Scilex Holding Company Provides Notice To All Record Holders And Beneficial Owners Of Restricted Shares Of Scilex Holding Company
Portfolio Pulse from Benzinga Newsdesk
Scilex Holding Company (NASDAQ:SCLX) has provided notice to all record holders and beneficial owners of restricted shares of Scilex common stock that were part of the previously announced dividend of Scilex common stock then-held by Sorrento Therapeutics, Inc. (OTC:SRNEQ). The notice is related to the ongoing bankruptcy proceedings of Sorrento and the illegal naked short selling of Scilex common stock. Scilex has proposed a solution for short sellers to cover their positions and avoid any continuing fees, interest, and other expenses associated with any short positions.
October 03, 2023 | 1:11 pm
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POSITIVE IMPACT
Scilex's notice and proposal to short sellers could lead to an increase in demand for its shares as short sellers cover their positions, potentially driving up the stock price in the short term.
The proposal by Scilex for short sellers to cover their positions could lead to an increase in demand for Scilex shares. This increased demand could potentially drive up the stock price in the short term.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100
NEGATIVE IMPACT
The ongoing bankruptcy proceedings of Sorrento Therapeutics and the illegal naked short selling of Scilex common stock, a company it previously held shares in, could negatively impact Sorrento's stock price.
The ongoing bankruptcy proceedings of Sorrento Therapeutics and the illegal naked short selling of Scilex common stock, a company it previously held shares in, could create uncertainty among investors and negatively impact Sorrento's stock price.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 75