Scilex Holding Secures Up to $50 Million Loan from St. James Bank & Trust
Reuters
Yesterday
Scilex Holding Secures Up to $50 Million Loan from St. James Bank & Trust
Scilex Holding Company has entered into a Non-Recourse Loan and Securities Pledge Agreement with The St. James Bank & Trust Company Ltd., under which Scilex can borrow up to $50 million in one or more tranches. The loan will accrue interest at the 12-month Secured Overnight Financing Rate plus 2.0% per annum, with a maturity date set four years from the first tranche, extendable by up to 12 months at Scilex's request. As part of the agreement, Scilex will pledge approximately 39.2 million shares of Datavault AI Inc. as collateral. The agreement includes standard covenants and events of default, such as significant declines in the value or trading volume of the pledged shares, which could trigger increased interest rates and allow the lender to foreclose on the pledged securities.
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