Scilex announces U.S. Bankruptcy Court extended lockup period

Scilex Holding announced that the U.S. Bankruptcy Court for the Southern District of Texas has extended the expiration of the restrictions on transfer of the shares of common stock of Scilex that were previously distributed by Sorrento Therapeutics, Scilex’s former controlling stockholder, to Sorrento’s stockholders as a dividend on January 19, 2023. Such lock-up period was previously set to expire on the earlier of September 30, 2024 or the date on which Sorrento and its Official Committee of Unsecured Creditors agreed in writing or on the record in Sorrento’s chapter 11 cases certain claims that may be asserted in potential litigation to avoid Sorrento’s distribution of Dividend Stock and to recover such Dividend Stock, should not be pursued, or on such date that the Court deems just and proper. On September 25, 2024, the Court approved a motion to extend the lock-up period on the Dividend Stock to January 31, 2025.