Business
Scilex Holding Company sets November 7, 2024 as the Record Date for a Dividend of Preferred Stock Exchangeable for up to 10% of Scilex’s Ownership Interest in Semnur Pharmaceuticals, Inc., its Wholly Owned Subsidiary
Scilex notified NASDAQ on October 28, 2024 that it has set a record date of November 7, 2024 (the “Record Date”) for the dividend of Scilex preferred stock to
About this update from Scilex Holding Company
[{"type":"text","content":"Scilex notified NASDAQ on October 28, 2024 that it has set a record date of November 7, 2024 (the “Record Date”) for the dividend of Scilex preferred stock to Scilex’s stockholders and certain other securityholders of Scilex.Based on independent market research conducted by Syneos Health Consulting (“Syneos”), with the substantial intent in utilization for SP-102 (SEMDEXA™), the product candidate held by Semnur Pharmaceuticals, Inc. (“Semnur”) is estimated to have peak sales potential projected to be $3.6 billion annually in the 5th year post launch of SP-102.Scilex previously announced that it anticipates the filing of a Registration Statement on Form S-4 (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) by the end of October 2024 for the previously announced proposed business combination (the “Business Combination”) between Semnur and Denali Capital Acquisition Corp. (Nasdaq: DECA, the “SPAC”), which provides for a pre-transaction equity value of Semnur of $2.5 billion.The closing of the Business Combination is expected to occur by the first quarter of 2025.The Board of Directors of Scilex (the “Board”) declared a stock dividend consisting of an aggregate of 5,000,000 shares of Series 1 Mandatory Exchangeable Preferred Stock to its stockholders and certain other securityholders of Scilex as of the Record Date. Such preferred stock will be exchangeable for up to 10% of Scilex’s ownership interest in Semnur following the closing of the Business Combination. The Semnur common stock to be so exchanged is expected to be freely tradable upon such exchange. PALO ALTO, Calif., Oct. 28, 2024 (GLOBE NEWSWIRE) -- Scilex Holding Company (Nasdaq: SCLX, “Scilex” or “Company”), 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 it has set a record date of November 7, 2024 (the “Record Date”) for the dividend of Scilex preferred stock (the “Dividend”) to its stockholders and certain other securityholders of Scilex. Subject to the Board’s right to change the Record Date and conditioned upon the effectiveness of the filing of the Certificate of Designation with the Secretary of State of the State of Delaware, the payment date (the “Payment Date”) will be determined ...