OTC:SRNEQ

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.

Sorrento Therapeutics, Inc. Announces Auction for Sale of Scilex Securities and Bankruptcy Court Approval of Stalking Horse Bid

Retrieved on: 
Tuesday, August 8, 2023
Bankruptcy, United States Bankruptcy Court for the Southern District of New York, Therapy, Moelis & Company, Debtor, Infection, Cancer, Latham & Watkins, Sale, Title 11 of the United States Code, SAN, OTC, United States bankruptcy court, Auction, Oramed

The stalking horse agreement with Oramed is subject to an auction and the submission of higher or otherwise better offers.

Key Points: 
  • The stalking horse agreement with Oramed is subject to an auction and the submission of higher or otherwise better offers.
  • Any parties interested in bidding for the Scilex Stock should email Sorrento's investment banker (Moelis & Company LLC) as soon as possible to indicate their interest and discuss required bid materials .
  • To the extent Sorrento receives any qualified bids that are higher or otherwise better than Oramed's bid by August 11, 2023, at 5:00 p.m. (ET), Sorrento will hold an auction for the Scilex Stock on August 14, 2023.
  • Latham & Watkins LLP and Jackson Walker LLP are serving as legal counsel to Sorrento.

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

Retrieved on: 
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 Extends the Lockup Period on Shares of Scilex Stock Distributed by Sorrento to its Stockholders as a Dividend

Retrieved on: 
Wednesday, April 26, 2023
Bankruptcy, Therapy, United States bankruptcy court, Infection, Cancer, Distribution, Title 11 of the United States Code, SAN, OTC, Pharmaceutical industry, Security (finance)

SAN DIEGO, April 25, 2023 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento"), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, today announced that, in connection with its ongoing chapter 11 case, the U.S. Bankruptcy Court for the Southern District of Texas entered an order extending the expiration of the restrictions on transfer on the shares of common stock of Scilex Holding Company ("Scilex") that were distributed by Sorrento to its stockholders as a dividend on January 19, 2023 (the "Distributed Stock").

Key Points: 
  • SAN DIEGO, April 25, 2023 /PRNewswire/ -- Sorrento Therapeutics, Inc. (OTC: SRNEQ, "Sorrento"), a biopharmaceutical company dedicated to the development of life-saving therapeutics to treat cancer, intractable pain, and infectious disease, today announced that, in connection with its ongoing chapter 11 case, the U.S. Bankruptcy Court for the Southern District of Texas entered an order extending the expiration of the restrictions on transfer on the shares of common stock of Scilex Holding Company ("Scilex") that were distributed by Sorrento to its stockholders as a dividend on January 19, 2023 (the "Distributed Stock").
  • The order extends the restrictions on transfer from May 11, 2023 to September 1, 2023 (or an otherwise earlier date to be determined, as set forth in the order).
  • Accordingly, as described in the Bankruptcy Court's order, any shares of the Distributed Stock (including any such shares held by brokerage firms) may not be sold, transferred or otherwise disposed of and the holders of Distributed Stock are prohibited from causing or encouraging any third party to do the same.
  • This extension applies only to the Distributed Stock and does not apply to any securities of Scilex held by Sorrento or any other Scilex securities.

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 Therapeutics, Inc. Receives Final Court Approval for $75 Million Debtor-In-Possession Financing

Retrieved on: 
Wednesday, March 29, 2023
Moelis & Company, LLP, Bankruptcy, Therapy, Infection, Cancer, Latham & Watkins, DIP, Title 11 of the United States Code, Patient, SAN, OTC, Court, United States bankruptcy court, Pharmaceutical industry

This follows the Court's interim approval of the DIP financing, granted on February 21, 2023 with respect to $30 million of the DIP financing.

Key Points: 
  • This follows the Court's interim approval of the DIP financing, granted on February 21, 2023 with respect to $30 million of the DIP financing.
  • Today's final approval provides Sorrento with an additional $45 million of liquidity so that it can continue operating its business during its chapter 11 case.
  • Dr. Henry Ji, Ph.D., Chairman and Chief Executive Officer of Sorrento, commented: "We are pleased that the Court has granted final approval for this financing.
  • On March 17, 2023, as previously disclosed, the LA County Superior Court confirmed an arbitration award of $125 million in damages, to be paid to Sorrento by NantPharma, LLC.

Court Confirms Sorrento Therapeutics, Inc.'s $125 Million Arbitration Award Against NantPharma, LLC

Retrieved on: 
Friday, March 17, 2023
Therapy, Infection, Cancer, Breast, Patient, SAN, OTC, Court, Pharmaceutical industry

The award reflects the values of lost milestones for the approval of the drug Cynviloq® for the treatment of breast and lung cancers.

Key Points: 
  • The award reflects the values of lost milestones for the approval of the drug Cynviloq® for the treatment of breast and lung cancers.
  • Dr. Henry Ji, Ph.D., Chairman and Chief Executive Officer of Sorrento, commented: "We are pleased that the Court has affirmed the result of the arbitration against NantPharma and has awarded $125 million in damages to Sorrento.
  • The award stems from an arbitration between Sorrento and NantPharma regarding the development of chemotherapy drug Cynviloq, the rights to which NantPharma acquired from Sorrento in 2015.
  • On March 16, 2023, the LA County Superior Court granted Sorrento's motion to confirm the award, which Sorrento now intends to enforce against NantPharma.