Charles Carter - Feb 14, 2024 Form 3 Insider Report for PHOENIX BIOTECH ACQUISITION CORP. (CERO)

Role: Chief Financial Officer
Signature: /s/ Charles Carter
Stock symbol: CERO
Transactions as of: Feb 14, 2024
Transactions value $: $0
Form type: 3
Date filed: 2/16/2024, 07:28 PM
Previous filing: Jan 18, 2022
Next filing: Mar 27, 2024

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
holding	CERO	Series A Convertible Preferred Stock							Feb 14, 2024	Common Stock	5K	$10.00	Direct	F1

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

Explanation of Responses:

Id	Content
F1	Each share of Series A Convertible Preferred Stock (the "Series A Preferred Stock") has a stated value of $1,000 and, at the option of the holder, is convertible into a number of shares of Common Stock determined by dividing (x) the value of the shares of Series A Preferred Stock, plus any additional amounts thereon as of such date of determination, by (y) the conversion price, which is currently $10.00, subject to adjustments. The Series A Preferred Stock has no expiration date.

Content

Each share of Series A Convertible Preferred Stock (the "Series A Preferred Stock") has a stated value of $1,000 and, at the option of the holder, is convertible into a number of shares of Common Stock determined by dividing (x) the value of the shares of Series A Preferred Stock, plus any additional amounts thereon as of such date of determination, by (y) the conversion price, which is currently $10.00, subject to adjustments. The Series A Preferred Stock has no expiration date.

Remarks:

Exhibit 24 - Power of Attorney. Effective immediately after the Effective Time as defined in that certain Business Combination Agreement dated as of June 4, 2023, as amended, by and among the Issuer (f/k/a Phoenix Biotech Acquisition Corp.), CERo Therapeutics, Inc. and PBCE Merger Sub, Inc., the reporting person became an executive officer of the Issuer.