SEC Form 4 · accession 0001144204-17-048347
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
Sep 11, 2017
Accepted (ET)
Sep 15, 2017 · 9:26 pm EDT
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 | Sep 11, 2017 | J | 89,339 | — | A | 138,677 | D | |
| Common StockF2 | holding | — | — | — | 888 | I | Through an IRA | |
| Common Stock | holding | — | — | — | 3,448 | I | Through Peng Ventures, LLC | |
| Common StockF3 | holding | — | — | — | 11,453 | I | By Ng Cha Family Trust |
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 September 11, 2017, the Issuer issued the Reporting Person 89,339 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 $6.33 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.
- F2The number of shares reported as indirectly beneficially owned by the Reporting Person through an IRA was inadvertently omitted from prior reports by the Reporting Person.
- F3Shares 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