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Why is Scilex Holding Company (SCLX) Stock down?
Scilex Holding Company (SCLX) shares dipped 12.00% to $1.98. Scilex recently announced the completion of its SP-103 Phase 2 study to evaluate the safety and efficacy in subjects with acute LBP.
Scilex Holding Company Stock (SCLX) dropped by 29.3% from $10.27 to $7.26 in the trading on Monday April 28, 2023. The reason why SCLX stock down today is due to stock sale plan and Sorrento bankruptcy update. The company, which is majority owned by Sorrento Therapeutics, said late last week that it planned to sell $300 million worth of stock. On top of that, Sorrento was told by a bankruptcy court in Texas that it had extended the expiration of the restrictions on transfer on the shares of common stock of Scilex that were distributed by Sorrento to its stockholders as a dividend on Jan. 19. The continued uncertainty regarding its parent company and likely dilution of Scilex stock will continue to weigh on the stock.
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