Charly_2 schrieb 29.05.24, 20:54
Sorrento ist aus Chapter 11 raus und ist voraussichtlich bis Oktober 24 am Expert Market gelistet, wo nur Broker handeln dürfen - bis dann hat Sorrento Zeit die Dinge neu zu ordnen - ob‘s für SRNE-Aktionäre was zu holen gibt muss sich noch weisen…
So schaut’s aus, copy ab Reddit:
SRNE - Everything, Everywhere All at Once
This basically is a quickly compiled list of most of the debt and assets that I believe SRNE still possess. I also included my guestimates of what each asset is worth.
I threw this together fast today after reading a post left on here yesterday, didn't check grammar or most anything else. If anyone has any better information or corrections, please leave them in the comments. Also, do you own DD this is just mine that I am sharing. I left as many reference links as I could find.
**SRNE 551.3M shares**
**Debt:**
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**Quick:**
**197m in debt to UCC**
**30m in debt to "professionals"**
**227M total debt**
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208605102480000000001.pdf
Exact per filing:
Prepetition debt $197,074,216
Post-petition debt $29,867,237
**New total -$227,336,610**
There are additional professional fees being added monthly.
------------------------------------------
**Assets:**
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**Aardvark**
Both Sorrento and Vivasor each own about 4.2% of Aardvark or exactly 3,888,932 Series B shares each.
Sorrento also owns 7% of Vivasor (15% after creditors are paid) or 272,225 addition shares (at 15% = 583,340)
Sorrento plus 7% of Vivasor shares = 4,161,157 shares or about 4.5% of Aardvark (15% = 4,472,272 or about 4.83% of Aardvark)
Sorrento "Upside Consideration" total from Vivasor for Aardvark shares is 10.5M
About .045% Aardvark (4.2% Sorrento + 7% of 4.2% Vivasor)
200M Aardvark proposed IPO amount = 9M
2B sale speculative article amount = 96.6M
Aardvark "Upside Consideration" total from Vivasor 10.5M
**Total value from 19.5M to 107.1M**
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**Lees/China Oncology**
Milestone payment of around 5-10M
Will take many many years to see full 46M value
From the filing: "Payment of the sales milestones described above shall be made within six (6) months after the end of the calendar year in question."
If there is more coming in from this another payment will not be made until early 2025.
https://www.sec.gov/Archives/edgar/data/850261/000119312514425173/d826599dex102.htm
**Total value from 5M to 46M**
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**Virex***
According to the Virex Sorrento merger agreement if there was a change of control of Virex (like a sale of Virex to Vivasor) an immediate maximum milestone payment of 10M would be due to original stockholders in Virex. This is the reason Virex is still under Sorrento and not Vivasor.
https://www.sec.gov/Archives/edgar/data/850261/000110465922005189/tm223238d1_ex2-1.htm
Virex government contract:
https://www.biospace.com/article/releases/sorrento-therapeutics-inc-announces-a-4-6-million-u-s-government-contract-from-the-niaid-for-a-sensitive-reusable-and-rapid-diagnostic-platform-for-pandemic-preparedness/
The "Virex Option":
OEC advisors have 6 months to find a buyer for Virex at a finders fee of 20%. If OEC advisors do not find a buyer for Virex within 6 months Vivasor has the option of purchasing Virex from Sorrento for $500k-600k but would have to immediately pay the 10M fee to original stock holders of Virex.
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208602192480000000032.pdf
**Total value $0 to 500k-600k**
***I Cannot tell by the contract language if Vivasor has to exercise the option within six months or if they could exercise it anytime they feel like it***.**
***Could be worth billions to SRNE stock holders if Virex has big breakthrough after Vivasor cannot exercise the option. If Vivasor exercises the option SRNE stock holders get 500k-600k plus 7% to 15% of whatever Vivasor profits from Virex eventually.*
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**NOL**
About *2.3B in "Accumulated Deficit" back debt *estimate using last years filing plus estimated debt load for 2023 because filing has not been made for 2024
https://www.sec.gov/ix?doc=/Archives/edgar/data/0000850261/000095017023008238/srne-20221231.htm
770M at 35% possible profit for debt acquiring corp
385M possible profit minus 20% finders fee = 308M*
Merger may be needed for most value. SRNE stock would be diluted possibly 50% or more.
"Representatives of the Official Committee of Equity Holders (which shall continue in existence for this limited purpose) (the “OEC”), in consultation with the Liquidation Trust, and at their own expense (but subject to payment as set forth below), shall try to maximize the value of Sorrento by exploring possible merger and other transactions that would increase Sorrento’s value for up to 6 months following the effective date of the Plan."
https://cases.stretto.com/public/x228/12086/PLEADINGS/1208603272480000000003.pdf
**Because of allowing the OEC the option of trying to make a sale or merger, SRNE will most likely be on the Professional Market until the beginning of October 2024.**
Section 382 of tax code and removal of SRNE's assets make this NOL possible, but unlikely. It is possible to sell just part of the debt without dilution. Would most likely be at a way less profit margin.
The OEC could possibly merge SRNE with another company for just enough money to pay themselves off leaving SRNE share holders with 50% or less of SRNE shares. This would be really bad for SRNE stock holders unless Vivasor steps up and gives stock holder their 7-15% somehow. Also, if a full merger would happen then the option of using SRNE as a SPAC** could not happen.
**Total value from 0 to 308M**
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***7% Vivasor**
2.5B realistic top end
15% 375M .. 7% 175M .. or 1/2 with NOL SRNEQ dilution 15% 188M or 7% 87.5M
1B low end
15% 150M .. 7% 70M .. or 1/2 with NOL 35M
Vivasor upside + 35M to SRNE for first 500M sold
**Total value for SRNE shareholders is 105M to 410M**
*This could change with major approval.*
Also if Vivasor has IPO SRNEQ share holders can purchase shares at 15% discount.
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**** SPAC**
Use of SRNE as a SPAC. I mentioned this weeks ago as a comment on this thread:
https://www.reddit.com/r/BANDOFBROTHERSOFSRNE/comments/1btk43y/comment/kxp66dh/
For this to be ideal for Vivasor and Sorrento, I believe a Reverse Split "RS" of SRNE stock would have to happen. **NOT a dilution**, stock holders would still own the same percentage of SRNE. A RS that would up the stock price well above a dollar so SRNE could get back onto the NASDAQ. Which is where Vivasor would want to be.
If a SRNE Vivasor SPAC merger would happen making SRNE whole again, SRNE stock holders could possible end up with 80% of 50% of the newly merged company or 40% because there is a 20% finders fee for SPAC's. Also 50% of the 15% of Vivasor. So SRNE stockholders could end up with 47.5% of SRNE/Vivasor.
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Other SRNE +/- ... 1/2 money from brokers caught illegally shorting SCLX and many other details of minor additional plusses and minuses that would take hundreds of pages to list.
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Best case scenario would be to time the back on the NASDAQ and announcement of SPAC merger of SRNE & Vivasor for a crazy stock jump. Worst case is NOR merger and only getting assets that cover UCC.
Link Reddit:
https://www.reddit.com/r/BANDOFBROTHERSOFSRNE/s/G9dRFBrIE8
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