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04 April

Sorrento announces court order requiring info on Scilex shares

Zolnierek

Sorrento Therapeutics (OTCPK:SRNEQ) announced Tuesday that a bankruptcy court ordered a group of brokers to provide the company with certain information related to the common stock of its Scilex (NASDAQ:SCLX) subsidiary.

The U.S. Bankruptcy Court for the Southern District of Texas issued the order in connection with a Chapter 11 bankruptcy case filed by Sorrento (OTCPK:SRNEQ) and its wholly-owned subsidiary Scintilla Pharmaceuticals in February.

The issue relates to a dividend the company declared in December in the form of 76M Scilex (SCLX) shares to investors.

Sorrento (OTCPK:SRNEQ) said that brokerages that took custody of most of those shares as agents for shareholders have yet to report on the ownership information ahead of Scilex's (SCLX) annual shareholder meeting on Apr. 06.

The order requires the top 25 brokers, dealers, banks, and other nominees that act as shareholder agents to provide the company with certain information regarding the ownership and trading of those shares.

Sorrento's (OTCPK:SRNEQ) bankruptcy filing offers the company "a temporary reprieve but also presents significant uncertainty for investors," Seeking Alpha author Nelson Alves argued in February.

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