Vickers Vantage I in a regulatory filing said its propose merger with Scilex, a majority-owned subsidiary of Sorrento Therapeutics, will be subject to a waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. For most transactions that fall under the Act, the waiting period is 30 days.
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.
Vickers Vantage I in April secured a deadline extension until July 11 on the deal, which is expected to close in the third quarter if the SPAC’s shareholders approve. The SPAC has said if it cannot close the merger by then or secure another extension it will liquidate.
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, assuming no redemptions. Read more.
