Loan & DebtJun 30, 2026, 04:22 PM
Oramed Extends Scilex's $36.2M Debt Payment Deadline to Sept 30
AI Summary
Oramed Pharmaceuticals Inc. and Scilex Holding Company agreed to extend the payment deadline for outstanding obligations totaling approximately $36.2 million, comprising a $29.5 million Tranche A Note and a $6.7 million Tranche B Note. Scilex will make payments of $0.5 million immediately, $5 million by July 31, 2026, and the remaining balance by September 30, 2026. If Scilex fails to meet the final deadline, a $1.5 million extension fee will be retained by Oramed, and the remaining debt may be settled with Scilex common stock. Additionally, Oramed's Board approved amendments to its bylaws, effective June 25, 2026, revising record date procedures and stockholder consent provisions.
Key Highlights
- Oramed and Scilex agreed to extend payment obligations totaling approximately $36.2 million.
- The Tranche A Note has outstanding obligations of approximately $29.5 million as of June 30, 2026.
- The Tranche B Note has outstanding obligations of approximately $6.7 million.
- Scilex paid $0.5 million to Oramed on June 25, 2026.
- Scilex is to pay $5 million on or before July 31, 2026.
- The remaining balance of obligations is due on or before September 30, 2026.
- If Scilex defaults, the first $1.5 million received will be an extension fee, and remaining obligations may be satisfied with Scilex common stock.
- Oramed's Board approved Fifth Amended and Restated Bylaws, effective June 25, 2026.
Price Impact
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