Saturday, February 20, 2021 10:09:51 AM
What no one is talking about is Sorrento has now filed in
their 10K that there are anti-takeover measures being readied
to prevent a hostile takeover! They "probably" have received
offers for the business since last May, and now they are at a
point where those offers are going to result in the acquirer(s) trying to buy shares to gain a majority position and get a board seat to influence a sales transaction OR try to oust current SRNE management (read: Ji).
This would be done by a proxy fight with the acquirer trying to convince the rest of the shareholders to vote for an acquisition.
They could also put on the proxy to vote Ji out as CEO.
The good news with this 10K filing, is that the anti-takeover, preferred shares issuing, possible poison pill ARE IN THERE! Normally an acquiring company goes to the company's Board of Directors to try and negotiate an outcome -- like buying the company for '$x' amount per share. If these negotiations are not successful for the acquirer, their strategy changes from "nice guy - let's make a deal" to "hostile" whereby shares are acquired, alliances formed with other large shareholders, and a proxy war ensues with the acquirer trying to "team up" with the existing shareholders, other than mgmt, to "win" the company.
The fact that Ji added the anti-takeover provisions, preferred shares, poison pill language going forward PROBABLY means an offer, big position, partnership, merger, etc. will be announced or LEAKED (by the acquirer) very soon. This is the hidden gem of the 10K that no one is talking about, but in my view is the reason the price spiked after the 10K was released. The UPS story could have had something to do with it, but I think it was the 10K that did it, and Wall Street will probably pick up on this on Monday, to say "Sorrento is in play".....
Recent SRNE News
- Form 8-K - Current report • Edgar (US Regulatory) • 11/03/2023 09:31:06 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 10/27/2023 08:15:31 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 09/13/2023 01:51:06 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/28/2023 09:25:07 PM
- Form NT 10-Q - Notification of inability to timely file Form 10-Q or 10-QSB • Edgar (US Regulatory) • 08/07/2023 08:15:35 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/01/2023 10:01:54 AM
- Form 8-K - Current report • Edgar (US Regulatory) • 07/13/2023 10:26:26 AM
- Shanghai Escugen Biotechnology Co., Ltd., a partner of Levena Biopharma, a Sorrento Company, releases positive results from a first-in-human study of ESG401, a TROP2 Antibody Drug Conjugate in patients with locally advanced/metastatic solid tumors at the A • GlobeNewswire Inc. • 06/05/2023 01:00:00 PM
FEATURED Cannabix Technologies Launches New Compact Breath Logix Workplace Series and Prepares for Delivery to South Africa • May 7, 2024 8:51 AM
Moon Equity Holdings, Corp. Announces Acquisition of Wikolo, Inc. • MONI • May 7, 2024 9:48 AM
NanoViricides Reports that the Phase I NV-387 Clinical Trial is Completed Successfully and Data Lock is Expected Soon • NNVC • May 2, 2024 10:07 AM
ILUS Files Form 10-K and Provides Shareholder Update • ILUS • May 2, 2024 8:52 AM
Avant Technologies Names New CEO Following Acquisition of Healthcare Technology and Data Integration Firm • AVAI • May 2, 2024 8:00 AM
Bantec Engaged in a Letter of Intent to Acquire a Small New Jersey Based Manufacturing Company • BANT • May 1, 2024 10:00 AM