Scilex Holding Company announced that its wholly-owned subsidiary, SCLX Stock Acquisition JV LLC, has entered into a Non-Recourse Loan and Securities Pledge Agreement with The St. James Bank & Trust Company Ltd. Under the agreement, SCLX JV can borrow up to $100 million in one or more tranches, with the lender determining the timing and amount of each tranche. The loan accrues interest at the 12-month Secured Overnight Financing Rate, with interest due upon maturity or in the event of a default. The maturity date is set for eight years from the first tranche closing, with a possible 12-month extension. SCLX JV will pledge shares of Scilex common stock equal to 70% of the aggregate principal amount as collateral. The agreement includes customary covenants, representations, and events of default, including triggers related to the value and trading volume of the pledged shares. If an event of default occurs and is not cured, the lender may increase the interest rate and foreclose on the pledged securities.