Company: CERO
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001213900-25-011071
Chunk: 396

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-07
Form: 424B3
Chunk 396
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 received a pro rata portion of up to 1.0 million Earnout Shares, which are subject to vesting upon the 
 Company’s filing an investigational new drug application (“IND”) with the FDA.                                                |

| 6. | Each outstanding Company                                                                                                          
 option was converted into an option to purchase a number of shares of Class A common stock, equal to the Company’s common shares  
 underlying the option multiplied by the Exchange Ratio, at an exercise price per share equal to the Company option exercise price 
 divided by the Exchange Ratio.                                                                                                    |

| 7. | Each warrant to purchase                                                                                                          
 CERo preferred stock was converted into a warrant to acquire a number of shares of Class A common stock obtained by dividing the  
 warrant as-if-exercised liquidation preference by $10.00, with the exercise price equal to the total CERo warrant exercise amount 
 divided by the number of shares of Class A common stock issuable upon exercise.                                                   |

| 8. | The CERo Notes automatically                       
 converted into shares of Series A Preferred Stock. |

<div align='center'>F-46

PHOENIX BIOTECH ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023</div>

PIPE Financing

In February 2024, New CERo consummated a private
placement of 10,080 shares of New CERo Series A Preferred Stock, par value $0.0001 per share (the “Series A Preferred Stock”),
warrants to purchase 612,746 shares of Common Stock (the “Common Warrants”) and warrants to purchase 2,500 shares of Series
A Preferred Stock (the “Preferred Warrants” and, together with the Common Warrants, the “PIPE Warrants”), pursuant
to the Amended and Restated Securities Purchase Agreement, dated February 14, 2024, by and among the Company, CERo and certain accredited
investors (the “Initial Investors”) for aggregate cash proceeds to New CERo of approximately $9.98 million. In April 2024,
New CERo consummated a private placement of 626 shares of Series B convertible preferred stock, par value $0.0001 per share (“Series
B Preferred Stock”), pursuant to the Securities Purchase Agreement, dated March 28, 2024, by and among New CERo and certain accredited
investors (the “Additional