Scilex Holding Company (NASDAQ:SCLX) shares surged 18.79% in Tuesday's regular session after the company announced that its Dream Bowl I Meme Coin tokens could begin trading on Biconomy Exchange as early as June 23.
Scilex is a revenue-generating biotech company focused on non-opioid pain management products for acute and chronic pain, along with neurodegenerative and cardiometabolic diseases.
Meme Coin Listing Fuels Rally
Scilex said the token listing could improve liquidity and enable broader distribution for eligible token holders.
Biconomy serves more than 10 million users across over 180 countries and ranks among the top 40 global crypto exchanges by trading volume, with an average daily volume of about $2 billion.
As previously announced, Scilex stockholders and certain eligible equityholders as of the April 30 record date became entitled to receive five Dream Bowl tokens for each share of Scilex common stock held.
The token distribution began on May 26, subject to previously disclosed payment conditions.
Trading Metrics, Technical Analysis
Scilex has a market capitalization of approximately $49.93 million.
The stock has traded between a 52-week high of $34.27 and a 52-week low of $4.20.
Over the past 12 months, SCLX shares have gained approximately 103.46%.
Price Action: According to market data, SCLX closed Tuesday's regular session at $5.88, up 18.79% on the day.
The stock gained another 2.04% in after-hours trading to $6.00.
Benzinga Edge Stock Rankings indicate SCLX has positive short-term and medium-term price trends, but a negative long-term price trend.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo Courtesy: Gorodenkoff on Shutterstock.com
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