Phoenix Biotech Acquisition Corp. Class A (PBAX) has released an update.
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Phoenix Biotech Acquisition Corp. has updated its business combination agreement with CERo Therapeutics, adding two new pools of earnout shares. One pool includes 875,000 shares for immediate vesting at the deal’s close as compensation for forfeited shares, while another consists of 1,000,000 shares that vest upon hitting specific regulatory milestones. These amendments aim to fine-tune the earnout conditions and share issuance processes, signaling a strategic move to enhance the merger’s incentive structure.
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