secwatch.observer — SEC 8-K summary
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Issuer:     Sorrento Therapeutics, Inc. (—)
CIK:        0000850261
Form:       8-K
Filed at:   2023-02-22T23:59:59+00:00
Accession:  0001104659-23-023902
Event type: other_material
Sentiment:  negative
Materiality: 0.90
Item codes: 1.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Sorrento Therapeutics files Chapter 11, secures $75M DIP financing with $30M initial draw
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- Filed Chapter 11 on Feb 13, 2023; jointly administered with Scintilla Pharmaceuticals.
- Entered DIP Term Sheet with JMB Capital for up to $75M super-priority senior secured term loan.
- Bankruptcy Court approved interim $30M draw on Feb 21, 2023; interest rate 14% per annum.
- DIP facility matures earliest of July 31, 2023, plan effective date, or asset sale.
- Proceeds for working capital, professional fees, and DIP expenses; no roll-up of prepetition debt.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/850261/000110465923023902/0001104659-23-023902-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/850261/000110465923023902/tm237448d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-023902

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