Sorrento Announces Launch Of Voluntary Offering To Dividend Short Holders With Deadline To Participate By July 27, 2023
Portfolio Pulse from Happy Mohamed
Sorrento Therapeutics (OTC:SRNEQ) has launched a voluntary offering for dividend short holders of its non-debtor public subsidiary, Scilex Holding Company (NASDAQ:SCLX). The offering allows these holders to purchase restricted Scilex stock to cover their short positions. The deadline to participate is July 27, 2023. The offering is made pursuant to a Registration Statement on Form S-1 previously filed by Scilex and declared effective by the SEC.
July 21, 2023 | 1:01 pm
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NEUTRAL IMPACT
The voluntary offering by Sorrento could potentially increase the demand for Scilex's restricted stock, which may impact its stock price in the short term.
The offering could potentially increase the demand for Scilex's restricted stock as dividend short holders may choose to participate. However, the impact on the stock price will depend on the response from these holders and the price set by Sorrento's Chief Restructuring Officer.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 75
NEUTRAL IMPACT
Sorrento's voluntary offering could potentially attract more investors to cover their short positions, which may stabilize the company's financial situation amidst its ongoing bankruptcy case.
The offering is a strategic move by Sorrento to attract more investors and potentially stabilize its financial situation amidst its ongoing bankruptcy case. However, the impact on the stock price will depend on the response from the dividend short holders.
CONFIDENCE 80
IMPORTANCE 75
RELEVANCE 100