Cero Therapeutics announces option exercise for additional Series D financing

CERo Therapeutics (CERO) announces that the company has issued additional shares of its Series D Preferred Stock to certain institutional investors pursuant to the securities purchase agreement previously entered into by and between the Company and such Investors on April 22 with respect to the issuance of shares of Series D Preferred Stock for an aggregate purchase price of up to $8M, including $5M previously issued in April and up to $3M issuable at the option of the Investors. The shares of Series D Preferred Stock are convertible into shares of the Company’s common stock. The gross proceeds to CERo from today’s closing are expected to be approximately $750,000, with up to $2.25M of cash that may be funded at one or more additional closings, at the election of the Investors. CERo intends to use the net proceeds from the offering to take advantage of the two recent FDA IND allowances in liquid and solid tumors and complete the previously announced site activation at MDACC, as well as bring other sites online quickly.