SAN DIEGO, Aug. 1, 2013 /PRNewswire/ -- Sorrento
Therapeutics, Inc. (OTCQB: SRNE; Sorrento) announced today
that it has filed a Certificate of Amendment to its Restated
Certificate of Incorporation to effect a 1-for-25 reverse stock
split of its common stock, effective on July
30, 2013. The proposal to effect a reverse stock split
was approved by the Company`s stockholders at its Special Meeting
of Stockholders held on April 26,
2013, and the specific 1-for-25 ratio was subsequently
approved by the Company`s Board of Directors.
At the effective time of the reverse stock split, every twenty
five shares of the Company`s issued and outstanding common stock
will be automatically converted into one issued and outstanding
share of common stock, without any change in par value per share.
The reverse stock split will affect all shares of the Company`s
common stock outstanding immediately prior to the effective time of
the reverse stock split, as well as the number of shares of common
stock available for issuance under the Company`s equity incentive
plans. In addition, the reverse stock split will effect a
reduction in the number of shares of common stock issuable upon the
exercise of stock options or warrants outstanding immediately prior
to the effectiveness of the reverse stock split. No fractional
shares will be issued as a result of the reverse stock split.
The Company`s common stock will begin trading on the OTC QB
on a split-adjusted basis when the market opens on Thursday, August 1, 2013. The new CUSIP
number for the Company`s common stock following the reverse stock
split is 83587F 202.
The reverse stock split will reduce the number of shares of
common stock issued and outstanding from approximately 336.4
million to approximately 13.5 million.
The Company has submitted a listing application to the The
NASDAQ Capital Market. The Company's ability to become listed on
The NASDAQ Capital Market is subject to, among other items,
maintaining a minimum market price for its common stock for a
sufficient period of time as determined by the exchange.
"We believe the reverse stock split is the next step to
obtaining a listing on a national securities exchange, and an
uplisting would increase the attractiveness of Sorrento's common
stock among institutional and retail investors focused on national
exchange listed securities," said Henry
Ji, President and CEO.
Computershare Trust Company, N.A. is acting as exchange agent
and transfer agent for the reverse stock split. Computershare
will provide instructions to stockholders regarding the process for
exchanging their pre-split stock certificates for post-split stock
certificates. Additional information regarding the reverse stock
split can be found in the Company`s definitive proxy statement
filed with the Securities and Exchange Commission on April 16, 2013.
About Sorrento Therapeutics, Inc.
Sorrento Therapeutics, Inc. is a publicly-traded,
development-stage biopharmaceutical company engaged in the
discovery, acquisition, development and commercialization of
proprietary drug therapeutics for addressing significant unmet
medical needs in the Unites States, Europe and additional international markets.
Sorrento Therapeutics' primary therapeutic focus is oncology but it
is also developing therapeutic products for other indications,
including inflammation, metabolic, and infectious diseases.
Sorrento Therapeutics' proprietary G-MAB® fully-human antibody
library platform was designed to facilitate the rapid
identification and isolation of highly specific antibody
therapeutic product candidates that bind to disease targets
appropriate for antibody therapy.
More information is available at
www.sorrentotherapeutics.com
Forward-Looking Statements
This press release contains
forward-looking statements subject to risks and uncertainties that
could cause actual results to differ materially from those
projected. Words such as "assumes," "plans," "believes," "expects,"
"anticipates," and "will," and similar expressions, are intended to
identify forward-looking statements. Forward-looking statements
include statements about the clinical trial results from third
parties, and the preclinical and clinical development of Sorrento's
human antibody therapeutics. All such forward-looking statements
are based on Sorrento's current beliefs and expectations, and
should not be regarded as a representation by Sorrento that any of
its plans will be achieved. Actual results may differ materially
from those set forth in this press release due to the risks and
uncertainties inherent in Sorrento's businesses; the scope and
validity of patent protection for Sorrento's platform technologies,
and the risk that the development or commercialization of product
candidates may infringe the intellectual property rights of others;
the potential that Sorrento may require substantial additional
funding in order to obtain regulatory approval for and
commercialize Sorrento Therapeutics' proprietary G-MAB® fully-human
antibody library platform technologies or product candidates; and
additional risks set forth in Sorrento Therapeutics' filings with
the Securities and Exchange Commission. These forward-looking
statements represent Sorrento Therapeutics' judgment as of the date
of this release. You are cautioned not to place undue reliance on
these forward-looking statements, which speak only as of the date
hereof. All forward-looking statements are qualified in their
entirety by this cautionary statement and STI undertakes no
obligation to revise or update this press release to reflect events
or circumstances after the date hereof. This caution is made under
the safe harbor provisions of Section 21E of the Private Securities
Litigation Reform Act of 1995.
SOURCE Sorrento Therapeutics, Inc.