Company: CERO
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001213900-25-011071
Chunk: 354

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-07
Form: 424B3
Chunk 354
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, should the selling
price be below $1.00 per share.

On November 11. 2024, the Company’s stockholders
approved a reverse stock split ranging from 1:25 to 1:150. On November 15, 2024, the Board of Directors authorized a reverse stock split
ratio of 1:40, such reverse split is anticipated to be effective on or about December 2, 2024. Although such reverse stock split is expected
to enable regaining compliance with the Bid Price Requirement, it is not intended to contribute to regaining compliance with the other
Requirements.

<div align='center'>F-25

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</div>

To the Stockholders and Board of Directors of
Phoenix Biotech Acquisition Corp.

Opinion on the Financial Statements

We have audited the accompanying balance sheets
of Phoenix Biotech Acquisition Corp. (the “Company”) as of December 31, 2023 and 2022, and the related statements of operations,
changes in stockholders’ deficit and cash flows for each of the years in the two-year period ended December 31, 2023, and the related
notes (collectively, the “financial statements”). In our opinion, the financial statements present fairly, in all material
respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows
for each of the years in the two-year period ended December 31, 2023, in conformity with accounting principles generally accepted in
the United States of America.

Substantial Doubt About the Company’s Ability to Continue as a Going Concern

The accompanying financial statements have been
prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company’s
expected working capital needs to fund its combined operations and meet obligations as a result of the acquisition of CERo Therapeutics,
Inc. in February 2024, raise substantial doubt about its ability to continue as a going concern. The Company’s continued operations
are dependent upon its ability to raise additional funds through debt or equity financing. There can be no assurances that the Company
will be able to secure any such additional financing on acceptable terms and conditions, or at all. Management’s plan in regard
to these matters is described in Note 1. The financial statements do not include any adjustments that might result