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SRNE > SEC Filings for SRNE > Form 8-K on 21-Oct-2013All Recent SEC Filings

Show all filings for SORRENTO THERAPEUTICS, INC.



Creation of a Direct Financial Obligation or an Obligation under an O

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

On October 21, 2013, Sorrento Therapeutics, Inc. (the "Company") issued an aggregate $1,850,000 principal amount of Convertible Promissory Notes (the "Notes") to various investors. The Notes bear interest at 7% per annum and maturity date is April 15, 2017. In the event that the Company issues and sells shares of its equity securities to investors after the date of the Notes and on or before the maturity date in an equity financing with total proceeds to the Company of not less than $10,000,000, then the outstanding principal balance of the Notes shall automatically convert into such equity securities at a conversion price equal to the price per share paid by the investors purchasing the equity securities.

At any time after November 30, 2013 and until the Notes are no longer outstanding, the principal amount under the Notes shall be convertible into shares of Common Stock at the option of the holder, at any time. The principal amount of the Notes shall be converted based upon the ten (10) trading day volume weighted average closing price of the Common Stock for the trading days immediately prior to the date of receipt of notice of voluntary conversion. The form of Convertible Promissory Note is attached hereto as Exhibit 4.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit No. Description

4.1 Form of Convertible Promissory Note.

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