Vickers Vantage I in a regulatory filing said shreholders overwhelmingly approved a deadline extension from July 11 until Aug. 11, giving the SPAC more time to finanlize its proposed merger with Scilex, a majority-owned subsidiary of Sorrento August without further shareholder approval.
The SPAC also disclosed that 4,073,605 shares were redeemed in connection with the extension, or slightly less than 30% of the 13,800,000 shares outstanding.
The SPAC’s sponsors have agreed to cancel 40% of their private warrants if redemptions exceed 75%.
As announced in March, Scilex would have a pro forma equity value post-money of $1.64 billion. Read more.
