Bankrupt drugmaker Sorrento Therapeutics Inc.’s subsidiary Scilex Holding Co. is exploring a sale of new stock to take advantage of a share-price rally as Sorrento charts a path out of chapter 11, according to people familiar with the matter.
Shares in publicly traded Scilex, Sorrento’s largest asset, have more than doubled in value since its parent company filed for chapter 11 in February, closing at $14.80 Wednesday to give Scilex a market capitalization of more than $2 billion.
Source: https://www.wsj.com/articles/bankrupt-drugmaker-sorrentos-scilex-unit-explores-stock-sale-b339d1c?siteid=yhoof2&yptr=yahoo