SORRENTO THERAPEUTICS, INC. Form 8-K (Sept. 1, 2020)

Summary

Current report on Form 8-K for an event dated September 1, 2020, filed by Sorrento Therapeutics, Inc. Under Item 2.01, the report states that on September 1, 2020 the company completed its merger with SmartPharm Therapeutics, Inc., which became a wholly owned subsidiary. The consideration is equal to $19,368,664, subject to certain adjustments, and SmartPharm Stockholders became entitled to an aggregate of 1,757,563 shares at $10.60 per share, of which 204,828 shares will be placed in escrow. Henry Ji signed on September 2, 2020.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest
event reported): September 1, 2020

SORRENTO THERAPEUTICS, INC.

(Exact Name of Registrant as Specified
in its Charter)

Delaware | 001-36150 | 33-0344842
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.)

4955 Directors Place

San Diego , CA 92121

(Address of Principal Executive Offices)
(Zip Code)

Registrant’s telephone number,
including area code: ( 858 ) 203-4100

N/A

(Former Name, or Former Address, if Changed
Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended
to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol | Name of each exchange on which registered
Common Stock, $0.0001 par value | SRNE | The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities
Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ¨

If an emerging growth company, indicate by check mark if the
registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section 13(a) of the Exchange Act. ¨

Item 2.01 | Completion of Acquisition or Disposition of Assets.

On September 1, 2020, Sorrento Therapeutics,
Inc. (the “Company”) completed its previously announced merger (the “Merger”) of SP Merger Sub, Inc., a
Delaware corporation and wholly owned subsidiary of the Company (“Merger Sub”), with and into SmartPharm Therapeutics,
Inc., a Delaware corporation (“SmartPharm”), whereby SmartPharm became a wholly owned subsidiary of the Company. The
Merger was effected pursuant to that certain Agreement and Plan of Merger (the “Merger Agreement”), dated as of August
20, 2020, by and among the Company, Merger Sub, SmartPharm and John C. Thomas, Jr., as representative of the stockholders of SmartPharm
(the “Stockholders’ Representative”).

The total value of the consideration payable
to the holders of capital stock of SmartPharm (the “SmartPharm Stockholders”) in the Merger is equal to $19,368,664,
subject to certain adjustments for net working capital, indebtedness, transaction expenses and cash (the “Consideration”).
At the effective time of the Merger, SmartPharm Stockholders became entitled to receive an aggregate of 1,757,563 shares of common
stock of the Company (the “Shares”) based on a price per share equal to $10.60, to be paid in accordance with the terms
of the Merger Agreement, of which 204,828 Shares will be placed in escrow to serve as collateral
and partial security for working capital adjustments and certain indemnification rights of the Company arising under the
Merger Agreement. As provided for in the Merger Agreement, any SmartPharm Stockholder that is not an “accredited
investor” as defined in Regulation D under the Securities Act of 1933, as amended (the “Securities Act”),
may receive cash in lieu of shares of common stock of the Company pursuant to the terms of the Merger Agreement. A portion of the Consideration otherwise payable to the SmartPharm Stockholders was set aside for expenses incurred by the
Stockholders’ Representative.

The foregoing description of the Merger
Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement
that was filed as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission
on August 20, 2020, and is incorporated herein by reference.

Item 3.02. | Unregistered Sale of Securities.

The information set forth in Item 2.01 of this Current Report
on Form 8-K is incorporated herein by reference into this Item 3.02 in its entirety. The Shares were offered and sold on September
1, 2020, in a transaction exempt from registration under the Securities Act of 1933, as amended (the “Securities Act”),
in reliance on Section 4(a)(2) thereof and Rule 506 of Regulation D thereunder. Each of the accredited SmartPharm Stockholders
represented that such accredited SmartPharm Stockholder was an “accredited investor,” as defined in Regulation D, and
was acquiring the Shares for investment only and not with a view towards, or for resale in connection with, the public sale or
distribution thereof. Accordingly, the Shares have not been registered under the Securities Act and the Shares may not be offered
or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable
state securities laws. Neither this Current Report on Form 8-K nor the exhibits attached hereto is an offer to sell or the solicitation
of an offer to buy shares of Common Stock or any other securities of the Company.

Item 8.01 | Other Events.

On September 2, 2020, the Company issued a press release announcing
the closing of the Merger. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01 | Financial Statements and Exhibits
Exhibit Number | Exhibits
99.1 | Press Release, dated September 2, 2020.
104 | Cover Page Interactive Data File, formatted in Inline Extensible Business Reporting Language (iXBRL).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Sorrento Therapeutics, Inc.
Date: September 2, 2020 | By: | /s/ Henry Ji, Ph.D.
Name: Henry Ji, Ph.D.
Title: Chairman of the Board, President and Chief Executive Officer

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