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Filing Details

Accession Number:: 0000899243-17-002781
Form Type:: 4
Zero Holdings:: No
Publication Time:: 2017-02-03 19:46:02
Reporting Period:: 2017-02-03

Filing Date:: 2017-02-03
Accepted Time:: 2017-02-03 19:46:02
SEC Url:: Form 4 Filing

Issuer

Cik	Name	Symbol	Sector (SIC)	IRS No
850261	Sorrento Therapeutics Inc.	SRNE	Services-Commercial Physical & Biological Research (8731)	330344842

Insiders

Cik	Name	Reported Address	Insider Title	Director	Officer	Large Shareholder	Other
1638744	K George Ng	C/O Sorrento Therapeutics, Inc. 9380 Judicial Drive San Diego CA 92121	See Remarks	No	Yes	No	No

Reported Non-Derivative Transactions

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Sec. Name	Acquisiton - Disposition	Date	Amount	Price	Remaning Holdings	Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
Common Stock	Disposition	2017-02-03	40,000	$5.15	49,338	No	4	S	Direct

Equity Swap Involved	Form Type	Code	Nature of Ownership	Explanation
No	4	S	Direct

Reported Non-Derivative Holdings

Sec. Name	Remaning Holdings	Nature of Ownership	Explanation
Common Stock	3,448	Indirect	Through Peng Ventures, LLC
Common Stock	11,453	Indirect	By Ng Cha Family Trust

Footnotes

The Reporting Person's sale of 40,000 shares of common stock of the Issuer reported herein was matchable under Section 16(b) of the Securities Exchange Act of 1934, as amended, to the extent of 40,000 shares, with the Reporting Person's receipt of 89,338 shares of common stock of the Issuer in exchange for 1,800,000 shares of common stock of Scilex Pharmaceuticals Inc. ("Scilex") on November 8, 2016 pursuant to a stock purchase agreement by and among the Issuer, Scilex, the stockholders of Scilex party thereto (the "Scilex Stockholders") and SPI Shareholders Representative, LLC, as representative of the Scilex Stockholders (the "Stock Purchase Agreement"). The Stock Purchase Agreement placed a value on the Issuer's common stock of $6.33 per share.
(Continued from Footnote 1) These transactions did not result in short-swing profits, as the price per share of the shares received by the Reporting Person pursuant to the Stock Purchase Agreement exceeded the price per share of the shares sold. In the event these transactions were determined to have resulted in short-swing profits, the Reporting Person has agreed to pay to the Issuer the full amount of any profit realized in connection with the transaction, less transaction costs.
The total number of shares reported as directly beneficially owned by the Reporting Person has been reduced by 888 shares due to prior over-reporting of such shares as being directly beneficially owned by the Reporting Person.
The total number of shares reported as indirectly beneficially owned by the Reporting Person through Peng Ventures, LLC has been reduced by 11,453 shares as such shares should have been reported as indirectly beneficially owned by the Reporting Person's family trust.
Shares are held in a family trust of which the Reporting Person is a co-trustee with his wife.