- On **September 30, 2025**, Scilex Holding Company entered into a Warrant Exercise Agreement with holders of existing warrants, originally issued on **December 11, 2024**, to purchase **179,236 shares** of common stock at an exercise price of **$22.72 per share**.  **[1820190_0001193125-25-226992_sclx-20250930.htm:2]** 
- In exchange for exercising these existing warrants and deferring an amortization payment on Tranche B Notes scheduled for **October 1, 2025**, the company will issue new warrants (September 2025 Warrants) to purchase an aggregate of **275,000 shares** of common stock at an exercise price of **$20.00 per share**, with an expiration date of **December 13, 2029**.  **[1820190_0001193125-25-226992_sclx-20250930.htm:2]** 
- The aggregate gross proceeds from the exercise of the existing warrants, after accounting for a **$7.72 per share** deferral fee, are approximately **$2.7 million**.  **[1820190_0001193125-25-226992_sclx-20250930.htm:2]** 
- Of these proceeds, **$2.5 million** will be used for the repayment of outstanding amounts under the Tranche B Notes, and the remaining proceeds will be allocated for general corporate purposes.  **[1820190_0001193125-25-226992_sclx-20250930.htm:2]**

Scilex Holding Company Enters into Warrant Exercise Agreement and Debt Deferral

- 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)