Publicly traded company Scilex Holding will convert $200 million worth of Bitcoin through a stock swap.

BlockBeats News, September 23rd, medical company Scilex Holding Company (Nasdaq: SCLX) announced today that it has entered into a Securities Purchase Agreement ("SPA") with an institutional investor to exchange $200 million worth of Semnur Pharmaceuticals, Inc. (OTC: SMNR, SMNRW) common stock for $200 million worth of Bitcoin (BTC).

Under the agreement, the institutional investor will purchase a total of 12,500,000 shares of Semnur common stock from Scilex at a price of $16.00 per share (this price may be adjusted for stock splits, dividends, capital reorganizations, restructurings, stock reclassifications, mergers, reverse stock splits, or similar events). Per the terms of the agreement, the transaction is subject to customary closing conditions, including the accuracy of representations and warranties by both parties and the fulfillment of their respective obligations, and is expected to be completed around September 23, 2025.