Scilex (NASDAQ:SCLX) shares are moving on profit-taking after the stock rallied yesterday.
What to Know: On April 5, 2023, Scilex announced the postponement of its Annual Meeting of Stockholders. The company postponed the meeting due to previously announced “substantial underreporting” of more than 44 million shares of its common stock by various financial institutions. Many of the brokerage firms involved requested more time to complete the court-ordered reporting. Scilex anticipates that if the institutions comply with the court’s order, many of the underreported shares will be able to participate in the annual meeting.
Scilex Holding Company is an innovative revenue-generating company focused on acquiring, developing and commercializing non-opioid pain management products for the treatment of acute and chronic pain.
Price Action: Scilex stock price on April 5th moved from $7.98 at open, reached a day high of $16.60, and closed at $12.40. The stock has a 50-day moving average of $8.18, and many traders viewed the event as a take-profit opportunity.
According to data from Benzinga Pro, Scilex Holding Company shares were up 1.41%, trading at $12.56 at the time of publication. The stock has a 52-week high of $16.90 and a 52-week low of $2.87.
Image courtesy of Scilex Holding Co.
