Scilex is postponing the Annual Meeting due to the previously announced substantial underreporting of more than 44 million shares of its common stock by brokers, banks and other nominees (collectively, “brokerage firms”) to Broadridge Financial Solutions, Inc., an independent third party that collects and tabulates stockholder votes for the upcoming Annual Meeting, and in response to multiple brokerage firms requesting more time to complete the reporting per court order described below.

On April 4, 2023, Sorrento announced that the U.S. Bankruptcy Court for the Southern District of Texas entered an order compelling specified brokerage firms to produce non-privileged written responses to Sorrento providing certain information related to the record and beneficial ownership of Scilex common stock received by Sorrento’s stockholders in connection with Sorrento’s previously announced dividend of 76,000,000 shares of Scilex common stock held by Sorrento. The order was executed in connection with Sorrento’s chapter 11 case, which was filed on February 13, 2023. Scilex anticipates that if the brokerage firms comply with the court’s order, a substantial number of the underreported shares will be able to participate in the Annual Meeting.