SAN DIEGO, Feb. 3, 2023 (GLOBE NEWSWIRE) — Sorrento Therapeutics, Inc. SRNE “Sorrento”))) today distributed dividend confirmation statements to 146 brokerage firms regarding its recent dividend to Sorrento shareholders of Scilex Holding Company common stock SCLX “Scilex”))) owned by Sorrento. These statements, which include account numbers and the number of Scilex dividend shares, were previously mailed by Continental Stock Transfer & Trust Company.

The dividend confirmations are being distributed on behalf of Sorrento and Scilex to notify each brokerage firm of Sorrento’s previously announced stock dividend (the “Dividend Shares”) consisting of an aggregate of 76,000,000 shares (the “Dividend Shares”) of Scilex common stock held by Sorrento to holders of (i) Sorrento common stock (the “Common Holders”) at the close of business on January 9, 2023 (the “Record Date”) and (ii) certain warrants to purchase Sorrento common stock (who have or may have the right to participate in the dividend in accordance with the terms of their respective warrants).

Sorrento estimates that approximately 60 million or more shares of Sorrento common stock have been sold “short” as of the record date. In the event that Sorrento Common Stock was held through a brokerage firm, bank, dealer or other similar entity and was sold “short” as of the Record Date, holders should immediately contact their financial adviser, broker or other representative to arrange to determine whether they may also qualify as “short” Scilex common stock as a result of the dividend and any obligations you may have to cover your “short” position(s). Please note that selling or being naked short in Sorrento common stock may constitute a violation of the US Securities and Exchange Commission Regulation SHO.

Each record common holder is entitled to receive 0.1410127 of a share of Scilex common stock for each share of Sorrento common stock…