Soon-Shiong Group Lowers ImmunityBio Stake to 32.7%

TL;DR

**Soon-Shiong group cut their ImmunityBio stake to 32.7%, watch for governance shifts.**

AI Summary

Dr. Patrick Soon-Shiong and his affiliated entities, including Nant Capital, LLC and California Capital Equity, LLC, filed an Amendment No. 10 to their Schedule 13D on January 4, 2024, disclosing a decrease in their beneficial ownership of ImmunityBio, Inc. common stock. As of December 29, 2023, the reporting group beneficially owns 173,733,524 shares, representing 32.7% of the company's outstanding common stock. This matters to investors because it indicates a significant reduction in the controlling shareholder's stake, potentially impacting future corporate governance and strategic decisions.

Why It Matters

A substantial reduction in the beneficial ownership of a major insider like Dr. Patrick Soon-Shiong could signal a shift in control or strategic direction for ImmunityBio, Inc., which might influence investor confidence and stock valuation.

Risk Assessment

Risk Level: medium — A significant decrease in a controlling shareholder's stake can introduce uncertainty regarding future company direction and stability.

Analyst Insight

Investors should monitor future filings for further changes in ownership by Dr. Soon-Shiong's group and assess any potential impact on ImmunityBio's strategic direction or operational control. This reduction in a significant insider's stake warrants a closer look at the company's fundamentals and future plans.

Key Numbers

• 173,733,524 — Shares Beneficially Owned (Total common stock shares beneficially owned by the reporting group as of December 29, 2023.)
• 32.7% — Percentage of Class (The percentage of ImmunityBio, Inc.'s common stock beneficially owned by the reporting group.)
• December 29, 2023 — Date of Event (The date of the event requiring the filing of this amendment.)

Key Players & Entities

• Patrick Soon-Shiong (person) — controlling person of the reporting group
• ImmunityBio, Inc. (company) — the subject company
• Nant Capital, LLC (company) — a group member filing the SC 13D/A
• California Capital Equity, LLC (company) — a group member filing the SC 13D/A
• Cambridge Equities, LP (company) — the entity filing on behalf of the group
• 173,733,524 shares (dollar_amount) — total shares beneficially owned by the group

Forward-Looking Statements

• The reduced stake by Dr. Patrick Soon-Shiong's group could lead to increased scrutiny of ImmunityBio's corporate governance. (ImmunityBio, Inc.) — medium confidence, target: Q1 2024
• The market may interpret the reduced insider ownership as a signal of potential strategic shifts or a decrease in the controlling shareholder's long-term commitment. (ImmunityBio, Inc. stock price) — medium confidence, target: Q1 2024

FAQ

Key Financial Figures

• $0.0001 — me of Issuer) Common Stock, par value $0.0001 per share (Title of Class of Securiti
• $505 million — egate principal amount of approximately $505 million held by Nant Capital from December 31,
• $380 million — etion, to convert up to an aggregate of $380 million of principal, plus accrued and unpaid i
• $8.27 — of Common Stock at a price per share of $8.27. Item 2. Identity and Background.

Filing Documents

• d47784dsc13da.htm (SC 13D/A) — 146KB
• 0001193125-24-001705.txt ( ) — 148KB

of this Schedule 13D is hereby amended and restated as follows

Item 2 of this Schedule 13D is hereby amended and restated as follows: (a), (f) This Schedule 13D is being filed jointly by: (i) Dr. Patrick Soon-Shiong, a natural person and citizen of the United States; (ii) Cambridge Equities, LP, a limited partnership organized under the laws of the State of Delaware (Cambridge Equities); (iii) MP 13 Ventures, LLC, a limited liability company organized under the laws of the State of Delaware (MP 13 Ventures); (iv) NantWorks, LLC, a limited liability company organized under the laws of the State of Delaware (NantWorks); (v) NantMobile, LLC, a limited liability company organized under the laws of the State of Delaware (NantMobile); (vi) Nant Capital, LLC, a limited liability company organized under the laws of the State of Delaware (Nant Capital); and (vii) California Capital Equity, LLC, a limited liability company organized under the laws of the State of Delaware (California Capital). The persons and entities listed in items (i) through (vii) above are collectively referred to herein as the Reporting Persons. The Reporting Persons have entered into a joint filing agreement, a copy of which is attached as Exhibit 99.1. (b) The address of the principal business and principal office of Dr. Patrick Soon-Shiong is c/o ImmunityBio, Inc., 3530 John Hopkins Court, San Diego, California 92121. The address of the principal business and principal office, as applicable, of each of Cambridge Equities, MP 13 Ventures, and California Capital is 450 Duley Road, El Segundo, California 90245. The address of the principal business and principal office, as applicable, of each of NantWorks, Nant Capital, NantMobile and Messrs. Kenworthy and Morse is 450 Duley Road, El Segundo, California 90245. (c) The principal business of Cambridge Equities is investment. MP 13 Ventures is the general partner of Cambridge Equities and thus may be deemed to control Cambridge Equities. The principal business of MP 13 Ventures is invest

of this Schedule 13D is hereby amended by the addition of the following

Item 3 of this Schedule 13D is hereby amended by the addition of the following: On December 29, 2023, ImmunityBio, Inc. (the Company) and Nant Capital entered into an Amended and Restated Promissory Note pursuant to which the Company and Nant Capital agreed to extend the maturity dates of certain existing promissory notes with an aggregate principal amount of approximately $505 million held by Nant Capital from December 31, 2024 to December 31, 2025, and to allow Nant Capital, in its sole discretion, to convert up to an aggregate of $380 million of principal, plus accrued and unpaid interest thereon, into shares of Common Stock at a price per share of $8.27. Item 5. Interest in Securities of the Issuer. The disclosure in Item 5 is hereby amended and restated as follows: (a) and (b) Cambridge Equities beneficially owns 261,705,814 shares of the Issuers Common Stock, representing approximately 39.0% of the issued and outstanding Common Stock of the Issuer. MP 13 Ventures may be deemed to beneficially own, and share voting power and investment power with Cambridge Equities over, all shares of Common Stock beneficially owned by Cambridge Equities. NantWorks beneficially owns 9,986,920 shares of the Issuers Common Stock. NantWorks is the majority shareholder of NantBio, which beneficially owns 8,383,414 shares of the Issuers Common Stock, NantMobile, which beneficially owns 47,557,934 shares of the Issuers Common Stock, and NantCancerStemCell, which beneficially owns 32,606,985 shares of the Issuers Common Stock, and as a result may be deemed to beneficially own, and share voting power and investment power over, all of the shares of the Issuers Common Stock described above as being beneficially owned by NantBio, NantMobile and NantCancerStemCell. As a result, NantWorks may be deemed to beneficially own, in the aggregate, 98,535,253 shares of the Issuers Common Stock, representing approximately 14.7% of the issued and outstanding Common Stock of the Issuer. N

View Full Filing

View this SC 13D/A filing on SEC EDGAR