07:34 AM EDT, 10/16/2024 (MT Newswires) -- Scilex Holding Company ( SCLX ) said Wednesday that its board of directors has authorized the company's management team to look for "ways to maximize the value" of its Scilex Pharma unit.

The pharmaceutical company said this could include spinning off the unit or conducting a public offering of securities of Scilex Pharma outside the US, including Hong Kong. It also said it will consider a potential strategic transaction or dividend of Scilex Pharma common stock for its shareholders.

Shares of Scilex ( SCLX ) were up more than 10% in recent premarket activity.

Price: 0.8500, Change: +0.04, Percent Change: +5.20