![]() ![]() ![]() (SRNE) Common SharesĢ) Approximately 14 Scilex Holding Company (SCLX) Common Shares,Ĭonditioned upon SRNE's board of directors not revoking the dividend priorģ) Cash in lieu of approximately 0.10365 fractional SCLX shares, if anyĪs of January 19, 2023, the SRNE Distribution Agent has not determined the final terms of the distribution.įor purposes of calculating a SRNE1 price for use in expiration processing, OCC will use the followingįor example, if SRNE closes at 1.19 and SCLX closes at 9.92, the SRNE1 price would be: PER CONTRACT: 1) 100 Sorrento Therapeutics, Inc. SRNE1 options are adjusted Sorrento Therapeutics, Inc. INTO ACCOUNT IN DECIDING TO EXERCISE, OR NOT TO EXERCISE, THESE OPTIONS. MEMBERS SHOULD ADVISE THEIR CUSTOMERS TO TAKE THE FOLLOWING CONSIDERATIONS These options will continue to be subject to normal exercise based on customary exercise The pricing consideration is due to the undetermined termsĪnd status of the distribution of SCLX shares included in the option deliverable of SRNE1 as indicatedīelow. options) will be subject to special pricing consideration inĮxpiration processing on January 20, 2023. SRNE1 (adjusted Sorrento Therapeutics, Inc. Subject: SRNE1 Options - Expiration Pricing Consideration Payment of the Dividend is conditioned upon the Company’s board of directors not revoking the dividend prior to the Payment Date. The Dividend Stock will be subject to certain transfer restrictions through May 11, 2023. (the “Company”) declared a stock dividend (the “Dividend”) consisting of an aggregate of 76,000,000 shares (the “Dividend Stock”) of common stock, par value $0.0001 per share, of Scilex Holding Company (the “Scilex Common Stock”) held by the Company to record holders of (i) the Company’s common stock, par value $0.0001 per share (such stock, the “Company Common Stock” and such record holders, the “Record Common Holders”) as of the close of business on Janu(the “Record Date”), and (ii) certain warrants to purchase Company Common Stock that, among other things, have not been exercised prior to the ex-dividend date under the rules of The Nasdaq Stock Market LLC (and which have or may have the right to participate in the Dividend pursuant to the terms of their respective warrants) (the “Record Warrant Holders” and together with the Record Common Holders, the “Record Holders”), which Dividend (unless otherwise determined by the Board) shall be paid on such date to be determined by subsequent resolutions of the Board, which payment date shall be within 60 days following the Record Date and in any event not later than Ma(such date as determined by the Board, which is anticipated to be no earlier than January 19, 2023, the “Payment Date”) and shall be apportioned on a pro rata basis among the Record Holders in accordance with each Record Holder’s ownership percentage of Company Common Stock (assuming the full exercise of all outstanding warrants to purchase Company Common Stock) as of the Record Date as set forth in the records of the Company’s transfer agent (with respect to the Record Common Holders) and the Company (with respect to the Record Warrant Holders) as of such date. On December 29, 2022, the board of directors (the “Board”) of Sorrento Therapeutics, Inc. I know of no further explanation of how the distribution will occur except for the SRNE 8K dated 29 December which states. The Depository Trust Company - DTC | DTCCĭTCC's subsidiary, The Depository Trust Company (DTC), established in 1973, was created to reduce costs and provide clearing and settlement efficiencies by immobilizing securities and making "book-entry" changes to ownership of the securities. The legal entity DTCC in charge of distributing the shares of SCLX has not released a specific press release on how the SCLX distribution will occur. Options Clearing Corporation OCC - Search () SRNE 4 Memos 51794 51796 51731 51718Ĭompliance / margin department at every brokerage firm. There are SRNE SEC form 8K dated 29 december 2022. There are at least 4 "legally obligated" sources with published information on this distribution. Here is what I found about the SCLX stock distribution delivered on 20 January 2023. ![]()
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