Phoenix Biotech Shareholders Approve CERo Merger Proposals

Phoenix Biotech Acquisition Corp. Class A (PBAX) has released an update.

Phoenix Biotech Acquisition Corp. convened a Special Meeting with an 88.3% shareholder turnout to vote on a series of proposals related to its merger with CERo. The stockholders overwhelmingly approved the Business Combination Agreement, a revised corporate structure including a classified board of directors, and the issuance of additional shares. They also sanctioned the appointment of five new directors and endorsed incentive and stock purchase plans set to activate upon the merger’s completion. Additionally, stockholders exercised their redemption rights for over 671,000 shares, totaling approximately $7.45 million.

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