Company: CERO
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001213900-25-011071
Chunk: 430

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-07
Form: 424B3
Chunk 430
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 advisory board, for which the
individual was paid $50,000 in the year ending December 31, 2022 and $0 in 2023.

An investor had a working relationship with the
Company under the Collaboration Agreement described in Note 11 and was actively collaborating with the Company in the year ended December
31, 2022. At December 31, 2023, this investor maintained 7.69% of the outstanding and 9.89% of the fully diluted ownership of the
Company.

NOTE 15 – SUBSEQUENT EVENTS

Business Combination

On February 5, 2024, the Company, PBAX and Merger
Sub entered into Amendment No. 1 to the Business Combination Agreement (the “First BCA Amendment”) to, among other things,
(i) remove the minimum cash condition, (ii) modify the stock-price based milestones such that (a) the trading price condition for the
First Level Earnout Target (as defined in the First BCA Amendment) shall be reset from $12.50 to 125% of the reset Conversion Price (as
defined in the First BCA Amendment) of the New CERo Series A Preferred Stock (as defined below) and (b) the trading price condition for
the Second Level Earnout Target (as defined in the First BCA Amendment) shall be reset from $15.00 to 150% of the reset Conversion Price
of New CERo Series A Preferred Stock, and (iii) increase the aggregate number of shares of PBAX Class A common stock, par value $0.0001
per share (“Class A common stock”), issuable to the stockholders of the Company in connection with the Business Combination
from 4,651,704 shares to 5,000,000 shares. Such number of shares is in addition to up to 1,200,000 shares issuable upon satisfaction
of certain earn-out conditions and 382,651 shares issuable upon exercise of rollover options or warrants.

<div align='center'>F-66

CERo Therapeutics, Inc.

Notes to Financial Statements</div>

On February 8, 2024, PBAX held a special meeting
of stockholders (the “Fourth Special Meeting”). At the Fourth Special Meeting, PBAX’s stockholders adopted and approved
(i) the Business Combination Agreement, pursuant to which Merger Sub merged with and into the Company, with the Company surviving as
a wholly-owned subsidiary of