Business
Tevogen Bio reports series A-1 preferred stock investment at $10 conversion price
- Tevogen Bio (NASDAQ:TVGN) Thursday said it entered into a securities purchase agreement with an existing investor.
- Under the agreement, the investor agreed to purchase shares of the newly designated Series A-1 preferred stock of the company in lieu of series A preferred stock that the investor earlier agreed to purchase, for an aggregate purchase price of $6.0 million.
- The shares of Series A-1 preferred stock will be issued in the first quarter and will be convertible at a conversion price of $10.00, as opposed to the $4.00 conversion price of the series A preferred stock, into a total of 600,000 shares of the company’s common stock at the election of the holder.
- Source: Press Release
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