- Scilex Holding Company announced a **$150 million strategic Bitcoin investment** in Datavault AI Inc..  **[1820190_0001193125-25-220481_sclx-ex99_1.htm:0]** 
- This investment aims to provide growth capital to Datavault AI to accelerate its supercomputing infrastructure, expand independent data exchanges, and unlock new revenue streams, particularly in the biotech data monetization market.  **[1820190_0001193125-25-220481_sclx-ex99_1.htm:0]** 
- Scilex is expected to receive up to an aggregate of **278,914,094 shares of Datavault common stock** at an effective purchase price of **$0.5378 per share**.  **[1820190_0001193125-25-220481_sclx-ex99_1.htm:0]** **[1820190_0001193125-25-220481_sclx-ex99_2.htm:0]** 
- The initial tranche of the investment, involving **15,000,000 shares of Datavault common stock**, closed on **September 26, 2025**.  **[1820190_0001193125-25-220481_sclx-ex99_2.htm:0]** **[1820190_0001193125-25-220481_sclx-20250925.htm:2]** 
- Scilex will also have the right to nominate two directors to Datavault's board for as long as it maintains beneficial ownership of at least 10% of the company's common stock, and one director if ownership is between 5% and 10%.  **[1820190_0001193125-25-220481_sclx-ex99_1.htm:0]**

Scilex Announces $150 Million Strategic Bitcoin Investment in Datavault AI

- Scilex Holding Company (SCLX) signed a Securities Purchase Agreement on **September 23, 2025**, to exchange **$200 million** of its common stock in its majority-owned subsidiary, Semnur Pharmaceuticals, Inc., for **$200 million in Bitcoin (BTC)**.  **[1820190_0001193125-25-220446_sclx-ex99_1.htm:0]** 
- The agreement, which closed on **September 25, 2025**, involves the sale of **12,500,000 shares** of Semnur common stock at **$16.00 per share** to an institutional investor, Biconomy PTE.LTD.  **[1820190_0001193125-25-220446_sclx-ex99_1.htm:0]** **[1820190_0001193125-25-220446_sclx-20250923.htm:1]** 
- Scilex intends to use the proceeds to acquire Bitcoin, establish cryptocurrency treasury operations, and fund investments in other companies, with Biconomy.com providing strategic collaboration.  **[1820190_0001193125-25-220446_sclx-ex99_1.htm:0]** **[1820190_0001193125-25-220446_sclx-ex99_2.htm:0]** 
- The company notes that its cryptocurrency treasury strategy is untested and that the highly volatile nature of digital assets could materially impact its financial condition and share price.  **[1820190_0001193125-25-220446_sclx-ex99_2.htm:0]** **[1820190_0001193125-25-220446_sclx-ex99_2.htm:1]**

Scilex Holding (SCLX)