Cero Therapeutics Holdings, Inc 8-K/A, filed Jul 18, 2023
Cero Therapeutics Holdings, Inc. (CERO)
About this 8-K/A
Cero Therapeutics Holdings, Inc filed this 8-K/A on July 18, 2023, reporting on events of July 7, 2023.
Items reported
- Item 8.01: Other events
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EXPLANATORY NOTE
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Item 8.01. Other Events.
In connection with the approval of the Charter Amendment, holders of 523,341 shares of the Company’s Class A common stock, par value $0.0001 per share (“Class A Shares”), exercised redemption rights. As a result, following satisfaction of such redemptions, as of July 10, 2023, the Company has 6,246,207 Class A Shares outstanding, of which (i) 764,957 are Class A Shares issued to the public in the Company’s initial public offering, which Class A Shares are entitled to receive a pro rata portion of the remaining funds in the Company’s trust account in connection with its initial business combination, a liquidation or certain other events, (ii) 4,596,250 are Class A Shares issued upon the conversion of an equal number of shares of the Company’s Class B common stock, par value $0.0001 per share, acquired by Phoenix Biotech Sponsor, LLC (“Sponsor”) prior to the Company’s initial public offering, which Class A Shares do not have redemption rights, and (iii) 885,000 are Class A Shares included in the private placement units acquired in the private placement by the Sponsor and other investors concurrent with the Company’s initial public offering, which Class A Shares do not have redemption rights.
On July 7, 2023, the Sponsor deposited $37,051.83 in the trust account in connection with the extension of the business combination deadline, of which $22,948.71 was required in connection with the extension to August 8, 2023 and the remainder will be credited towards a portion of the extension payment for the period from August 8, 2023 to September 8, 2023. On July 18, 2023, the Company made a series of payments of an aggregate of $5,638,879.48 to holders of redeemed Class A Shares (an aggregate of $10.77 per redeemed Class A Share). As a result of the deposit described above, such payments and accrual of interest, the balance in the trust account as of July 18, 2023 is approximately $8.2 million.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PHOENIX BIOTECH ACQUISITION CORP. | ||
| By: |
/s/ Chris Ehrlich |
|
| Name: | Chris Ehrlich | |
| Title: | Chief Executive Officer | |
Dated: July 18, 2023
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