ImmunityBio announces $470M equity and debt financing

ImmunityBio announced that it has executed financing transactions resulting in approximately $200M 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. The new $200M 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 50% premium over the closing market price immediately preceding the date of the note. In 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. Further, 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 $270M in aggregate principal amount and accrued and unpaid interest as of September 8, 2023, were exchanged for ImmunityBio common stock, based on the closing stock price on September 8, 2023.