Sorrento Therapeutics (OTC: SRNEQ) announced a court order on April 4, 2023, requiring top brokers to disclose information regarding Scilex Holding Company (NASDAQ: SCLX) shares amidst its Chapter 11 proceedings initiated on February 13, 2023. This follows Sorrento's December 30, 2022, dividend announcement of 76 million Scilex shares, which brokerages have not reported to Broadridge Financial Solutions for Scilex's upcoming shareholder meeting on April 6, 2023. Sorrento seeks to maximize stakeholder value while navigating its bankruptcy case, with Scilex not being a debtor in the proceedings.
Sorrento Therapeutics, Inc. (OTC: SRNEQ) received final approval from the U.S. Bankruptcy Court for a $75 million debtor-in-possession (DIP) financing to support its Chapter 11 case filed on February 13, 2023. This follows an interim approval of $30 million on February 21, 2023. The financing aims to enhance liquidity and maintain operations, including employee compensation, during bankruptcy proceedings. Sorrento is also pursuing a $125 million arbitration award from NantPharma, LLC, confirmed by LA County Superior Court on March 17, 2023. CEO Dr. Henry Ji expressed confidence in the company’s ability to advance innovative therapies amidst these challenges.
Sorrento Therapeutics (OTC: SRNEQ) announced that the LA County Superior Court confirmed a $125 million arbitration award against NantPharma, related to the chemotherapy drug Cynviloq for breast and lung cancers. The ruling, made on March 16, 2023, follows a demand Sorrento filed in 2019, alleging NantPharma's failure to meet development obligations. CEO Dr. Henry Ji expressed satisfaction with the court's decision, emphasizing Sorrento's commitment to advancing therapies for cancer and other conditions. The company aims to enforce the award while continuing its product development efforts.