NASDAQ:SCLX | Jotup

Sorrento Therapeutics, Inc. Announces the Consummation of the Previously Announced Sale of Substantially All of the Common Shares, Preferred Shares and Warrants that Sorrento Held in Scilex Holding Company

Retrieved on:

Friday, September 22, 2023

Transfer, Therapy, Bank statement, Infection, Cancer, Sale, SAN, OTC, Security (finance), Oramed

SAN DIEGO, Sept. 22, 2023 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento" or "Company"), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, announced the consummation on September 21, 2023, of the previously announced sale to Scilex Holding Company (Nasdaq: SCLX, "Scilex") of certain securities that Sorrento held in Scilex.

Key Points:

SAN DIEGO, Sept. 22, 2023 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento" or "Company"), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, announced the consummation on September 21, 2023, of the previously announced sale to Scilex Holding Company (Nasdaq: SCLX, "Scilex") of certain securities that Sorrento held in Scilex.
As a result of the Securities Transfer, the Company no longer has a controlling interest over Scilex and Scilex ceased to be a majority-owned subsidiary of Sorrento.
Consequently, we expect Scilex will be deconsolidated from the Company's financial statements prospectively and will be presented as discontinued operations.
Additionally, upon the closing of the Securities Transfer, Sorrento and Oramed mutually terminated that certain Stock Purchase Agreement (as amended, the "Oramed SPA"), dated as of August 7, 2023, between Oramed and Sorrento for the sale of Sorrento's equity interests in Scilex to Oramed, which termination includes a release of claims by each of the parties relating to the Oramed SPA.

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Monday, August 28, 2023

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Sorrento Issues a “FAQ” in Response to Large Number Of Urgent Requests from Scilex Dividend Short Holders and/or Record Holders

Retrieved on:

Thursday, July 27, 2023

The FAQs address questions regarding the process and expected mechanics by which the Dividend Short Holders can purchase the Scilex stock either in open market purchases or in private, secondary transactions with Sorrento.

Key Points:

The FAQs address questions regarding the process and expected mechanics by which the Dividend Short Holders can purchase the Scilex stock either in open market purchases or in private, secondary transactions with Sorrento.
The agreement will be executed by Scilex and the Buyer or record holder of the acquired shares.
Scilex and Buyer will jointly instruct Continental Stock Transfer & Trust Company, Scilex’s transfer agent (“Continental”), to impose the Lockup on the shares.
Sorrento, Scilex and Scilex Dividend Short Holders (“Buyer”) will execute a stock purchase agreement providing for the sale of Scilex common stock by Sorrento to Buyer (the “Purchase Agreement”).

Sorrento Announces Launch of Voluntary Offering to Dividend Short Holders with Deadline to Participate by July 27, 2023

Retrieved on:

Friday, July 21, 2023

Bankruptcy, United States bankruptcy court, Therapy, FedEx, Official Committee of Equity Security Holders, Infection, Cancer, Equity, Electric Bond and Share Company v. Securities and Exchange Commission, Sale, Prospectus, Title 11 of the United States Code, SAN, Offering, Order, OTC, Form, Security (finance), Unsecured creditor

Dividend Short Holders may elect to participate in the Offering.

Key Points:

Dividend Short Holders may elect to participate in the Offering.
Participants in the Offering may receive a release for any claims and causes of action that Sorrento or Scilex may have relating to naked or otherwise impermissible short-selling.
The deadline to participate in the Offering is July 27, 2023, subject to any extensions granted by Sorrento following consultation with the Equity Committee.
The Offering of the Restricted Scilex Stock by Sorrento would be made pursuant to a Registration Statement on Form S-1 (Registration No.

