PHOENIX BIOTECH SPONSOR, LLC - 08 Oct 2021 Form 4 Insider Report for PHOENIX BIOTECH ACQUISITION CORP. (CERO)

Role: 10%+ Owner
Signature: /s/ Chris Ehrlich, Manager
Issuer symbol: CERO
Transactions as of: 08 Oct 2021
Net transactions value: +$367,330
Form type: 4
Filing time: 12 Oct 2021, 19:41:26 UTC
Previous filing: 05 Oct 2021
Next filing: 16 Feb 2024
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PBAX	Class A common stock	Other	$367,330	+36,733	+5.5%	$10.00	699,996	08 Oct 2021	Direct	F1, F2

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		-82,875	-1.8%		4,596,250	08 Oct 2021	Class A Common Stock	82,875		Direct	F3, F4
transaction	PBAX	Warrants	Other	$0	+18,366	+5.5%	$0.000000	349,998	08 Oct 2021	Class A Common Stock	18,366	$11.50	Direct	F1, F5, F6

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Acquisition by reporting person 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	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.
F6	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.