Company: CERO
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001213900-25-011071
Chunk: 368

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-07
Form: 424B3
Chunk 368
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 Sponsor elected to effect the Conversion. As of the date hereof, there are 6,246,207 shares
of Class A common stock and no shares of Class B common stock issued and outstanding and entitled to vote.

On September 7, 2023, the Company received a written
notice (the “Notice”) from the Nasdaq Listing Qualifications Department of Nasdaq indicating that the Company was not in
compliance with Listing Rule 5450(a)(2), which requires the Company to have at least 400 public holders for continued listing on the
Nasdaq Global Market (the “Minimum Public Holders Rule”). The Notice is only a notification of deficiency, not of imminent
delisting, and has no current effect on the listing or trading of the Company’s securities on Nasdaq Global Market. The Notice
states that the Company has 45 calendar days to submit a plan to regain compliance with the Minimum Public Holders Rule. The Company
has submitted a plan to regain compliance with the Minimum Public Holders Rule. If Nasdaq accepts the Company’s plan, Nasdaq may
grant the Company an extension of up to 180 calendar days from the date of the Notice to evidence compliance with the Minimum Public
Holders Rule. If Nasdaq does not accept the Company’s plan, the Company will have the opportunity to appeal the decision in front
of a Nasdaq Hearings Panel.

The MVLS deficiency was cured by the conversion
of the Class B common stock into Class A common stock because the Class A common stock held by Sponsor count towards satisfying such
requirement. The Company submitted a “plan of compliance” to NASDAQ indicating that the Company was aiming to be able to
cure the deficiency upon closing of the Business Combination. Nasdaq has not responded.

<div align='center'>F-34

PHOENIX BIOTECH ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023</div>

Inflation Reduction Act of 2022 (the “IR Act”)

On August 16, 2022, the Inflation Reduction Act
of 2022 (the “IR Act”) was signed into federal law. The IR Act provides for, among other things, a new U.S. federal 1% excise
tax on certain repurchases of stock by publicly traded U.S. domestic corporations and certain U.S. domestic subsidiaries of publicly
traded foreign corporations occurring on or after January 1