Scilex agrees to exchange $200 million Semnur stock for bitcoin

Scilex Holding Company (NASDAQ: SCLX) signed a securities purchase agreement with an institutional investor to exchange $200 million of common stock in its majority-owned subsidiary Semnur Pharmaceuticals (OTC: SMNR, SMNRW) for $200 million in bitcoin.

The institutional investor will purchase 12.5 million shares of Semnur common stock held by Scilex for $16.00 per share. The transaction is subject to customary closing conditions and is expected to close on or about September 23, 2025.

Scilex has engaged Biconomy.com to collaborate on cryptocurrency strategies including reserve build up, treasury management, and strategy implementation. "I am very excited to work with Scilex on their next endeavor in the crypto space," said Dmitry Sheludko, CEO of Biconomy.com.

The share sale is being conducted through a private transaction that has not been registered under the Securities Act of 1933. JW Capital Securities Limited served as the financial advisor for this transaction.

Scilex is a revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products. The company's commercial products include ZTlido, ELYXYB, and Gloperba.

Semnur is a clinical-stage specialty pharmaceutical company focused on developing non-opioid pain therapies. Its lead product candidate SP-102 is in development for patients with chronic radicular pain.

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