Sorrento Therapeutics, Inc. - 21 Sep 2023 Form 4 Insider Report for Scilex Holding Co (SCLX)

Role
10%+ Owner
Signature
/s/ Mohsin Y. Meghji
Issuer symbol
SCLX
Transactions as of
21 Sep 2023
Net transactions value
$0
Form type
4
Filing time
25 Sep 2023, 16:27:57 UTC
Previous filing
23 Jan 2023
Next filing
05 Oct 2023
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction SCLX Common Stock Sale -60,068,585 -97% 1,917,210 21 Sep 2023 Direct F1

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 SCLX Warrants to Purchase Common Stock Sale -4,490,617 -100% 0 21 Sep 2023 Common Stock 4,490,617 $11.50 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Sorrento Therapeutics, Inc. is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 Pursuant to that certain Stock Purchase Agreement, dated September 21, 2023, between the Reporting Person and Scilex Holding Company ("Scilex"), Scilex purchased the following securities from the Reporting Person for an aggregate purchase price of (a) $10 million in cash; plus (b) the assumption by Scilex of $100 million of debt under the Reporting Person's non-amortizing super-priority senior secured debtor-in-possession term loan facility; plus (c) the assumption by Scilex of certain obligations of the Reporting Person for legal fees and expenses in the amount of approximately $12.25 million; plus (d) a credit bid of approximately $23 million owed to Scilex under the Reporting Person's non-amortizing super-priority junior secured term loan facility: (i) 60,068,585 shares of Common Stock of Scilex; (ii) 29,057,097 shares of Series A Preferred Stock of Scilex; and (iii) warrants exercisable for 4,490,617 shares of Common Stock of Scilex.