Scilex Holding Company (NASDAQ: SCLX) announced that its board of directors approved a dividend of Semnur Pharmaceuticals, Inc. (OTC: SMNR) common stock to holders of Scilex common stock and other eligible equity securities, according to a company statement.

The record date for the dividend is June 1, 2026. Participating holders as of the record date will receive one share of Semnur common stock for each share of Scilex common stock held or for each share issuable upon exercise or conversion of other eligible securities.

Scilex currently holds approximately 186 million shares of Semnur common stock and plans to distribute approximately 10.7 million of such shares to participating holders based on the one-to-one ratio.

The board may change the record date at any time prior to the payment date for any reason. Payment of the dividend is subject to the board not revoking the dividend prior to the payment date, including for a material change to the solvency or surplus analysis presented to the board.

The payment date for the dividend will be determined by subsequent board resolutions and will occur within 60 days following the record date.

Scilex is a Palo Alto-based company focused on acquiring, developing and commercializing non-opioid pain management products. Semnur Pharmaceuticals is a majority-owned subsidiary of Scilex that develops non-opioid pain therapies.