Scilex Holding Company Announces Signing of a Securities Purchase Agreement with an Institutional Investor to Exchange $200 Million of Common Stock of Semnur Pharmaceuticals, Inc. Held By Scilex Holding Company for $200 Million in Bitcoin

Core Insights - Scilex Holding Company has entered into a Securities Purchase Agreement to exchange $200 million of common stock of its subsidiary Semnur Pharmaceuticals for $200 million in Bitcoin [1][2] Company Overview - Scilex is focused on acquiring, developing, and commercializing non-opioid pain management products for acute and chronic pain, as well as neurodegenerative and cardiometabolic diseases [1][7] - The company aims to address high unmet needs in the market with non-opioid therapies [7] Transaction Details - The institutional investor will purchase 12,500,000 shares of Semnur common stock at $16.00 per share, subject to adjustments for various corporate actions [2] - The transaction is expected to close around September 23, 2025, pending customary closing conditions [2] Regulatory Information - The shares sold under the SPA are not registered under the Securities Act and cannot be resold in the U.S. without proper registration or exemption [3] Strategic Partnerships - Scilex has engaged Biconomy.com to assist in developing cryptocurrency strategies, including reserve buildup and treasury management [5] Product Portfolio - Scilex's commercial products include ZTlido, ELYXYB, and Gloperba, targeting various pain management needs [7][8] - The company has three product candidates in development: SP-102, SP-103, and SP-104, focusing on non-opioid pain therapies [9][11]