Henry Ji - Mar 17, 2023 Form 4 Insider Report for Sorrento Therapeutics, Inc. (SRNEQ)

Role
President, CEO and Chairman of the Board of Directors, Director
Signature
/s/ Henry Ji, Ph.D.
Stock symbol
SRNEQ
Transactions as of
Mar 17, 2023
Transactions value $
$15,653
Form type
4
Date filed
3/20/2023, 07:52 PM
Previous filing
Jan 17, 2023
Next filing
Oct 2, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SRNEQ Common Stock Exercise of in-the-money or at-the-money derivative security $15.7K +19.5K +3900% $0.80 20K Mar 17, 2023 By BioVintage, Inc. F1, F2
holding SRNEQ Common Stock 6.27M Mar 17, 2023 Direct
holding SRNEQ Common Stock 2.27M Mar 17, 2023 See Footnote F3
holding SRNEQ Common Stock 40K Mar 17, 2023 By spouse

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction SRNEQ Put Option (obligation to buy) Disposed to Issuer $0 -195 -100% $0.00* 0 Mar 17, 2023 Common Stock 19.5K $0.80 By BioVintage, Inc.
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On December 30, 2022, the Issuer's Board of Directors declared a stock dividend (the "Dividend") to all holders of record of its common stock as of the close of business on January 9, 2023, of 0.1410127 of a share of common stock, par value $0.0001 per share, of Scilex Holding Company ("Scilex Common Stock") for each one share of common stock, par value $0.0001 per share, of the Issuer ("Sorrento Common Stock"). The Put Option written by the Reporting Person on August 26, 2022 (the "Put Option") was previously reported at an exercise price of $5.50 per share of Sorrento Common Stock, which was adjusted as a result of the Dividend to relate to an aggregate of 19,500 shares of Sorrento Common Stock and 2,730 shares of Scilex Common Stock and to reflect a corresponding change to the exercise price of the Put Option to $0.80268 per share of Sorrento Common Stock and $8.6002 per share of Scilex Common Stock. The Put Option settled on March 17, 2023 and resulted in the Reporting Person
F2 (Continued Footnote 1) acquiring 19,500 shares of Sorrento Common Stock at a price of $0.80268 per share of Sorrento Common Stock, in addition to 2,730 shares of Scilex Common Stock at a price of $8.6002 per share of Scilex Common Stock.
F3 Shares are held in family trusts of which the Reporting Person is a co-trustee with his spouse.

Remarks:

President, CEO and Chairman of the Board of Directors