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Scilex Holding Company Announces that the U.S. Bankruptcy Court has Extended the Lockup Period on Shares of Scilex Dividend Stock Previously Distributed by Sorrento to its Stockholders as a Dividend to January 31, 2025
US Bankruptcy Court for the Southern District of Texas issued an order to extend the lock-up period on the Scilex Dividend Stock, previously distributed by
About this update from Scilex Holding Company
[{"type":"text","content":"US Bankruptcy Court for the Southern District of Texas issued an order to extend the lock-up period on the Scilex Dividend Stock, previously distributed by Sorrento, to January 31, 2025.Accordingly, any shares of the Dividend Stock (including any such shares held by brokerage firms) may not be sold, transferred or otherwise disposed of.Scilex’s transfer agent, Continental Stock Transfer & Trust Company, has been notified of the lock-up extension to January 31, 2025. PALO ALTO, Calif., Sept. 26, 2024 (GLOBE NEWSWIRE) -- Scilex Holding Company (Nasdaq: SCLX, “Scilex”), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, today announced that the U.S. Bankruptcy Court for the Southern District of Texas (the “Court”) has extended the expiration of the restrictions on transfer of the shares of common stock of Scilex that were previously distributed by Sorrento Therapeutics, Inc. (OTC: SRNEQ, “Sorrento”), Scilex’s former controlling stockholder, to Sorrento’s stockholders as a dividend on January 19, 2023 (the “Dividend Stock”). Such lock-up period was previously set to expire on the earlier of (i) September 30, 2024 or (ii) the date on which Sorrento and its Official Committee of Unsecured Creditors agreed in writing or on the record in Sorrento’s chapter 11 cases certain claims that may be asserted in potential litigation to avoid Sorrento’s distribution of Dividend Stock and to recover such Dividend Stock, should not be pursued, or on such date that the Court deems just and proper. On September 25, 2024, the Court approved a motion to extend the lock-up period on the Dividend Stock to January 31, 2025. Accordingly, any shares of the Dividend Stock (including any such shares held by brokerage firms) may not be sold, transferred or otherwise disposed of. The foregoing extension shall apply only to the Dividend Stock and does not apply to any other outstanding securities of Scilex. To review the Court order, please click the link here. For more information on Scilex Holding Company, refer to www.scilexholding.com For more information on Semnur Pharmaceuticals, refer to www.semnurpharma.com For more information on Scilex Holding Company Sustainability Report, refer to www.scilexholding.com/investors/sustainability F...