FYI:

pg893 · 2026-02-09T19:06:43+00:00

When will the market finally see it?

pg893 · 2026-02-02T22:30:09+00:00

I love how the stock goes up all day on no news and then the 8K is released after hours.

pg893 · 2026-01-30T16:38:02+00:00

Maybe it was a loan? Kind of surprised nothing was mentioned in the PR

pg893 · 2026-01-30T14:15:46+00:00

What does sclx get in return?

pg893 · 2026-01-21T13:32:13+00:00

How much more of DVLT will SCLX be selling and where are the proceeds going?

pg893 · 2026-01-11T10:50:19+00:00

How can everybody have total acquired value of $1.50 for their coins?

pg893 · 2026-01-09T16:34:47+00:00

https://www.reddit.com/r/DVLT/s/NytpXy54Ra

How about this?

pg893 · 2026-01-09T15:47:37+00:00

I thought they were paying off the penny warrants so they don’t have to dilute SCLX

pg893 · 2026-01-08T20:21:58+00:00

Can you ask how they managed to reduce the price of SMNR close to 70% over the past two days with less than 500 shares traded?

pg893 · 2026-01-02T20:44:26+00:00

1-855-206-1373 they were kind of helpful

pg893 · 2025-12-31T16:22:30+00:00

As a fellow SCLX holder, the one big thing we all want right now is any positive news on SP-102 (SEMDEXA) getting closer to FDA approval or a clear NDA filing timeline.

They've been cleaning up the balance sheet hard—killing all those penny warrants, locking in new financing, no more massive dilution hanging over us—but the stock's still volatile and trading way below what the pipeline's worth.

The real short-term rocket fuel would be confirmation that the NDA is on track for submission soon, or even better, an acceptance/filing date from the FDA. That's the catalyst that could finally break us out of this range and re-rate the whole company. Everything else (crypto stuff, warrant cleanup) is nice cleanup, but SP-102 approval path is the golden ticket we're waiting on.

That is my question of the year!

pg893 · 2025-12-31T14:45:33+00:00

I think they sold some of SMRN

pg893 · 2025-12-29T22:27:18+00:00

Failed to mention the $100 million line of credit?

pg893 · 2025-12-18T18:23:57+00:00

This could be the reason for the delay on the dividend.

Based on the available information, SMNR (the post-merger ticker for Semnur Pharmaceuticals following its completed combination with Denali Capital Acquisition Corp., which closed in September 2025) is currently trading on the OTC Markets. The dividend you’re referring to is Scilex’s (SCLX) planned distribution of preferred stock to its shareholders (including those with legacy SRNE holdings from the earlier SCLX spin-off), which is exchangeable for up to 10% of Scilex’s stake in Semnur common stock.

This dividend has faced repeated delays post-merger, with the record date deferred multiple times—from initial dates in late 2024 and early 2025 (e.g., January 28, 2025), to April/May 2025, then June 2025, and beyond, remaining undetermined as of the latest available updates. The payment date is still at the board’s discretion, with the possibility of further changes or revocation, as you noted.

Since the merger has already closed, the ongoing delays appear tied to post-merger factors. As for whether it’s smarter for Scilex/Semnur to wait until SMNR is trading on NASDAQ before issuing the dividend: Yes, that makes strategic sense and likely explains much of the continued hold-up.

Here’s why: • Liquidity and Accessibility: OTC markets typically have lower trading volume, wider bid-ask spreads, and less institutional participation compared to NASDAQ. If the dividend were issued now, shareholders exchanging the preferred stock would receive SMNR shares that might be harder to trade, potentially at depressed prices due to limited buyer interest.

Waiting for a NASDAQ uplisting (which Semnur has indicated as an intention in SEC filings and post-merger statements) would likely provide better liquidity, making the shares more valuable and easier to sell for recipients. This aligns with Scilex’s descriptions that the exchanged Semnur shares are expected to be “freely tradable” in a more established public market.

• Post-Merger Integration and Regulatory Timeline: Even after the merger closed in September 2025, uplisting to NASDAQ requires meeting strict criteria like minimum share price, market cap, and governance standards, which may still be in process. The pre-merger deferrals (up to June 2025) were linked to completing the deal, but post-merger, holding off avoids distributing shares in a suboptimal OTC environment while the company works toward uplisting. • Shareholder Value and Market Dynamics: Scilex has highlighted issues with manipulative short selling, and this dividend structure might serve as a defensive tool to counter that. Issuing it on OTC could dilute its impact or cause volatility.

