Exhibit 99.1
Scilex Holding Company Announces $10 Million Bought Deal Offering
PALO ALTO, Calif., Feb. 29, 2024 (GLOBE NEWSWIRE) Scilex Holding Company (Nasdaq: SCLX, Scilex or the
Company), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, today
announced that it has entered into an underwriting agreement with Rodman & Renshaw LLC and StockBlock Securities LLC, as underwriters, pursuant to which the underwriters have agreed to purchase on a firm commitment basis 5,882,353 shares of
common stock of the Company and accompanying common warrants (the Common Warrants) to purchase up to 5,882,353 shares of common stock, at a price to the public of $1.70 per share and accompanying Common Warrant, less underwriting
discounts and commissions. The closing of the offering is expected to occur on or about March 5, 2024, subject to the satisfaction of customary closing conditions.
Rodman & Renshaw LLC and StockBlock Securities LLC are acting as the joint book-running managers for the offering.
The Company also has granted to the underwriters a 30-day option to purchase up to an additional
882,352 shares of common stock and/or Common Warrants at the public offering price, less underwriting discounts and commissions. The gross proceeds to the Company, before deducting underwriting discounts and commissions and offering expenses and
assuming no exercise of the underwriters option to purchase additional shares of common stock and/or Common Warrants, are expected to be approximately $10 million. The Company intends to use the net proceeds from the offering, together
with its existing cash and cash equivalents and short-term investments, for working capital and general corporate purposes, which may include capital expenditures, commercialization expenditures, research and development expenditures, regulatory
affairs expenditures, clinical trial expenditures, acquisitions of new technologies and investments, business combinations and the repayment, refinancing, redemption or repurchase of indebtedness or capital stock.
The securities described above are being offered by the Company pursuant to a shelf registration statement on Form S-3 (File No. 333-276245), as amended, which was originally filed with the Securities and Exchange Commission (the SEC) on December 22, 2023, and
declared effective by the SEC on January 11, 2024. The securities are being offered only by means of a prospectus, including a prospectus supplement, forming a part of the effective registration statement. A preliminary prospectus supplement
and accompanying prospectus relating to, and describing the terms of, the offering will be filed with the SEC and will be available on the SECs website at http://www.sec.gov. Electronic copies of the preliminary prospectus supplement and
accompanying prospectus may also be obtained, when available, by contacting Rodman & Renshaw LLC, at 600 Lexington Avenue, 32nd Floor, New York, NY 10022, by telephone at (212) 540-4440, or
by email at info@rodm.com; and StockBlock Securities LLC at 600 Lexington Avenue, 32nd Floor, New York, NY 10022, by telephone at (212) 540-4440, or by email at info@stockblock.com.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of
these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state or other jurisdiction.
About Scilex Holding Company
Scilex
Holding Company is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain. Scilex targets
indications with high unmet needs and large market opportunities with non-opioid therapies for the treatment of patients with acute and chronic pain and are dedicated to advancing and improving patient
outcomes. Scilexs commercial products include: (i) ZTlido® (lidocaine topical system) 1.8%, a prescription lidocaine topical product approved by the U.S. Food and Drug
Administration (the FDA) for the relief of neuropathic pain associated with postherpetic neuralgia, which is a form of post-shingles nerve