Company: CERO
Filing Date: 2025-02-07
Form Type: 424B3
Source: 0001213900-25-011071
Chunk: 210

Company: CERO THERAPEUTICS HOLDINGS, INC.
Filing Date: 2025-02-07
Form: 424B3
Chunk 210
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MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS OF PBAX</div>

The following discussion and analysis of PBAX’s financial condition and results of operations should be read in conjunction with our audited consolidated financial statements and the notes related thereto appearing at the end of this prospectus. Certain information contained in the discussion and analysis set forth below includes forward-looking statements. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of many factors, including those set forth under “Cautionary Note Regarding Forward-Looking Statements,” “Risk Factors” and elsewhere in this prospectus. All references herein to “we,” “us,” or “our” in this section refer to Phoenix Biotech Acquisition Corp. prior to consummation of the Business Combination and to CERo Therapeutics Holdings, Inc. and its consolidated subsidiaries following the consummation of the Business Combination.

Overview

We are a blank check company
incorporated in Delaware on June 8, 2021. We were formed for the purpose of effecting a merger, capital stock exchange, asset acquisition,
stock purchase, reorganization or similar business combination with one or more target businesses, using cash from the proceeds of our
Initial Public Offering and the sale of the Private Placement Units (as defined below) that occurred simultaneously with the completion
of our Initial Public Offering, our capital stock, debt or a combination of cash, stock and debt.

We incurred significant
costs in the pursuit of a business combination. As described below, the Business Combination was consummated on February 14, 2024, after
the date of the audited consolidated financial statements included elsewhere in this prospectus.

Recent Developments

On January 3, 2024, we held
a special meeting of stockholders (the “Third Special Meeting”). At the Third Special Meeting, our stockholders approved
a proposal to amend the Investment Management Trust Agreement (the “IMTA”), dated as of October 5, 2021, as amended by the
Amendment No. 1 dated December 20, 2022 and Amendment No. 2 dated July 7, 2023, by and between us and Continental Stock Transfer and
Trust Company (“Continental”), to extend the business combination period up to three times for one month each time from January