Sorrento Therapeutics, Inc.'s Bankruptcy Court Approves Elective Offering of Restricted Common Stock of Scilex Holding Company for Dividend Short Holders

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Thursday, July 20, 2023

Bankruptcy, United States bankruptcy court, Therapy, Official Committee of Equity Security Holders, Infection, Cancer, Securities and Exchange Commission (Nigeria), Prospectus, Title 11 of the United States Code, SAN, Offering, Order, OTC, Form, Security (finance), Unsecured creditor

The Offering will provide parties who hold short interests in restricted Scilex stock (the "Dividend Short Holders") the exclusive opportunity to purchase restricted Scilex stock for the sole purpose of covering their short positions and to the extent applicable, delivering the borrowed shares to the lenders thereof.

Key Points:

The Offering will provide parties who hold short interests in restricted Scilex stock (the "Dividend Short Holders") the exclusive opportunity to purchase restricted Scilex stock for the sole purpose of covering their short positions and to the extent applicable, delivering the borrowed shares to the lenders thereof.
In addition, the Order directs record holders of short positions in Restricted Scilex Stock (the "Record Holders") to provide notice of the Offering to their customers who are Dividend Short Holders.
The Offering of the Restricted Scilex Stock by Sorrento would be made pursuant to a Registration Statement on Form S-1 (Registration No.
This press release does not constitute an offer to sell, or the solicitation of an offer to buy, any shares of Restricted Scilex Stock.

Sorrento Therapeutics, Inc.'s Bankruptcy Court Issues Temporary Restraining Order Against Brokerage Firms and Suspends Short-Sales of Dividended Scilex Stock

Retrieved on:

Thursday, June 15, 2023

Bankruptcy, United States bankruptcy court, Therapy, Official Committee of Equity Security Holders, Infection, Cancer, Central Time, Equity, Title 11 of the United States Code, SAN, OTC, Security (finance)

In addition, the Bankruptcy Court ordered certain brokerage firms to provide an accounting of all profits received from naked short-selling of Dividended Scilex Stock and Scilex common stock, including all interest charged to short-sellers, no later than five business days after entry of the order.

Key Points:

In addition, the Bankruptcy Court ordered certain brokerage firms to provide an accounting of all profits received from naked short-selling of Dividended Scilex Stock and Scilex common stock, including all interest charged to short-sellers, no later than five business days after entry of the order.
The Bankruptcy Court's temporary restraining order grants a request by the Official Committee of Equity Security Holders in Sorrento's chapter 11 case, who had asked for the relief.
The Official Committee of Equity Security Holders was appointed in the case to act as a fiduciary for, and represent the interests of, all Sorrento stockholders.
The Bankruptcy Court will conduct a hearing to consider the committee's related request for a preliminary injunction on such issues on June 27, 2023 at 9:30 a.m. (prevailing Central Time) in Courtroom 400, 515 Rusk Street, Houston, Texas.

Sorrento Therapeutics, Inc.'s Bankruptcy Court Orders Brokerage Firms to Credit Dividended Scilex Stock to Customers' Accounts and Sorrento Advises Holders of Dividended Scilex Stock to Contact Brokerage Firms to Deliver the Stock to Individual Accounts

Retrieved on:

Sunday, May 14, 2023

Bankruptcy, Naked short selling, United States bankruptcy court, Therapy, Official Committee of Equity Security Holders, Infection, Cancer, Equity, Title 11 of the United States Code, SAN, OTC, Regulation, Security (finance), Holding company

The brokerage firms must also complete and file a report with the Bankruptcy Court regarding their compliance with the court's order.

Key Points:

The brokerage firms must also complete and file a report with the Bankruptcy Court regarding their compliance with the court's order.
Sorrento strongly urges all holders of Dividended Scilex Stock to contact their individual brokers to demand the following:
That your shares of Dividended Scilex Stock be distributed into your individual brokerage account.
That your broker provide real-time quotes on the Dividended Scilex Stock in your individual brokerage account.
If holders of Dividended Scilex Stock are unable to reach their brokers and have their shares of Dividended Scilex Stock distributed to their individual accounts and/or real-time quotes provided on such stock in their individual accounts, Sorrento strongly urges such holders to notify Sorrento, and Sorrento will in turn notify the Bankruptcy Court of such situation.

