Scilex Holding Company Added to the Preliminary List of the Russell 3000 Index and the Small-Cap Russell 2000 Index as part of the 2023 Russell Indexes Annual Reconstitution in June 2023

PALO ALTO, Calif., May 22, 2023 (GLOBE NEWSWIRE) -- Scilex Holding Company (Nasdaq: SCLX, “Scilex”), a majority-owned subsidiary of Sorrento Therapeutics, Inc. (OTC: SRNEQ), an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain, announced today that it has been added to the preliminary list of the Russell 3000 Index and the Small-Cap Russell 2000 Index as part of the 35^th Russell indexes annual reconstitution. Preliminary membership lists (reflecting any updates) will be posted to the FTSE Russell website from May 26 – June 16, 2023. The annual reconstitution will be final after the close of market on Friday, June 23, 2023 and will become effective Monday, June 26^th 2023 at the open of the equity markets. This rebalancing process is designed to capture market shifts from the previous year to ensure the Russell U.S. Indexes continue to accurately reflect the US equity market.

Annual reconstitution of Russell's U.S. indexes captures the 4,000 largest U.S. stocks as of the end of May, ranking them by total market capitalization. The Russell 3000 Index serves as the U.S. component to the Russell Global Index. Membership in the Russell 3000 Index, which remains in place for one year, means automatic inclusion in the large-cap Russell 1000 Index or small-cap Russell 2000 Index as well as the appropriate growth and value style indexes.   The largest 1,000 stocks indexed in the Russell 3000 Index constitute the Russell 1000 Index, while the Russell 2000 Index is a subset of the smallest 2,000 components of the Russell 3000 Index. As of April 2023, the market capitalization of the Russell 3000 Index stock holdings was nearly $500 billion.   FTSE Russell determines membership for its equity indexes primarily by objective, market-capitalization rankings and style attributes.

“We are pleased to be included in the Russell 3000 Index. This milestone highlights our growth as a public company and the inclusion in the index signals the importance of our market position as a global leader in non-opioid pain management and we will continue to execute our strategy to deliver value for our stakeholders,” said Henry Ji, Ph.D., Executive Chairperson of Scilex Holding Company.

"We are very pleased to join the Russell 3000 Index and see this as an opportunity for Scilex to gain broader visibility among investors who use the Russell indexes to benchmark their portfolios,” said Jaisim Shah, President and Chief Executive Officer of Scilex Holding Company. “As we continue to advance commercialization of our revenue generating opioid sparing pain management assets and further clinical development of our 3 non-opioid pipeline programs, we believe our addition to the Russell indexes will broaden awareness of the innovative advantages of Scilex opioid sparing therapies. We remain committed to leading the next evolution of opioid sparing therapies for the treatment of acute and chronic pain using our proprietary and innovative technology platforms.”