$SRNE Some here are unclear on what constitutes a non-binding acquisition proposal. What is a non-binding proposal? A non-binding offer, also referred to as an indicative offer, is used in a sales process to establish the terms of a deal between the seller and the buyer. It serves as an “agreement to agree” between the two parties. ... It is a mutually binding contract that indicates that the offer is legally binding. "SAN DIEGO, Jan. 10, 2020 (GLOBE NEWSWIRE) -- Sorrento Therapeutics, Inc. (NASDAQ: SRNE, “Sorrento” or the “Company”), announced today that on January 9, 2020, it received a non-binding proposal from a private equity fund to acquire a majority or all of the issued and outstanding shares of the Company for up to $7.00 per share."