PHOENIX BIOTECH SPONSOR, LLC - 14 Feb 2024 Form 4 Insider Report for PHOENIX BIOTECH ACQUISITION CORP. (CERO)

Role
10%+ Owner
Signature
/s/ Chris Ehrlich
Issuer symbol
CERO
Transactions as of
14 Feb 2024
Net transactions value
$0
Form type
4
Filing time
16 Feb 2024, 19:38:37 UTC
Previous filing
12 Oct 2021
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction CERO Common Stock Other -1,125,000 -21% 4,171,246 14 Feb 2024 Direct F4
transaction CERO Common Stock Other -4,171,246 -81% 1,000,000 14 Feb 2024 Direct F1

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 CERO Convertible Promissory Note Options Exercise $0 0 $0.000000* 0 14 Feb 2024 Common Stock $10.00 Direct F2
transaction CERO Series A Convertible Preferred Stock Options Exercise $1,555,000 +1,555 $1000.00* 1,555 14 Feb 2024 Common Stock 155,500 $10.00 Direct F2, F3
transaction CERO Series A Convertible Preferred Stock Other $1,555,000 -1,555 -100% $1000.00* 0 14 Feb 2024 Common Stock 155,500 $10.00 Direct F1, F3
transaction CERO Warrants Other $0 -349,998 -100% $0.000000* 0 14 Feb 2024 Common Stock 349,998 $11.50 Direct F1
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of Common Stock, Series A Preferred Stock or warrants, as applicable, distributed-in-kind by the reporting person to its members, pro rata and without consideration.
F2 Upon closing of the Issuer's initial business combination, the aggregate principal amount of the Convertible Promissory Note converted into shares of Series A Convertible Preferred Stock (the "Series A Preferred Stock") at a conversion price equal to $10.00.
F3 Each share of 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.
F4 Represents shares of Common Stock forfeited to the Issuer for no consideration in connection with the Issuer's initial business combination.