SEC Form 4 · accession 0001144204-17-048349
Sorrento Therapeutics, Inc. · SRNE
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Henry Ji
Officer — See Remarks · Director
Period of report
Sep 11, 2017
Accepted (ET)
Sep 15, 2017 · 9:27 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,F2 | Sep 11, 2017 | J | 67,932 | — | A | 135,863 | I | See Footnote |
| Common StockF3 | holding | — | — | — | 39,776 | D | ||
| Common Stock | holding | — | — | — | 29,001 | I | By spouse | |
| Common StockF4,F5 | holding | — | — | — | 2,153,162 | I | See Footnote |
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"), an entity of which the Reporting Person and his spouse are the sole members and managing directors sold 1,368,681 shares of common stock of Scilex to the Issuer and, upon the achievement of a milestone on September 11, 2017, the Issuer issued such entity 67,932 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, such entity's right to receive such shares became fixed and irrevocable on November 8, 2016.
- F2Shares are held by an entity of which the Reporting Person and his spouse are the sole members and managing directors.
- F3The total number of shares reported as directly beneficially owned by the Reporting Person has been reduced by 100,000 shares as such shares were transferred to a family trust of which the Reporting Person is co-trustee with his wife.
- F4The total number of shares reported as indirectly beneficially owned by the Reporting Person has been increased by 100,000 shares as such shares were transferred from the Reporting Person.
- F5Shares are held in a family trust of which the Reporting Person is a co-trustee with his wife.
Remarks
President, CEO and Chairman of the Board of Directors