PALO ALTO, Calif., April 25, 2023 (GLOBE NEWSWIRE) — Scilex Holding Company SCLX “Scilex”))) announced that its controlling shareholder, Sorrento Therapeutics, Inc. SRNEQ “Sorrento”))) has issued a notice that the Sorrento Bankruptcy Court has extended the expiration of transfer restrictions on Scilex common stock distributed by Sorrento as a dividend to its shareholders on January 19, 2023 (the “Shares Distributed”).

Sorrento Therapeutics, Inc. SRNEQ “, Sorrento”, ))), a biopharmaceutical company focused on the development of life-saving therapeutics to treat cancer, intractable pain and infectious diseases, announced today that in connection with its ongoing Chapter 11 case, the U.S. Bankruptcy Court for the Southern District of Texas entered command Extension of the expiration of the transfer restrictions for the Distributed Shares from May 11, 2023 to September 1, 2023 (or such other date to be determined earlier as specified in the Order).

Accordingly, as described in the bankruptcy court’s order, interests in the Distribution Shares (including such interests held by brokerage firms) may not be sold, transferred or otherwise disposed of, and holders of the Distribution Shares are prohibited from causing or encouraging any third party to do the same. This extension applies only to the distributed shares and does not apply to Scilex securities held by Sorrento or any other Scilex securities.

About Scilex Holding Company

Scilex Holding Company is an innovative, revenue-generating company focused on the acquisition, development and commercialization of non-opioid pain management products for the management of acute and chronic pain. Scilex is uncompromisingly striving to become the world leader in pain management, committed to social, environmental, economic and ethical principles to responsibly develop pharmaceutical products to maximize the quality of life. Results of the pivotal Phase III study CLEAR program for SEMDEXA^TMIt is…