Sorrento Therapeutics, Inc.'s Bankruptcy Court Requires Brokerages to Provide Information Related to Scilex Common Stock

Retrieved on:

Tuesday, April 4, 2023

Bankruptcy, Therapy, Infection, Cancer, Title 11 of the United States Code, SAN, OTC, Stockbroker, United States bankruptcy court, Security (finance)

As previously disclosed, on December 30, 2022, Sorrento announced a dividend to its shareholders of 76 million shares of common stock of Scilex, a substantial amount of which was distributed to the Brokerages, who hold the distributed shares in custody as agents for Sorrento shareholders.

Key Points:

As previously disclosed, on December 30, 2022, Sorrento announced a dividend to its shareholders of 76 million shares of common stock of Scilex, a substantial amount of which was distributed to the Brokerages, who hold the distributed shares in custody as agents for Sorrento shareholders.
The Brokerages, however, have failed to report the ownership of such shares to Broadridge Financial Solutions, Inc., the entity designated to collect, verify, and tabulate shareholder votes for Scilex's annual shareholder meeting on April 6, 2023.
The Bankruptcy Court's order requires the Brokerages to provide Sorrento certain information regarding the ownership and trading of Scilex common stock.
Scilex is not a debtor in the chapter 11 case.

Sorrento Issues Update to its Previously Issued “FAQ” Regarding the Dividend of Scilex Holding Company Common Stock (Nasdaq: SCLX, “Scilex”)

Retrieved on:

Friday, February 17, 2023

Transfer, Organization, TRUST, CST, ARE, OR, CUSIP, Therapy, LIEN, SAN, ANY, Dividend, YOU, FAQ, Holding company, Security (finance)

SAN DIEGO, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) today posted an update to its previously issued “Frequently Asked Questions” document under the “Investors” section of its website at www.sorrentotherapeutics.com regarding its recent dividend to Sorrento stockholders of shares of common stock of Scilex Holding Company previously held by Sorrento (the “Dividend Stock”).

Key Points:

SAN DIEGO, Feb. 17, 2023 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (Nasdaq: SRNE, “Sorrento”) today posted an update to its previously issued “Frequently Asked Questions” document under the “Investors” section of its website at www.sorrentotherapeutics.com regarding its recent dividend to Sorrento stockholders of shares of common stock of Scilex Holding Company previously held by Sorrento (the “Dividend Stock”).
The update further requests that such firms contact Scilex’s transfer agent if they have not received the confirmation.
Several major brokers have confirmed to Sorrento and Scilex that they are adding the Scilex share positions to the individual brokerage accounts of Sorrento stockholders receiving the Dividend Stock.
Will Sorrento or Scilex management take any actions with respect to the substantial “naked short” positions of Scilex common stock?

Joint Statement by Sorrento Therapeutics, Inc. and Scilex Holding Company on Today’s Isolated Chapter 11 Filing By Sorrento Therapeutics, Inc.

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Monday, February 13, 2023

Chapter 11, Title 11, United States Code, Bankruptcy Code, Bankruptcy, Therapy, Chronic pain, File, Immunotherapy, United States bankruptcy court, Sale, PALO, SAN, Title 11 of the United States Code, Management, Cryptocurrency

While Scilex is majority-owned by Sorrento, Scilex is not a debtor in Sorrento Therapeutics’ voluntary Chapter 11 filing.

Key Points:

While Scilex is majority-owned by Sorrento, Scilex is not a debtor in Sorrento Therapeutics’ voluntary Chapter 11 filing.
As of its chapter 11 filing, Sorrento had over approximately $1 billion in assets, including a $125 million arbitration award against NantPharma, LLC for a dispute related to Sorrento’s sale of Cynviloq™.
The company had approximately $235 million in liabilities as of its filing and faced a short-term liquidity crunch, due to insufficient cash or other short-term assets to satisfy certain obligations.
While $125 million of those judgements was stayed for 70 days, $50 million was not stayed and could be enforced immediately.