Scilex Agrees to $200M Semnur Stock-for-Bitcoin (BTC) Swap With Institutional Investor

Scilex Holding Company (Nasdaq: SCLX) announced a Securities Purchase Agreement with an institutional investor to exchange approximately $200 million of Semnur Pharmaceuticals, Inc. (OTC: SMNR, SMNRW) common stock for an equivalent value in Bitcoin (BTC), a disclosure dated September 23. The arrangement is presented as a share-for-crypto transaction and the company limited its commentary to the material terms without offering projections.

Per the SPA, the investor will purchase 12,500,000 shares at a base price of $16.00 per share, with customary adjustments for splits, dividends or reorganizations. The transaction is subject to standard closing conditions, including the accuracy of representations and warranties and satisfaction of contractual obligations, and is expected to close around September 23, 2025.