SEC Form 4 · accession 0000850261-18-000010
Sorrento Therapeutics, Inc. · SRNE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
George K Ng
Officer — See Remarks
Period of report
Feb 28, 2018
Accepted (ET)
Feb 28, 2018 · 7:04 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0000850261
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Feb 28, 2018 | J | 163,469 | — | A | 302,146 | D | |
| Common StockF2 | Feb 28, 2018 | P | 90,000 | $9.95 | A | 101,453 | I | By Ng Cha Family Trust |
| Common Stock | holding | — | — | — | 888 | I | Through an IRA | |
| Common Stock | holding | — | — | — | 3,448 | I | Through Peng Ventures, LLC |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Pursuant to a stock purchase agreement by and among the Issuer, Scilex Pharmaceuticals Inc. ("Scilex"), the stockholders of Scilex party thereto and SPI Shareholders Representative, LLC, as representative of the Scilex Stockholders (the "Stock Purchase Agreement"), the Reporting Person sold 1,800,000 shares of common stock of Scilex to the Issuer and, upon the achievement of a milestone on February 28, 2018, the Issuer issued the Reporting Person 163,469 shares of the common stock of the Issuer. The Stock Purchase Agreement, which was entered into on November 8, 2016, placed a value on the Issuer's common stock of $9.95 per share. Contingent upon the achievement of such milestone, the Reporting Person's right to receive such shares became fixed and irrevocable on November 8, 2016.
- F2Shares are held in a family trust of which the Reporting Person is a co-trustee with his wife.
Remarks
EVP, Chief Administrative Officer & Chief Legal Officer