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.
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