Scilex Holding Co Stock Price, News & Analysis

Scilex Holding Company (Nasdaq: SCLX) has announced that its majority stockholder, Sorrento Therapeutics, Inc. (OTC: SRNEQ), received an extension from the U.S. Bankruptcy Court for the Southern District of Texas. The expiration date for the transfer restrictions on shares distributed as a dividend on January 19, 2023, has been extended from May 11, 2023, to September 1, 2023.

This extension prohibits the sale or transfer of the Distributed Stock and any encouragement for third parties to do so. Scilex focuses on non-opioid pain management solutions and has been actively commercializing its products. Its recent FDA approvals, including Elyxyb^TM, enhance its market presence.

Scilex Holding Company (Nasdaq: SCLX) announced a master distributor agreement with AD Ports Logistics to distribute ZTlido® in the Middle East and North Africa, covering the UAE, Qatar, Bahrain, Kuwait, Oman, and Egypt. This agreement expands Scilex's presence in the region, aimed at increasing the commercialization of its non-opioid pain management products. ZTlido® is a lidocaine topical system that addresses neuropathic pain associated with post-herpetic neuralgia, offering improved adhesion and extended pain relief. Scilex aims to contribute to Abu Dhabi's establishment as a global life sciences hub while enhancing healthcare quality across the region.

Scilex Holding Company (Nasdaq: SCLX) has announced a postponement of its 2023 Annual Meeting of Stockholders, originally scheduled for April 17, 2023, now moved to May 4, 2023. This decision comes in light of an underreporting issue affecting more than 44 million shares of its common stock, reported by various brokerage firms to Broadridge Financial Solutions. The postponement allows additional time for these firms to comply with U.S. Bankruptcy Court orders related to Sorrento's chapter 11 case. The court orders are aimed at verifying ownership information concerning Scilex common stock linked to a dividend distribution by Sorrento. The company anticipates that compliance will enable a substantial number of underreported shares to participate in the Annual Meeting.

Scilex Holding Company (SCLX) has postponed its 2023 Annual Meeting of Stockholders, originally scheduled for April 6, 2023, to April 17, 2023, due to significant underreporting of over 44 million shares of common stock by brokerage firms. This decision follows a court order from the U.S. Bankruptcy Court compelling these firms to provide information regarding stock ownership related to a recent dividend of 76 million shares of Scilex stock held by its parent company, Sorrento Therapeutics. Compliance with the court's order is expected to allow the underreported shares to participate in the Annual Meeting, potentially impacting shareholder votes and corporate governance.

Sorrento Therapeutics (OTC: SRNEQ) announced a court order on April 4, 2023, requiring top brokers to disclose information regarding Scilex Holding Company (NASDAQ: SCLX) shares amidst its Chapter 11 proceedings initiated on February 13, 2023. This follows Sorrento's December 30, 2022, dividend announcement of 76 million Scilex shares, which brokerages have not reported to Broadridge Financial Solutions for Scilex's upcoming shareholder meeting on April 6, 2023. Sorrento seeks to maximize stakeholder value while navigating its bankruptcy case, with Scilex not being a debtor in the proceedings.