Scilex, a majority-owned subsidiary of Sorrento Therapeutics, and Vickers Vantage I closed their business combination following Vickers shareholder approval of the deal. Scilex is focused on acquiring, developing and commercializing non-opioid pain management products.
Neither the press release announcing completion of the deal nor a subsequent 8-K filing mentioned redemptions. Vickers I had traded below its trust value up through the redemption deadline.
The SPAC’s sponsors in July had agreed to cancel 40% of their private warrants if redemptions exceeded 75%.
At deal announcement in March, the transaction was expected to deliver up to $140 million to the biopharmaceutical company.
Scilex Holding shares and warrants began trading today on the Nasdaq under the ticker symbols SCLX and SCLXW.
Paul Hastings LLP served as legal counsel to Scilex. Loeb & Loeb, LLP served as legal counsel to Vickers I. Read more.
