics, Inc. (OTC
About this update from Scilex Holding Company
[{"type":"text","content":"PALO ALTO, Calif., April 14, 2023 (GLOBE NEWSWIRE) -- Scilex Holding Company (Nasdaq: SCLX, “Scilex”), a subsidiary of Sorrento Therapeutics, Inc. (OTC Market: SRNEQ) (“Sorrento”), announced today that the Company’s 2023 Annual Meeting of Stockholders (the “Annual Meeting”) that was scheduled to be held at 9:00 a.m. (Pacific Time) on Monday, April 17, 2023, has been postponed to Thursday, May 4, 2023 at 9:00 a.m. (Pacific Time). Scilex is postponing the Annual Meeting due to the previously announced substantial underreporting of more than 44 million shares of its common stock by brokers, banks and other nominees (collectively, “brokerage firms”) to Broadridge Financial Solutions, Inc., an independent third party that collects and tabulates stockholder votes for the upcoming Annual Meeting, and to allow multiple brokerage firms additional time to complete the reporting per the previously announced orders of the U.S. Bankruptcy Court for the Southern District of Texas in connection with Sorrento’s chapter 11 case compelling specified brokerage firms to produce non-privileged written responses to Sorrento. The information compelled by the court orders relates to the record and beneficial ownership of Scilex common stock received by Sorrento’s stockholders in connection with Sorrento’s previously announced dividend of 76,000,000 shares of Scilex common stock held by Sorrento. The orders were executed in connection with Sorrento’s chapter 11 case, which was filed on February 13, 2023. Scilex anticipates that if the brokerage firms comply with the court’s orders, a substantial number of the underreported shares will be able to participate in the Annual Meeting. About Scilex Holding Company Scilex Holding Company is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Scilex is uncompromising in its focus to become the global pain management leader committed to social, environmental, economic, and ethical principles to responsibly develop pharmaceutical products to maximize quality of life. Results from the Phase III Pivotal Trial C.L.E.A.R. Program for SEMDEXA™, its novel, non-opioid product for the treatment of lumbosacral radicular pain (sciatica), were announced in March 2022. Scilex intends to submit a request ...