The board of directors of Sorrento Therapeutics, Inc. (NasdaqCM:SRNE) intent to spin-off its stake in Scilex Holding Company (NasdaqCM : SCLX) on December 29, 2022. Sorrento Therapeutics declared a stock dividend ( Dividend ) consisting of an aggregate of 76,000,000 shares ( Dividend Stock ) of common stock of Scilex Holding Company held by Sorrento to record holders of: · Sorrento's common stock ( Record Common Holders ) as of the close of business on the Record Date. The Record Date for determining the Sorrento stockholders who are entitled to receive Dividend Stock was January 9, 2023. The dividend ratio is 0.1410127 of a share of Scilex common stock for each one share of Sorrento common stock held (or underlying the applicable warrants) by the Record Holders. Dividend shall be paid on January 19, 2023 (the “ Payment Date ”) and shall be apportioned on a pro rata basis among the Record Holders.The Dividend Stock you will receive on the Payment Date is subject to restrictions on transfer until May 11, 2023. Pacific Stock Transfer Company and Continental Stock Transfer & Trust Company acted as transfer agent for Sorrento Therapeutics and Scilex Holding respectively.

The board of directors of Sorrento Therapeutics, Inc. (NasdaqCM:SRNE) completed the spin-off its stake in Scilex Holding Company (NasdaqCM : SCLX) on January 19, 2023. As of April 24, 2023, the Official Committee of Unsecured Creditors in the Chapter 11 Cases filed the Official Committee of Unsecured Creditors' Emergency Motion to Extend the Application of the Automatic Stay to Continue the Restricted Trading Period for Shares of Scilex Stock Distributed to the Debtors' Shareholders (the “Motion”), seeking the Bankruptcy Court's extension of the application of the automatic stay to continue the restricted trading period for the Distributed Stock, approved by the Bankruptcy Court on April 25, 2023, and extended the Lock-up period for the Distributed Stock until September 1, 2023.