Tevogen Bio Holdings Inc. announced that it has entered into a securities purchase agreement with an investor pursuant to which the investor agreed to purchase shares of series A preferred stock of the company for an aggregate gross proceeds of $8,000,000 on February 14, 2024. The shares of Series A Preferred Stock will be issued in the first quarter and will be convertible into a total of 2,000,000 shares of the Company?s common stock at the election of the holder. The Series A Preferred Stock is subject to a call right providing the company the right to call the stock if the volume weighted average price of the common stock for the 20 days prior to delivery of the call notice is greater than $5 per share and there is an effective resale registration statement on file covering the underlying common stock.

The Series A Preferred Stock is non-voting, has no mandatory redemption, carries an annual 5% cumulative dividend, increasing by 2% each year. The transaction will be payable in two installments, with the first $2,000,000 due February 15, 2024, and the remaining $6,000,000 due by March 16, 2024.