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Tevogen Bio Holdings (TVGN) has issued an announcement.
Tevogen Bio Holdings Inc. has engaged in a securities purchase agreement, selling 600 shares of its Series C Preferred Stock to an investor for $6 million. These shares, which will begin to be convertible into common stock six months post-issuance, come with a 7.5% annual cumulative dividend and a Beneficial Ownership Limitation to prevent any single investor from holding over 9.99% of the common stock. Furthermore, the company reserves a call right on these shares after five years and has established that Series C stockholders must approve any adverse changes to the company’s governing documents. Concurrently, Suren Ajjarapu resigned from the board of directors, with no disputes cited regarding company operations or policies.
Find detailed analytics on TVGN stock on TipRanks’ Stock Analysis page.
