On March 9, 2021 ImmunityBio, Inc. and NantKwest, Inc. (NASDAQ: NK), reported the completion of their previously announced 100% stock-for-stock merger (Press release, NantKwest, MAR 9, 2021, https://nantkwest.com/immunitybio-and-nantkwest-complete-merger/ [SID1234576320]). This follows the satisfaction of all customary closing conditions, including approval of the merger by a majority of unaffiliated shareholders of NantKwest at its Special Meeting held on March 8, 2021. The combined company will operate under the name ImmunityBio, Inc. ("ImmunityBio") and its shares of common stock will commence trading on NASDAQ on March 10, 2021 under the new ticker "IBRX."
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"ImmunityBio is the culmination of a decades-long quest to orchestrate natural killer cells and T cells to induce what we call ‘immunogenic cell death’. By integrating novel immunotherapy molecules with a state-of-the-art natural killer cell therapy and viral vectors, we are now in the position to transform treatments for patients afflicted with cancer and infectious diseases by activating the host immune system," said Patrick Soon-Shiong, M.D., Executive Chairman of the ImmunityBio Board. "With the merger complete, ImmunityBio has the scale that will allow us to advance our development of more novel therapies in oncology and infectious diseases, and accelerate work on our unique COVID-19 vaccine, which we believe is key to creating long-term immunity to the SARS-CoV-2 virus."
"We are excited to bring together these innovative organizations and talented teams to create a leading immunotherapy and cell therapy company," said Rich Adcock, Chief Executive Officer of ImmunityBio. "Together we expect to deliver important new treatments for patients, as we leverage our best-in-class platforms, expertise and resources to further accelerate our pipeline. We believe that our teams are prepared to seamlessly execute our go-forward strategy. We are excited to deliver on our mission on behalf of our shareholders, partners, and other stakeholders."
Transaction Details
Pursuant to the merger, the former stockholders of ImmunityBio are entitled to receive 0.8190 of a share of NantKwest common stock for each outstanding share of ImmunityBio common stock that they held immediately prior to the merger. Former ImmunityBio stockholders should contact American Stock Transfer & Trust Company, LLC, the exchange agent for the transaction, by calling toll-free at (877) 248-6417 or at (718) 921-8317, if they have any questions regarding the consideration to which they are entitled.