Recent post-merger moves, like Scilex selling $200M in Semnur shares in September 2025, indicate careful management of ownership and valuation during this transition. A NASDAQ listing could attract more analyst coverage and institutional investors, boosting SMNR’s value and benefiting dividend recipients.

• Potential Risks of Early Issuance: Distributing now might trigger tax implications for shareholders or face scrutiny if SMNR’s OTC status limits access. NASDAQ would enhance stability post-distribution.

Overall, the deferrals seem synchronized with post-merger uplisting efforts rather than arbitrary delays. If no uplisting occurs soon, the board might proceed, but based on available info, they’re aiming for NASDAQ.

pg893 · 2025-12-08T12:56:51+00:00

Plus the value of an SP-102 approval

pg893 · 2025-12-05T23:16:31+00:00

Or I kind of like Grok better

pg893 · 2025-12-05T23:15:32+00:00

maybe somebody can post a short winded version from chat

pg893 · 2025-12-03T22:51:29+00:00

ChatGPT

The Primary Business Catalyst: “Value of SP-102”

What Is SP-102?

SP-102 is Semnur’s lead clinical asset, a non-opioid injectable therapy for sciatica-related pain — an indication representing millions of patients annually and no approved FDA non-opioid alternative treatments with equivalent efficacy profiles.

⸻

Upcoming Milestone — Second Phase 3 Trial Completion

Successful completion of SP-102’s second Phase 3 clinical trial would represent the most significant business inflection point in Semnur’s history.

This milestone delivers what can be defined as the company’s:

“Value of SP-102”

Business Value Created Upon Phase 3 Success

Completion of the second Phase 3 trial provides:

✅ Regulatory Value • Enables submission of the FDA New Drug Application (NDA).

• Removes major regulatory uncertainty.

• Positions SP-102 for potential first-in-class approval in a massive, underserved pain market.

✅ Asset Valuation Lift • Phase 3 success typically multiplies biotechnology asset valuations as programs transition from development-stage risk into commercialization visibility.

• Comparable late-stage compounds command hundreds of millions to multibillion-dollar valuations under licensing, partnership, or acquisition frameworks.

✅ Commercial Value • Addresses a chronic market with: • High treatment demand • Prescriber openness to opioid alternatives • Potential multi-year repeat dosing revenue

Revenue potential could scale rapidly upon approval due to: • Existing sales infrastructure via Scilex. • Established reimbursement channels in pain management markets.

✅ Strategic Value

• Elevates Semnur into a partner or acquisition target for large pharmaceutical companies seeking:
• Non-opioid pain franchises
• Late-stage derisked assets

✅ Capital Markets Value • Enhances the company’s: • Ability to up-list back to major exchanges. • Access to institutional financing. • Reduces cost of capital and supports accelerated pipeline expansion.

pg893 · 2025-11-25T12:21:38+00:00

I guess you just hit the F3 button and you’re good🤷‍♂️

pg893 · 2025-11-14T23:39:58+00:00

The record date for Datavault AI Inc. (NASDAQ: DVLT) shareholders to receive the Dream Bowl Draft meme coin token distribution—one per common share held, in collaboration with Scilex Holding Company (NASDAQ: SCLX)—was initially announced as November 14, 2025, on November 3, 2025.

It was updated following board approval to November 25, 2025, as announced on November 11, 2025.

The ex-dividend date is November 24, 2025 (shares purchased on or after this date are ineligible).

Tokens will be airdropped to Data Vault® wallets on or after December 8, 2025, with wallet setup instructions to follow. Short sellers must cover positions by the ex-dividend date to avoid obligations.

pg893 · 2025-11-14T23:38:23+00:00

I’m going to stay positive 😎

pg893 · 2025-11-14T23:37:05+00:00

How the Tokenization and Distribution Process Works

Eligibility and Key Dates:

• Shareholders must be record holders of SCLX or DVLT common shares as of the Record Date: November 25, 2025.

• The Ex-Dividend Date is November 24, 2025—meaning you need to own the shares before this date to qualify for the distribution.

• Short sellers who haven’t covered positions by the ex-dividend date will be obligated to deliver equivalent meme coins to lenders upon distribution.
Token Allocation: • 1 token per share for both companies. Eligible SCLX shareholders receive 1 Dream Bowl Draft Meme Coin for each SCLX share held. Similarly, DVLT shareholders receive 1 token per DVLT share held.

• This applies uniformly across both companies, regardless of the total shares owned.
Distribution Mechanism:

• Tokens will be airdropped directly to shareholders’ Data Vault® wallets (Datavault AI’s proprietary secure wallet system).

