Sorrento is not at 0 cents Their symbol was changed to
Sorrento is not at 0 cents Their symbol was changed to SRNEQ because they moved to the pink sheets. Patrick Soon-Shiong’s company entered a partnership agreement with SRNE, and then, SRNE alleges, pursued a “catch and kill” strategy with their drug — not doing the clinical trials that were promised, because SRNE’s drug would compete with the drug that Soon-Shiong’s ompany was marketing.
SRNE sued them; they counter sued. The whole thing is a big mess but SRNE retreated into Chapter 11 strategically. They gave a dividend of stock in their wholly-owned subsidiary to their shareholders. SRNE’s actual value now to pre-Chapter 11 shareholders, including the dividend of stock, is actually at least 1.34.
This is a cautionary tale; SRNE is certainly NOT the only company to allege that they were victims of a “catch and kill” strategy by a bigger company.
Just saying.
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