Tevogen Bio has entered into a definitive agreement for a $6.0 million Series C Preferred Stock investment with The Patel Family, LLP. The shares of Series C Preferred Stock will have a 7.5% dividend per year, accruing and payable quarterly. The Series C Preferred Stock is convertible into shares of common stock after 6 months at the election of the holder, and callable by Tevogen for redemption after 5 years at Tevogen’s election. The Series C Preferred Stock does not have any mandatory redemption and is non-voting. Dividends will cease to accrue after 10 years if the Series C Preferred Stock remains outstanding at that time. The purchase agreement for the Series C Preferred Stock provides for two closings, one on August 30, 2024, for $4.0 million, and one on September 16, 2024, for $2.0 million.
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