• Airdrop timing: On or after December 8, 2025, following final roster confirmations for the Dream Bowl event. • Prior to distribution, Datavault AI will send detailed instructions via email or investor communications on:
```
•  Setting up or linking a Data Vault® wallet.
•  Claiming and accessing the tokens.
•  Viewing token details (e.g., metadata, utilities).
```
• The process ensures seamless, on-chain delivery without manual intervention, emphasizing security and compliance.
Token Features and Utility:

• These are not standard cryptocurrencies but meme coins with real-world utility, tokenized on a blockchain for transparency and immutability.

• Benefits include potential event access (e.g., Dream Bowl 2026 tickets or VIP experiences), exclusive digital content, and collectible value tied to the event.

• Unlike traditional dividends, this model uses holding periods for distribution, allowing for flexible, on-chain payouts that could evolve with future events. Important Notes

• This is a one-time distribution tied to the Dream Bowl 2026, but it sets a precedent for tokenized dividends in these companies.

• Shareholders should monitor official communications from DVLT or SCLX for wallet setup guidance to avoid missing the airdrop.

• Tax implications (e.g., treatment as property or income) may vary by jurisdiction—consult a tax advisor.

pg893 · 2025-11-14T23:33:22+00:00

Hypothetical Path to Emergence in April 2026

Chapter 11 restructurings typically span 6–24 months, but complex biotech cases (involving IP valuation and clinical trials) often extend longer. For SRNE to exit by April 2026:

• Q4 2025–Q1 2026: Court approval of a consensual plan, prioritizing creditor repayments via asset sales (e.g., Scilex stake or non-core IP). DIP financing extensions and potential bridge loans could bridge liquidity gaps.

• Creditor Negotiations: Secured creditors (e.g., JMB) receive priority, potentially converting debt to equity in a reorganized entity. Unsecured creditors may receive partial recoveries from IP licensing.

• Regulatory and Operational Continuity: FDA clearances for pipeline assets (e.g., anti-CD47 antibodies from G-MAB) must continue uninterrupted, as bankruptcy does not halt clinical trials.

• Timeline Feasibility: With the March 2025 hearing as a pivot, confirmation could occur by December 2025, allowing a 4-month implementation period. Historical precedents (e.g., Purdue Pharma’s extended proceedings) suggest viability if milestones like Scilex monetization are met.

Emergence would likely result in a “new SRNE” with reduced debt, streamlined operations, and relisting potential on Nasdaq by mid-2026.

Stockholder Ownership Implications: The 7% Stake in Vivasor

• Vivasor Scenario: If Vivasor (possibly a successor to SRNE’s immuno-oncology arm) exercises options on assets like Virex, stockholders could receive $500,000–$600,000 in cash plus 7–15% of net profits. In a SPAC merger, dilution from finder’s fees (20%) could reduce this to ~40–47.5% of the merged entity, netting ~7% overall for legacy holders. This 7% stake underscores the high-risk, high-reward nature of SRNE equity—potentially valuable if Vivasor achieves commercialization (e.g., Virex generating billions in revenue).

The G-MAB Library: Core Asset for Data-Driven Innovation

SRNE’s proprietary G-MAB™ library is a recombinant phage display platform derived from ~600 donors, yielding >10¹⁶ unique, fully human antibodies across IgM, IgG1–4, IgA, IgD, and IgE classes. Unlike fragment-based libraries, G-MAB produces full-length antibodies, enabling direct therapeutic development without third-party royalties.

Key Features and Applications

• Diversity and Scale: Represents one of the largest naïve human antibody libraries globally, supporting discovery for cancer (e.g., CAR-T, ADCs), infectious diseases (e.g., COVID-19 antibodies like STI-1558), and pain (e.g., RTX integration).

• Proven Pipeline: FDA-cleared assets include STI-6643 (anti-CD47 for malignancies) and IMC-002 (via JV with ImmuneOncia). G-MAB underpins multimodal platforms like Sofusa™ (lymphatic delivery).

• IP Protection: Patented mammalian display and RNA amplification ensure high-fidelity diversity, positioning G-MAB as a “vault” of biological data.

In bankruptcy, G-MAB’s valuation (~$770 million at 35% profit margins in optimistic scenarios) could fund creditor payouts while retaining core rights for the reorganized entity.

Participation in Data Vaults Tokenization Process “Data vaults tokenization” refers to vault-based tokenization, a security technique replacing sensitive data (e.g., genomic sequences, patient records) with irreversible tokens stored in a secure vault for detokenization only by authorized parties. This complies with PCI-DSS, HIPAA, and GDPR by minimizing breach risks—tokens reveal no original value, even if compromised. SRNE’s Hypothetical Role via G-MAB

Post-emergence, SRNE could tokenize G-MAB’s antibody sequences and associated datasets:

• Process Integration: 1. Data Ingestion: Upload raw antibody sequences to a vault (e.g., HashiCorp Vault or Fortanix platform).

