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SRNE Liquidating Trust Requests Return of Distributed Shares

Re: Notice to shareholders of Scilex Holding Company (SCLX; ISIN: US80880W1062) and Sorrento Therapeutics, Inc. (SRNE; ISIN: US83587F2020)
 
Dear Clients,
 
Following a notification from upstream brokers regarding the Chapter 11 bankruptcy case of SRNE, the U.S. Bankruptcy Court for the Southern District of Texas has issued an order allowing the Liquidating Trust of SRNE (“SRNE Liquidating Trust”) to pursue recovery of SCLX shares distributed to certain shareholders (“Affected Shareholders”).
 
The SRNE Liquidating Trust believes that the distribution of SCLX common stock to shareholders of SRNE around 19/01/2023, constitutes a fraudulent transfer and therefore should be avoided. SRNE has proposed a settlement (“Settlement Offer”) to the Affected Shareholders, whereby for every 2 shares of SCLX stock received, the shareholders must return 1 share. In return for the returned SCLX shares, the Affected Shareholders will receive compensation of $2 per share or a subordinated unsecured claim against the SRNE Liquidating Trust. If the Affected Shareholders do not accept the settlement, SRNE may initiate legal action to recover all SCLX shares distributed to them.
 
For details, please refer to official information: SRNE Liquidating Trust Requests Return of Distributed Shares

Corporate Action Encyclopedia

Please seek independent legal advice and liaise directly with the SRNE Liquidating Trust directly for discussions. The contact details of the SRNE Liquidating Trust and its legal advisor are:
 
Liquidating Trustee of the Sorrento Therapeutics, Inc.et al.,
Liquidating Trust
David Weinhoffer
3560 Old Spanish Trl,
Houston, Texas 77021
Email: SorrentoTrust@macco.group
with a copy to
Norton Rose Fulbright US LLP
Attn. Ryan E. Manns
2200 Ross Avenue, Suite 3600,
Dallas, Texas 75201
 
Due to reasons on our upstream brokers, our company will not submit the settlement agreement on your behalf. Please sign the settlement agreement in the official information yourself and send it to the SRNE Liquidation Trust. We accept no responsibility for your actions or inactions. Thank you.
 
Best regards,
 
Futu Securities International (Hong Kong) Limited