Vickers Vantage Corp. I (NASDAQ: VCKA) announced this afternoon that its shareholders have approved its combination with commercial biopharmaceutical company Scilex, a majority-owned subsidiary of Sorrento Therapeutics, Inc. (Nasdaq: SRNE), at a special meeting held yesterday, November 9.
At the meeting, holders of 10,198,275 shares were present by proxy or in person, representing 77.398% of the total Vickers ordinary shares outstanding. The business combination was approved with 8,202,588 votes in favor of it, and 1,781,233 votes against the proposal.
The press release did not divulge redemption figures, but VCKA traded below its trust value of $10.10 throughout its redemption deadline on November 7. VCKA opened today at $9.03, but has dropped 15% to $8.50, while SRNE has climbed approximately 15% on the announcement to $1.62.
Nonetheless, shares of the common stock will trade on the Nasdaq Capital Market on Friday, November 11, under the ticker symbol “SCLX”.
Vickers Vantage I originally announced its $1.64 billion combination with Scilex on March 18, 2022. The Palo Alto-based company focuses on the development and commercialization of non-opioid pain management products for treatment of acute and chronic pain.
ADVISORS
- Loeb & Loeb, LLP is serving as legal counsel to VCKA.
- Paul Hastings LLP is serving as legal counsel to Scilex.
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