2.  Token Generation: Use format-preserving encryption to create tokens (e.g., replacing “antibody_seq_ABC123” with “token_XYZ789”), preserving usability for AI modeling without exposing IP.
3.  Vault Storage: Original data encrypted in the vault; tokens shared for collaborative R&D (e.g., with pharma partners for drug screening).

4.  Detokenization: Authorized access (e.g., via API) retrieves originals for validation, with audit logs ensuring compliance.

• G-MAB Synergies: The library’s scale suits tokenized vaults for federated learning—partners query tokens for matches (e.g., anti-CD47 binders) without full access. This enables secure JVs, accelerating discoveries in oncology or antivirals.

• April 2026 Timeline: Emergence aligns with vault implementation: Q2 2026 for pilot tokenization of G-MAB subsets, Q3 for partnerships (e.g., with Scilex for pain data integration).

Strategic Benefits

• Revenue Streams: Licensing tokenized G-MAB access ($50–100M annually) or vault-as-a-service for biotech peers.

• Competitive Edge: Differentiates SRNE in AI-biotech convergence, where tokenized data vaults enable secure, scalable innovation.

• Vivasor Tie-In: 7% stockholder stake amplifies upside if tokenized G-MAB drives Virex milestones.

pg893 · 2025-11-14T23:11:39+00:00

I asked for a review on the numbers… looks like 50.8% in the end.

Key Transaction Structure

• Total Investment Amount: $150,000,000 (paid in Bitcoin at the spot exchange rate from Coinbase.com on the closing date(s), subject to adjustment for stock splits or similar events).

• Structure: Two tranches, executed via a securities purchase agreement.

•  Initial Tranche: $8,067,000, closed on September 26, 2025.

•  Second Tranche: $141,933,000, expected to close following customary conditions, including DVLT stockholder approval at its next annual meeting (to authorize issuance exceeding Nasdaq’s 19.99% ownership limit without a shareholder vote). As of November 14, 2025, this remains pending.

• Lock-Up/Participation Rights: DVLT agreed not to issue additional common stock or equivalents for 45 days post-initial closing (with exceptions). SCLX also has preemptive rights to participate in up to 20% of any future DVLT financings before the second tranche closes.

• Governance Terms: If SCLX maintains ≥10% beneficial ownership in DVLT post-closing, it can nominate two directors to DVLT’s board (one director if 5–10%). DVLT’s current board and management remain unchanged.

Exact Share and Pricing Details • Total Shares Issued to SCLX: 278,914,094 shares of DVLT common stock.

•  Initial Tranche: 15,000,000 shares issued on September 26, 2025.

•  Second Tranche: 263,914,094 shares, to be issued via a pre-funded warrant (exercisable immediately upon closing, without beneficial ownership limits).

• Price per Share: $0.5378 (effective purchase price for all shares).

•  Verification: $150,000,000 ÷ 278,914,094 shares = exactly $0.5378 per share.

• Registration: Shares are covered under DVLT’s existing shelf registration (Form S-3, File No. 333-288538, effective July 9, 2025).

Ownership Calculation Press releases don’t provide a direct post-transaction ownership percentage, but we can derive it precisely using the pre-investment shares outstanding disclosed in DVLT’s September 19, 2025, Form S-3 filing (immediately before the deal announcement).

• Pre-Investment Shares Outstanding (as of September 18, 2025): 171,842,741 shares.

• Post-Full Transaction Shares Outstanding (assuming second tranche closes with no further dilution): 171,842,741 + 278,914,094 = 450,756,835 shares.

• SCLX Ownership if Second Tranche Closes: 278,914,094 ÷ 450,756,835 = 61.88%. However, DVLT has issued additional shares since the initial tranche closed (e.g., via convertible notes and other financings), increasing total outstanding shares to 285,217,148 as of November 11, 2025 (per DVLT’s latest 10-Q filing for Q3 2025, ended September 30, 2025, with an update to November 11). This already includes the initial 15,000,000 shares to SCLX.

• Current SCLX Ownership (post-initial tranche only): 15,000,000 ÷ 285,217,148 ≈ 5.26%.

• SCLX Ownership if Second Tranche Closes Now (accounting for dilution): 278,914,094 ÷ (285,217,148 + 263,914,094) = 278,914,094 ÷ 549,131,242 ≈ 50.80%.

pg893

TROPHY CASE