Phoenix Biotech Acquisition Corp. Class A (PBAX) has released an update.
Upon closing its PIPE Financing, the company secured an agreement with Keystone Capital Partners, LLC, enabling the sale of up to $25 million in common stock. The company also issued shares to Keystone Capital as part of the agreement, with additional shares to be issued within 180 days post-closing. The company has full control over the timing and amount of stock sales to Keystone, subject to market conditions and other factors. The agreement includes provisions for fixed and VWAP purchases, with an Exchange Cap set at 19.99% of the company’s outstanding common stock, unless stockholder approval is obtained for higher issuances. Concurrently, the company established customary registration rights for Keystone Capital.
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