Company: CERO
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001213900-25-011071
Chunk: 141

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-07
Form: 424B3
Chunk 141
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 Keystone, pursuant to which
CERo may sell and issue, and Keystone is obligated to purchase, up to the lesser of $25 million of Common Stock or a limit determined
by maximum ownership percentages (the “Keystone Equity Financing”). On February 23, 2024, CERo entered into Arena Purchase
Agreement, pursuant to which CERo may sell and issue, subsequent to the Keystone Equity Financing being terminated or fully subscribed,
and Arena is obligated to purchase, up to $25 million of Common Stock or a limit determined by maximum ownership percentages (the “Arena
Equity Financing”). Each of the Keystone Equity Financing and Arena Equity Financing is in place, but there was no accounting impact
on the date of the transaction.

The following summarizes
the pro forma ownership of Common Stock following the Business Combination

|                                       |     | Shares |            |     | % |       |   |
| Public shares(1)                      |     |        |     82,047 |     |   |   0.6 | % |
| Common shares                         
 issued to Legacy CERo stockholders(2) |     |        |  8,075,000 |     |   |  54.8 | % |
| Non-Sponsor                           
 held private shares(3)                |     |        |  2,378,554 |     |   |  16.2 | % |
| Shares held by Sponsor                |     |        |  4,171,246 |     |   |  28.4 | % |
| Shares outstanding                    |     |        | 14,706,847 |     |   | 100.0 | % |

| (1) | Excludes                                                                                                           
 Legacy CERo warrants, which were converted into warrants to purchase approximately 325,000 shares of Common Stock. |

| (2) | Excludes                                                                                                                     
 750,000 options granted under Legacy CERo’s 2016 Equity Incentive Plan, which were converted into options to purchase 48,339 
 shares of Class A Common Stock.                                                                                              |

| (3) | Excludes                                                                                                                             
 PBAX’s Public Warrants, Private Placement Warrants, and PIPE Warrants exercisable in the aggregate for 10,130,245 shares of common   
 stock. Also excludes 1,316,500 shares of common stock underlying the conversion of 10,039 shares of Series A Preferred Stock and 626 
 shares