Company: CERO
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001213900-25-011071
Chunk: 401

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-07
Form: 424B3
Chunk 401
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Registration Rights Agreement.

Equity Line of Credit – Arena Business Solutions Global SPC II, Ltd (“Arena”)

On February 23, 2024, New CERo entered into a purchase
agreement (the “Purchase Agreement”) with Arena, under which Arena has committed to purchase up to $25 million (the “Commitment
Amount”) of New CERo’s shares of Common Stock, subject to the satisfaction of the conditions in the Purchase Agreement.

<div align='center'>F-48

PHOENIX BIOTECH ACQUISITION CORP.

NOTES TO FINANCIAL STATEMENTS

DECEMBER 31, 2023</div>

Such sales of Common Stock, if any, will be subject
to certain limitations, and may occur from time to time at New CERo’s sole discretion over the period commencing on the termination
of the Common Stock Purchase Agreement and expiring approximately 36 months following such termination, provided that a Registration
Statement (as defined below) is and remains effective, and the other conditions set forth in the Purchase Agreement are satisfied. New
CERo will control the timing and amount of any sales of Common Stock to Arena. Actual sales of shares of Common Stock to Arena under
the Purchase Agreement will depend on a variety of factors to be determined by New CERo from time to time, including, among others, market
conditions, the trading price of the Common Stock and determinations by the Company as to the appropriate sources of funding and New
CERo’s operations.

On any trading day, New CERo may direct Arena to
purchase amounts of its Common Stock up to the Commitment Amount. The maximum amount that the Company may specify in any one Advance
Notice is equal to: (A) if the Advance Notice is received by 8:30 a.m. Eastern time, then the maximum amount that the Company may specify
is equal to the lesser of (i) an amount equal to 60% of the average Daily Value Traded of the Common Stock on the ten trading days immediately
preceding such Advance Notice, or (ii) $20.0 million; and (B) if the Advance Notice is received after 8:30 a.m. Eastern time but prior
to 10:30 a.m. Eastern time, then the maximum amount that the Company may specify in an Advance Notice is equal to the lesser of: (i)
an amount equal to 30% of the average Daily