Vickers Vantage I filed a registration statement and preliminary proxy outling its proposed acquisition of Scilex Holding Company, a majority-owned subsidiary of Sorrento Therapeutics.
The SPAC in March signed a merger agreement with Scilex at a pro forma equity value post-money of $1.64 billion.
Sorrento is a biopharmaceutical company focused on developing and commercializing non-opioid therapies for patients with acute and chronic pain.
The deal is expected to close in the third quarter if the SPAC’s shareholders approve.
The SPAC’s sponsors have agreed to cancel 40% of their private warrants if redemptions exceed 75%.
The deal is expected to deliver up to $140 million held in the Vickers Vantage I trust account at closing before expenses, and again, assuming no redemptions.
Vickers Vantage I last month secured a deadline extension until July 11 on the deal. If Vickers I is unable to complete a business combination by the new deadline or extend it by another three months, the SPAC has said it will liquidate. Read more.
