Scilex Holding Company announced a record date of November 7, 2024, for a dividend of Scilex preferred stock to its stockholders and certain other securityholders.
The dividend consists of 5,000,000 shares of Series 1 Mandatory Exchangeable Preferred Stock. These shares will be automatically exchanged for a pro-rata portion of Scilex's ownership in Semnur Pharmaceuticals, Inc., up to 10% or $200,000,000 based on Semnur's stock price.
The payment date for this dividend will be determined by subsequent Board resolutions, occurring within 60 days following the record date. This move is intended to distribute value from the Semnur asset to Scilex shareholders.
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