Tevogen Bio Entered Into A Securities Purchase Agreement With An Investor Pursuant To Which The Investor Agreed To Purchase Shares Of Series A Preferred Stock Of The Company For An Aggregate Purchase Price Of $8M
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Tevogen Bio Holdings Inc. (NASDAQ:TVGN), a clinical-stage immunotherapy biotech company, has entered into a securities purchase agreement for the sale of Series A Preferred Stock worth $8M to an investor. This move marks the company's transition to a public entity, aiming to advance in virology, oncology, and neurology with affordable T cell therapies. The Series A Preferred Stock, convertible into 2,000,000 common shares, features a 5% annual dividend, increasing annually by 2%, and a call right for the company under certain conditions.
February 15, 2024 | 2:26 pm
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Tevogen Bio Holdings Inc. has successfully secured an $8M investment through the sale of Series A Preferred Stock, indicating strong investor confidence and a strategic move towards advancing its T cell therapy innovations in virology, oncology, and neurology.
The successful sale of Series A Preferred Stock not only provides Tevogen Bio with necessary capital to advance its clinical programs but also signals investor confidence in its technology and market potential. The terms of the stock, including convertibility into common shares and a structured dividend, suggest a positive outlook for the company's growth and financial health. This financial move is likely to be viewed positively by the market, potentially leading to a short-term positive impact on TVGN's stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100