SRNE - Sorrento subsidiary Scilex to enter deal for $5 billion equity financing

Scilex Holding Company, a majority-owned subsidiary of San Diego-based Sorrento Therapeutics (NASDAQ:SRNE), announced a non-binding term sheet with B. Riley Principal Capital on Friday for $5 billion worth of equity financing facility. Per the terms, Scilex would enter into definitive agreements for the facility subject to the completion of the merger with Vickers Vantage Corp. The facility allows Scilex to sell up to $5 billion of its registered common stock over five years. "We expect the Facility to enhance Scilex’s financial flexibility as we work to advance our drug development programs and business development initiatives," Scilex’s Executive Chairman and Chairman, CEO for Sorrento (SRNE), Henry Ji, noted. Vickers Vantage Corp. plans to take Scilex public through a SPAC deal signed between the two parties last week. Read why Seeking Alpha contributor SimOne Trading thinks Sorrento (SRNE) “is a risky share,”

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Sorrento subsidiary Scilex to enter deal for $5 billion equity financing