10:49 AM EDT, 09/26/2024 (MT Newswires) -- Scilex ( SCLX ) said Thursday the lockup period that prevents the transfer of its common shares previously distributed as a dividend to Sorrento Therapeutics stockholders has been extended by a bankruptcy court until Jan. 31 next year.

The lockup period was supposed to expire at the end of this month. The extension of the lockup period applies only to the dividend stock, the company noted.

The US Bankruptcy Court for the Southern District of Texas approved a motion to extend the restrictions, which have been in place since 2023. Scilex ( SCLX ) said its former controlling shareholder Sorrento distributed the Scilex ( SCLX ) shares as a dividend on Jan. 29, 2023.

Shares of Scilex ( SCLX ) were up nearly 7% in recent Thursday trading.

Price: 0.86, Change: +0.06, Percent Change: +7.75