Company: CERO
Filing Date: 2025-02-05
Form Type: S-1/A
Source: 0001213900-25-010230
Chunk: 392

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-05
Form: S-1/A
Chunk 392
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 the Company surviving as a
wholly-owned subsidiary of PBAX and approved the Business Combination and the other transactions and ancillary documents contemplated
by and required for the Business Combination; (ii) on a non-binding advisory basis, certain changes to the amended and restated charter
of PBAX, including the name change of Phoenix Biotech Acquisition Corp. to CERo Therapeutics Holdings, Inc., share authorizations, and
others; (iii) the issuance of Class A common stock to the Company’s stockholders pursuant to the Business Combination Agreement;
(iv) the election of five directors; and (v) the 2024 Equity Incentive Plan and the 2024 Employee Stock Purchase Plan (in each case, as
defined in the Business Combination Agreement), contingent of the consummation of the Business Combination.

In connection with the approval of the Business
Combination, holders of shares of Class A common stock, exercised redemption rights. As a result, following satisfaction of such
redemptions, PBAX had shares of Class A common stock outstanding, of which (i) were shares of Class A common stock issued
to the public in its initial public offering (“IPO”), which shares of Class A common stock were entitled to receive a pro
rata portion of the remaining funds in the PBAX trust account in connection with its initial business combination, a liquidation or certain
other events, (ii) were shares of Class A common stock issued upon the conversion of an equal number of shares of PBAX Class
B common stock, par value $ per share (“Class B common stock”), acquired by Phoenix Biotech Sponsor, LLC (the “Sponsor”)
prior to its IPO, which shares of Class A common stock did not have redemption rights, and (iii) were shares of Class A common
stock included in the private placement units acquired in the private placement by the Sponsor and other investors concurrent with the
PBAX IPO, which shares of Class A common stock did not have redemption rights. On February 14, 2024, PBAX made a series of payments of
an aggregate of $ to holders of redeemed Class A common stock (an aggregate of $ per redeemed share).

On February 13, 2024, the Company, PBAX and Merger
Sub entered into Amendment No. 2 to the Business Combination Agreement to create two additional pools of earnout shares (the “Earnout
Shares”) of Class A common stock, one pool of which will contain shares, which will