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Posted 31 August, 2023

Scilex Holding Co appointed new CEO

CEO Change detected for ticker Nasdaq:SCLX in a 8-K filed on 31 August, 2023.


  On August 27, 2023, Dr. Ji notified the Board that he was resigning from his position as an executive officer of the Company and any position as a director or officer of any subsidiary of the Company, effective as of and contingent upon the closing of the Oramed Transaction. On August 29, 2023, Jaisim Shah notified the Board that he was retiring from the Board, all committees of the Board, his position as the Chief Executive Officer and President of the Company and any position as a director or officer of any subsidiary of the Company, effective as of and contingent upon the closing of the Oramed Transaction.  

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Overview of Scilex Holding Co
Health Care/Life Sciences • Pharmaceuticals
Scilex Holding Co. engages in the acquisition, development, and commercialization of non-opioid pain management products for the treatment of acute and chronic pain. Its products include ZTlido, a prescription lidocaine topical product approved by the FDA for the relief of neuropathic pain associated with PHN, which is a form of post-shingles nerve pain, and e GLOPERBA oral solutions, an FDA-approved prophylactic treatment for painful gout flares in adults. The company was founded on February 21, 2020 and is headquartered in Palo Alto, CA.
Market Cap
$215M
View Company Details
Relevant filing section
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers 

As previously disclosed by Scilex Holding Company (the "Company"), on February 13, 2023, Sorrento Therapeutics, Inc. ("Sorrento"), together with its wholly-owned direct subsidiary, Scintilla Pharmaceuticals, Inc., commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of Texas (the "Bankruptcy Court"). While the Company is majority-owned by Sorrento, the Company is not a debtor in Sorrento's voluntary Chapter 11 filing. In connection with such proceedings, Sorrento entered into that certain Stock Purchase Agreement, dated as of August 7, 2023, as amended pursuant to that First Amendment to Stock Purchase Agreement, dated as of August 9, 2023, and that Second Amendment to Stock Purchase Agreement, dated as of August 21, 2023 (collectively, the "Stalking Horse Stock Purchase Agreement"), with Oramed Pharmaceuticals Inc. ("Oramed") relating to, among other things, the purchase and sale (the "Oramed Transaction") of (A) 59,726,737 shares of common stock (the "Common Stock"), par value $0.0001 per share, of the Company, (B) 29,057,096 shares of Series A preferred stock, par value $0.0001 per share, of the Company, which constitutes one fewer share of Preferred Stock than all of the issued and outstanding Preferred Stock of the Company, (C) warrants exercisable for 2,245,309 shares of Common Stock and (D) an option to purchase up to 2,259,058 additional shares of Common Stock held by Sorrento in abeyance for the benefit of certain holders of warrants to purchase shares of common stock of Sorrento. 

On August 27, 2023, Tien-Li Lee, M.D. notified the Board of Directors (the "Board") of the Company that he was resigning from the Board, all committees of the Board and any director or officer position held with any subsidiary of the Company, effective as of August 27, 2023. Dr. Lee's resignation was not the result of any dispute or disagreement with the Company on any matter relating to the Company's operations, policies or practices.

On August 27, 2023, Henry Ji, Ph.D. was informed that, pursuant to Article V.E. of the Company's Restated Certificate of Incorporation, the chief restructuring officer on behalf of Sorrento in its pending bankruptcy proceedings, as the holder of a majority in voting power of the then-outstanding shares of stock of the Company entitled to vote generally in the election of directors, had taken action by written consent to remove Dr. Ji as a director of the Company, effective as of such date. On August 27, 2023, Dr. Ji notified the Board that he was resigning from his position as an executive officer of the Company and any position as a director or officer of any subsidiary of the Company, effective as of and contingent upon the closing of the Oramed Transaction. On August 29, 2023, Jaisim Shah notified the Board that he was retiring from the Board, all committees of the Board, his position as the Chief Executive Officer and President of the Company and any position as a director or officer of any subsidiary of the Company, effective as of and contingent upon the closing of the Oramed Transaction. The resignation of Dr. Ji and the retirement of Mr. Shah were not due to any disagreement with the Company on any matter relating to the Company's operations, policies or practices. 

On August 27, 2023, Laura J. Hamill notified the Board that she was resigning from the Board, all committees of the Board and any director or officer position held with any subsidiary of the Company effective as of and contingent upon the closing of the Oramed Transaction. On August 28, 2023, each of Dorman Followwill and David Lemus notified the Board that he was resigning from the Board, all committees of the Board and any director or officer position held with any subsidiary of the Company, effective as of and contingent upon the closing of the Oramed Transaction. The resignations of Ms. Hamill and Messrs. Followwill and Lemus were not the result of any dispute or disagreement with the Company on any matter relating to the Company's operations, policies or practices. 

On August 30, 2023, the Bankruptcy Court entered an order approving the Oramed Transaction. The actual closing date is not known by the Company, but the Company anticipates that the Oramed Transaction will close on or before September 30, 2023, which is the outside date for closing under the terms of the Stalking Horse Stock Purchase Agreement. The above referenced resignations and retirement (as applicable) of Dr. Ji, Mr. Shah, Ms. Hamill and Messrs. Followwill and Lemus will become effective as of and contingent upon the closing of the Oramed Transaction. 


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