Scilex Holding Sets Dividend for Preferred Stock Exchange

Scilex Holding Company ( (SCLX) ) has issued an update.

Scilex Holding Company has set November 7, 2024, as the record date for a dividend of 5,000,000 shares of Series 1 Mandatory Exchangeable Preferred Stock to its stockholders. This preferred stock can be exchanged for up to 10% of Scilex’s ownership in Semnur Pharmaceuticals following a business combination with Denali Capital Acquisition Corp. The dividend aims to maximize the value of Semnur and its product candidate SP-102, which has a projected peak sales potential of $3.6 billion annually.

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