Warren-based Tevogen Bio Holdings Inc. on Thursday said it received an $8 million investment in shares of Series A preferred stock of the company.
“We are excited to begin our journey as a public company with this additional investment,” Dr. Ryan Saadi, Tevogen’s chairperson and CEO, said. “We believe Tevogen’s patient-centric approach, which merges a focus on affordability with advanced science, is a blueprint for sustainable success in the current era of health care. I am pleased that investors now have the opportunity to participate in Tevogen’s mission to become the very first life science company offering commercially attractive and affordable personalized T-cell therapies for large patient populations in virology, oncology and neurology.”
The shares of Series A Preferred Stock will be issued in the first quarter and will be convertible into a total of 2 million shares of the company’s common stock at the election of the holder.
The Series A Preferred Stock is subject to a call right providing the company the right to call the stock if the volume weighted average price of the common stock for the 20 days prior to delivery of the call notice is greater than $5 per share and there is an effective resale registration statement on file covering the underlying common stock. The Series A Preferred Stock is nonvoting, has no mandatory redemption and carries an annual 5% cumulative dividend, increasing by 2% each year.
