Scilex Holding Company received a notice on November 21, 2024, from Nasdaq's Listing Qualifications Department, indicating non-compliance with Listing Rule 5250(c)(1). This non-compliance stems from the company's failure to timely file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2024.
Under Nasdaq rules, Scilex has 60 calendar days, until January 20, 2025, to submit a plan to regain compliance. If accepted, Nasdaq may grant an exception of up to 180 calendar days, or until May 19, 2025, to achieve compliance.
The company also anticipates that the delayed filing will result in a default under its Senior Secured Promissory Note with Oramed Pharmaceuticals Inc. and the Tranche B senior secured convertible notes. Such a default could lead to accelerated payment obligations and other remedies for the lenders.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.