ImmunityBio, Inc. (IBRX): debt financing — ImmunityBio raises ~$100M via equity and debt; affiliate converts $56.6M note into equity

ImmunityBio, Inc.

Registered direct offering: 9,090,909 shares + warrants at $5.50 per unit, gross $50M.
New $50M promissory note from Nant Capital (affiliated with Dr. Soon-Shiong) at Term SOFR + 8%, due Dec 2023.
NantWorks converts ~$56.6M existing principal and accrued interest into common at $5.67/share.
Pro forma cash and securities ~$160M after net proceeds of ~$96.4M from equity and debt.
If fully exercised, warrants could yield up to $60M additional gross proceeds over two years.

item 1.01 item 2.02 item 2.03 item 7.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

ImmunityBio, Inc. incurred loan of $50.0 million with Nant Capital, LLC at Term SOFR plus 8.0% per annum maturing December 31, 2023.

Instrument: loan
Principal: $50.0 million
Counterparty: Nant Capital, LLC
Rate: Term SOFR plus 8.0% per annum
Maturity: December 31, 2023
Event: incurrence

Exact text from the filing

On December 12, 2022, the Company executed a $50.0 million promissory note with Nant Capital, LLC

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ImmunityBio, Inc. entered into the “SPA” with an institutional investor valued at $50.0 million (effective 2022-12-12).

Action: entry
Agreement: equity purchase
Counterparty: an institutional investor
Value: $50.0 million
Effective: 2022-12-12

Exact text from the filing

On December 12, 2022, ImmunityBio, Inc. (the “Company”) entered into a securities purchase agreement (the “SPA”) with an institutional investor (the “Investor”) for the purchase and sale in a registered direct offering of 9,090,909 shares of the Company’s common stock and warrants to purchase an additional 9,090,909 shares at an exercise price of $6.60 per share for a purchase price of $5.50 per share and accompanying warrant, generating gross proceeds from the offering of approximately $50.0 million before deducting placement agent fees and other estimated offering expenses.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ImmunityBio, Inc. entered into $50.0 million promissory note with Nant Capital, LLC valued at $50.0 million (effective 2022-12-12).

Action: entry
Agreement: credit facility
Counterparty: Nant Capital, LLC
Value: $50.0 million
Effective: 2022-12-12

Exact text from the filing

On December 12, 2022, the Company executed a $50.0 million promissory note with Nant Capital, LLC (“Nant Capital”), an entity affiliated with Dr. Patrick Soon-Shiong, our Executive Chairman and Global Chief Scientific and Medical Officer.

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

ImmunityBio, Inc. entered into the “PAA” with Piper Sandler & Co. valued at cash fee equal to 6.0% of the gross proceeds (effective 2022-12-12).

Action: entry
Agreement: underwriting
Counterparty: Piper Sandler & Co.
Value: cash fee equal to 6.0% of the gross proceeds
Effective: 2022-12-12

Exact text from the filing

On December 12, 2022, the Company also entered into a placement agency agreement (the “PAA”) with Piper Sandler & Co. (the “Placement Agent”).

View on SEC.gov

Browse all debt financings →

ImmunityBio, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-22-302356

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