Bankruptcy court approves Sorrento settlement; two scenarios could resolve ImmunityBio litigation

ImmunityBio, Inc.

Bankruptcy court approved settlement on Aug 14, 2023 between ImmunityBio and Sorrento (Case No. 23-90085).
Scenario A: If Sorrento raises funds by Aug 31, it pays judgments to NantCell and NANTibody and can proceed with litigation.
Scenario B: If not, judgments released, Sorrento relinquishes interests in NANTibody and forfeits antibody license rights.
As of June 30, 2023, ImmunityBio had recorded no receivables on the judgments; outcome remains uncertain.
Settlement includes release of derivative litigation in Los Angeles Superior Court; now binding on parties.

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