Item 8.01. Other Events.
As previously disclosed, Sorrento Therapeutics,
Inc. (“Sorrento” or the “Company”) and its wholly-owned direct subsidiary, Scintilla Pharmaceuticals, Inc. (together
with the Company, the “Debtors”), commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code (the
“Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).
As stated in the final order of the Bankruptcy
Court on April 14, 2023, the Debtors are conducting a dual-track (i) financing process for the potential raising of debt, equity, or hybrid
financing or consummation of a restructuring transaction through a chapter 11 plan of reorganization and (ii) marketing process for the
sale or disposition of all or any portion of the Debtors’ assets under section 363 of the Bankruptcy Code, including (x) the Debtors’
equity interests in its non-debtor subsidiaries, including, but not limited to, Scilex Holding Company and (y) the Debtors’ other
assets (collectively, the “Potential Transactions”). However, there can be no assurance that the Company’s exploration
of the Potential Transactions will ultimately result in the completion of any Potential Transaction.
Cautionary Statement Concerning Forward-Looking
Statements
This Current Report on Form
8-K includes certain statements that are not historical facts but are forward-looking statements for purposes of the safe harbor provisions
under the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words
such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,”
“intend,” “expect,” “should,” “would,” “plan,” “predict,” “potential,”
“seem,” “seek,” “future,” “outlook,” and similar expressions that predict or indicate
future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited
to, statements regarding the Company’s ability to pursue and execute the Potential Transactions. The Company’s actual results
or outcomes and the timing of certain events may differ significantly from those discussed in any forward-looking statements. These statements
are based on various assumptions and on the current expectations of the Company’s management and are not predictions of actual performance.
These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied
on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability.
Actual events and circumstances
are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control
of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including risks associated with
Sorrento’s ability to pursue and execute any of the Potential Transactions, the unpredictability of trading markets and whether
a market will be established for the Company’s common stock; the potential adverse impact of the Company’s bankruptcy proceedings
pursuant to Chapter 11 (the “Chapter 11 Cases”) on the Company’s liquidity and results of operations; changes in the
Company’s ability to meet its financial obligations during the Chapter 11 process and to maintain contracts that are critical to
its operations; the outcome and timing of the Chapter 11 process; the effect of the Chapter 11 Cases on the Company’s relationships
with vendors, regulatory authorities, employees and other third parties; possible proceedings that may be brought by third parties in
connection with the Chapter 11 process; the timing or amount of any recovery, if any, to the Company’s stakeholders; any effects
of the Chapter 11 Cases on the Potential Transactions; the trading of the Company’s common stock on the Pink Open Market; and those
factors discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022 and any subsequent Quarterly
Reports on Form 10-Q filed with the Securities and Exchange Commission, in each case under the heading “Risk Factors,” and
other documents of the Company filed, or to be filed, with the SEC. If the risks materialize or assumptions prove incorrect, actual results
could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company
presently does not know or that the Company currently believes are immaterial that could also cause actual results to differ from those
contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans
or forecasts of future events and views as of the date of this document. The Company anticipates that subsequent events and developments
will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in
the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as
representing the Company’s assessments as of any date subsequent to the date of this document. Accordingly, undue reliance should
not be placed upon the forward-looking statements.