Sorrento Therapeutics, Inc. Announces Auction For Sale Of Scilex Securities And Bankruptcy Court Approval Of Stalking Horse Bid
Portfolio Pulse from Happy Mohamed
Sorrento Therapeutics, Inc. (OTC:SRNEQ) has received approval from the U.S. Bankruptcy Court for a $105 million 'stalking horse' bid from Oramed Pharmaceuticals, Inc. for the sale of Scilex Holding Company's common stock, preferred stock, and warrants. The agreement is subject to an auction and the submission of higher or otherwise better offers. The court also approved a $100 million debtor-in-possession term loan facility from Oramed.
August 08, 2023 | 2:04 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Sorrento Therapeutics' bankruptcy proceedings are progressing with the approval of a stalking horse bid and a debtor-in-possession loan. This could potentially stabilize the company's financial situation in the short term.
The approval of the stalking horse bid and the debtor-in-possession loan could provide Sorrento Therapeutics with the necessary liquidity to continue operations and potentially exit bankruptcy. However, the final impact will depend on the outcome of the auction and the company's ability to manage its finances post-bankruptcy.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100