The recent trading session witnessed a remarkable surge in the value of Tevogen Bio Holdings Inc. (NASDAQ: TVGN) stock, which more than doubled its worth. Tevogen Bio stock experienced a notable upsurge of 119.30%, concluding the session at $10.00. This significant spike in TVGN stock follows a substantial equity maneuver.
On February 14, 2024, Tevogen Bio (TVGN) initiated a securities purchase agreement with an investor, wherein the investor committed to acquiring shares of Series A Preferred Stock of the Company for a total purchase price of $8.0 million.
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Tevogen’s ethos revolves around a patient-centric paradigm, harmonizing affordability with cutting-edge scientific endeavors. This strategy lays the foundation for sustainable triumphs in the contemporary healthcare landscape. Investors are now presented with the opportunity to align themselves with Tevogen’s vision of pioneering commercially viable and accessible personalized T cell therapies tailored for expansive patient demographics in virology, oncology, and neurology.
The release of Series A Preferred Stock is set for the initial quarter, with the option to switch into 2,000,000 shares of the Company’s usual stock at the discretion of the owner. Notably, the Series A Preferred Stock is subject to a call option held by the Company, exercisable if the average price of the usual stock for the prior 20 days exceeds $5.00 per share, dependent on an effective resale registration statement covering the underlying usual stock. Furthermore, the Series A Preferred Stock, without voting rights and mandatory redemption clauses, carries an annual cumulative dividend of 5%, increasing by 2% each year.
This investment venture swiftly follows the recent merger’s completion, marking TVGN’s debut as a publicly traded entity. Tevogen Bio officially announced the completion of Tevogen Bio Inc’s merger with Semper Paratus Acquisition Corporation on Wednesday, resulting in the formation of Tevogen Bio Holdings Inc. Subsequently, the combined entity’s usual stock and warrants began trading on the Nasdaq Global Market under the symbols TVGN and TVGNW, respectively, on Thursday, February 15, 2024.
The Nasdaq listing is positioned to provide Tevogen Bio with improved access to funds, thereby accelerating the development of its genetically unmodified off-the-shelf T cell therapy products tailored for extensive patient groups.
