ImmunityBio Announces $470 Million Equity and Debt Financing From Founder, Dr. Patrick Soon-Shiong and Nant Entities

ImmunityBio, Inc. (NASDAQ: IBRX), a clinical-stage immunotherapy company, today announced that it has executed financing transactions resulting in approximately $200 million of proceeds to the Company through a financing including an exchange into equity of current debt and a new convertible debt instrument from Nant Capital, LLC, an entity affiliated with Dr. Patrick Soon-Shiong, the Company’s Founder, Executive Chairman and Global Chief Scientific and Medical Officer. With this new financing from Dr. Soon-Shiong, including the extension of the maturity date of current debt, ImmunityBio believes that it is well-positioned to fund its ongoing business operations and pre-commercialization efforts as it continues to drive toward a potential regulatory approval of N-803 plus BCG for BCG-unresponsive non-muscle invasive bladder cancer.

The new $200 million convertible note with Nant Capital has a three-year term and is convertible into shares of ImmunityBio common stock at a conversion price of a fifty percent (50%) premium over the closing market price immediately preceding the date of the note.

In addition, the financing transactions restructure the Company’s existing debt obligations with the Nant entities, including an extension of the nearest term debt maturities by one year to December 2024.

Further, ImmunityBio executed a stock purchase agreement pursuant to which all of the outstanding fixed-rate promissory notes held by Nant Capital and certain other Nant entities, representing approximately $270 million in aggregate principal amount and accrued and unpaid interest as of September 8, 2023, were exchanged for ImmunityBio common stock, based on the closing stock price on September 8, 2023.

“Our Company, scientists, physicians and Board are grateful to Dr. Soon-Shiong for his continued financial support of our Company and its important mission, as well as for his involvement in our day-to-day operations,” said Richard Adcock, Chief Executive Officer and President of ImmunityBio. “With this additional financing, we are well positioned to execute on our commercialization plans in anticipation of the approval of N-803 plus BCG in bladder cancer. This funding will also help support the planned expansion of our current clinical trials and the opening of new studies to explore the untapped potential of N-803 and our other platforms across multiple indications.”