Business
ImmunityBio Announces $470 Million Equity and Debt Financing From Founder, Dr. Patrick Soon-Shiong and Nant Entities
Financing improves the company’s balance sheet and provides $200 million of capital, as follows: Exchange of $270 million of debt held by Nant Entities into
About this update from Immunitybio, Inc.
[{"type":"text","content":"\n\nFinancing improves the company’s balance sheet and provides $200 million of capital, as follows:\n\n\nExchange of $270 million of debt held by Nant Entities into ImmunityBio equity resulting in deleveraging of the Company’s balance sheet\n\n\n\n$200 million of a new 3-year term debt financing from Nant Capital convertible at a 50 percent premium to provide capital sufficient to support the Company’s ongoing operations and pre-commercialization activities through the anticipated potential FDA approval of Anktiva for BCG-unresponsive bladder cancer\n\n\n\nExtension of nearest term current debt maturities to December 31, 2024\n\n\n\n\n\n\n CULVER CITY, Calif.--(BUSINESS WIRE)--\nImmunityBio, Inc. (NASDAQ: IBRX), a clinical-stage immunotherapy company, today announced that it has executed financing transactions resulting in approximately $200 million of proceeds to the Company through a financing including an exchange into equity of current debt and a new convertible debt instrument from Nant Capital, LLC, an entity affiliated with Dr. Patrick Soon-Shiong, the Company’s Founder, Executive Chairman and Global Chief Scientific and Medical Officer. With this new financing from Dr. Soon-Shiong, including the extension of the maturity date of current debt, ImmunityBio believes that it is well-positioned to fund its ongoing business operations and pre-commercialization efforts as it continues to drive toward a potential regulatory approval of N-803 plus BCG for BCG-unresponsive non-muscle invasive bladder cancer.\n\n\nThe new $200 million convertible note with Nant Capital has a three-year term and is convertible into shares of ImmunityBio common stock at a conversion price of a fifty percent (50%) premium over the closing market price immediately preceding the date of the note.\n\n\nIn addition, the financing transactions restructure the Company’s existing debt obligations with the Nant entities, including an extension of the nearest term debt maturities by one year to December 2024.\n\n\nFurther, ImmunityBio executed a stock purchase agreement pursuant to which all of the outstanding fixed-rate promissory notes held by Nant Capital and certain other Nant entities, representing approximately $270 million in aggregate principal amount and accrued and unpaid interest as of September 8, 2023, were exchanged for ImmunityBio common stock,...