Phoenix Biotech Acquisition Corp. Class A (PBAX) has released an update to notify the public and investors about an entry into a material definitive agreement.
Phoenix Biotech Acquisition Corp. has amended its Business Combination Agreement with CERo Therapeutics, adjusting terms such as the minimum cash condition and stock-price based milestones, and increasing the number of shares issuable to CERo’s stockholders. Additionally, they entered into a PIPE Financing deal, agreeing to sell $2.0 million of convertible preferred stock and warrants to an accredited investor. The Warrants come with specific terms regarding exercise price and period, and cashless exercise options. The Series A Preferred Stock issued will have certain conversion rights, dividends, and ranking senior to common stock, with various conditions and rights in the event of corporate changes or fundamental transactions.
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For a comprehensive understanding of the announcement, you can read the full document here.
