Phoenix Biotech Acquisition Corp. Class A (PBAX) has released an update to notify the public and investors about the unregistered sales of equity securities.
The recent issue of PIPE Securities by a company, as per their Securities Purchase Agreement, is utilizing an exemption from the standard registration requirements under the Securities Act of 1933. This strategic financial move is based on certain conditions that allow for private investment without the need for public registration, making it an intriguing option for investors who can meet the specific criteria set forth by the company. This method is not a public solicitation of investment and the securities involved cannot be sold without registration or a valid exemption in the United States.
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For a comprehensive understanding of the announcement, you can read the full document here.
