Christopher B. Ehrlich - Oct 8, 2021 Form 4 Insider Report for PHOENIX BIOTECH ACQUISITION CORP. (PBAX)

Signature
/s/ Chris Ehrlich
Stock symbol
PBAX
Transactions as of
Oct 8, 2021
Transactions value $
$367,330
Form type
4
Date filed
10/12/2021, 07:36 PM
Previous filing
Oct 8, 2021
Next filing
Jan 31, 2022

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction PBAX Class A common stock Other $367K +36.7K +5.54% $10.00 700K Oct 8, 2021 By Phoenix Biotech Sponsor, LLC F1, F2, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction PBAX Class B Common Stock Other -82.9K -1.77% 4.6M Oct 8, 2021 Class A Common Stock 82.9K By Phoenix Biotech Sponsor, LLC F3, F4, F5
transaction PBAX Warrants Other $0 +18.4K +5.54% $0.00 350K Oct 8, 2021 Class A Common Stock 18.4K $11.50 By Phoenix Biotech Sponsor, LLC F1, F5, F6, F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Acquisition by the issuer's sponsor, Phoenix Biotech Sponsor, LLC (the "Sponsor") in connection with the partial exercise of the underwriters' over-allotment option.
F2 These shares underlie the same number of units of the issuer held by the reporting person.
F3 The shares of Class B common stock will automatically convert into shares of Class A common stock at the time of the issuer's initial business combination on a one-for-one basis, subject to certain adjustments described in the issuer's charter documents and have no expiration date.
F4 Forfeiture and cancellation of shares of Class B common stock for no consideration because the underwriters' over-allotment option was not exercised in full.
F5 These securities are held directly by the Sponsor, which managed by the reporting person. As a result, all of the securities may be deemed to be beneficially held by the reporting person. The reporting person disclaims beneficial ownership of these securities, except to the extent of his pecuniary interest therein, and this report shall not be deemed an admission that the reporting person is the beneficial owner of such securities for any other purpose.
F6 The warrants will become exercisable at the later of 30 days after the consummation of the issuer's initial business combination or 12 months from the completion of the issuer's initial public offering.
F7 The warrants will expire five years after the consummation of the issuer's initial business combination or earlier upon redemption of all of the issuer's outstanding Class A common shares or the issuer's liquidation.