Vickers Venture SPAC To Merge With Sorrento Therapeutics' Pain-Focused Subsidiary

Vickers Venture Partners' special purpose acquisition company Vickers Vantage Corp I VCKA will merge with Scilex Holding Company, focused on developing and commercializing non-opioid therapies for acute and chronic pain.
Scilex Holding is a subsidiary of US-based Sorrento Therapeutics Inc SRNE.
Vickers Venture Partners said the merged entity is expected to have funds of up to $140 million held in the SPAC's trust account at closing before expenses.
The Singapore-based venture capital firm expects the transaction to complete by Q3 of 2022.
The combined entity is expected to have a pro forma equity value of approximately $1.64 billion post-money.
The combined entity will be renamed Scilex and will be led by the existing management team of Scilex.
Its common stock and warrants are expected to be listed on Nasdaq under SCLX and SCLXW symbols.
As part of the transaction, Scilex's existing equity holders will roll 100% of their equity into the enlarged entity, of which they will own about 88%.
Vickers Vantage Corp I's sponsors have also agreed to cancel 40% of their private warrants if redemptions exceed 75%.
Price Action: SRNE shares are up 3.47% at $2.68, VCKA shares are down 0.39% at $10.15 on the last check Friday.