Form 8-K - Current report
16 Mai 2024 - 10:52PM
Edgar (US Regulatory)
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0001860871
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2024-05-10
2024-05-10
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2024-05-10
2024-05-10
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2024-05-10
2024-05-10
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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): May 10, 2024
Tevogen
Bio Holdings Inc.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-41002 |
|
98-1597194 |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
15
Independence Boulevard, Suite #410 |
|
|
Warren,
New Jersey |
|
07059 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (877) 838-6436
Not
Applicable
(Former
name or former address, if changed since last report)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, par value $0.0001 per share |
|
TVGN |
|
The
Nasdaq Stock Market LLC |
Warrants,
each exercisable for one share of Common Stock for $11.50 per share |
|
TVGNW
|
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☒
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item
1.01. Entry into a Material Definitive Agreement.
On
May 10, 2024, Tevogen Bio Holdings Inc. (the “Company”) entered into a binding term sheet (the “Term Sheet”)
setting forth the Company’s principal understanding and agreement with The Patel Family, LLP (the “Lender”) with respect
to (i) an unsecured line of credit facility (the “Facility”) pursuant to which the Lender will agree to lend the Company
up to $36.0 million (the “Maximum Loan Amount”) and (ii) a contingent option for the Lender to purchase at least $14.0 million
of the Company’s common stock in a future private placement (the “PIPE”). The Company agreed with the Lender to execute
a definitive agreement with respect to the transactions (the “Transaction Agreement”) by no later than June 14, 2024.
Under
the Facility, the Company will be permitted to borrow up to $1.0 million per calendar month in a single draw, with the first such draw
eligible to be made in the calendar month that the Company enters into the Transaction Agreement. The Company will be permitted to make
borrowing requests under the Facility until the earlier of the 35th calendar month after the Company enters into the Transaction Agreement
and such time as the Company has received the proceeds from the PIPE and no amounts remain available and undrawn under the Facility.
Each draw under the Facility will accrue interest at a fixed rate of the lower of (i) daily SOFR plus 2.00% per annum, measured on the
date the draw is deposited into the Company’s bank account (the “Deposit Date”), and (ii) 7.00%, accruing quarterly
beginning on the Deposit Date and payable quarterly beginning on the three-month anniversary of the Deposit Date. Interest will be payable
in shares of the Company’s common stock priced at $1.50 per share, and each draw will mature 48 months after the Deposit Date.
Prepayment will be permitted without penalty. The Company may repay or prepay any amount of outstanding principal balance under the Facility
at the Company’s election in cash or in shares of common stock priced at the greater of $1.50 per share and the closing price of
the common stock on the day immediately preceding such payment, provided that the Company may not make any such repayment or prepayment
in common stock in the absence of an effective resale registration statement with respect to such shares. The Company will be permitted
to terminate its ability to make draws under the Facility at its discretion upon written notice to the Lender.
In
addition to the Facility, the Transaction Agreement will provide the Lender with an option to purchase in a private placement $14.0 million
of shares of the Company’s common stock plus an additional amount of common stock of up to the total then-remaining available and
undrawn portion of the Maximum Loan Amount (which amount would thereafter no longer be available under the Facility). The PIPE will be
priced at a 30% discount to the 10-day trailing volume weighted average price of the common stock on the date such price first reaches
at least $10.00 per share (the “Threshold Price Date”) and will be exercisable by the Lender by written notice within three
trading days of the Threshold Price Date.
The
Term Sheet provides that the Company will issue to the Lender 1,000,000 shares of the Company’s common stock as a commitment fee
within two days after entering into the Transaction Agreement, subject to forfeiture in the event the Lender fails to make a deposit
under the Facility when due or to pay the purchase price for the PIPE within 30 days of the Threshold Price Date in the event all other
closing conditions are met.
The
Transaction Agreement will provide that the Company may not issue common stock to the Lender pursuant to the Transaction Agreement to
the extent such issuance would result in the Lender or any of its affiliates beneficially owning more than 9.99% of the common stock
(the “Beneficial Ownership Limitation”), except with the Lender or such affiliate’s prior written consent, provided
that the Company may issue pre-funded warrants in lieu of common stock to the extent the Beneficial Ownership Limitation would otherwise
be exceeded by the issuance of common stock. The Transaction Agreement will also provide that, without stockholder consent, the cumulative
number of shares issued to the Lender will not exceed 19.99% of the number of shares of common stock outstanding on the date of the Transaction
Agreement.
The
Patel Family, LLP is an existing stockholder and an affiliate of Manmohan Patel, a beneficial owner of at least 5% of the Company’s
common stock.
SIGNATURE
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
Tevogen
Bio Holdings Inc. |
|
|
|
Date:
May 16, 2024 |
By: |
/s/
Ryan Saadi |
|
Name:
|
Ryan
Saadi |
|
Title: |
Chief
Executive Officer |
v3.24.1.1.u2
Cover
|
May 10, 2024 |
Document Type |
8-K
|
Amendment Flag |
false
|
Document Period End Date |
May 10, 2024
|
Entity File Number |
001-41002
|
Entity Registrant Name |
Tevogen
Bio Holdings Inc.
|
Entity Central Index Key |
0001860871
|
Entity Tax Identification Number |
98-1597194
|
Entity Incorporation, State or Country Code |
DE
|
Entity Address, Address Line One |
15
Independence Boulevard
|
Entity Address, Address Line Two |
Suite #410
|
Entity Address, City or Town |
Warren
|
Entity Address, State or Province |
NJ
|
Entity Address, Postal Zip Code |
07059
|
City Area Code |
(877)
|
Local Phone Number |
838-6436
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Entity Emerging Growth Company |
true
|
Elected Not To Use the Extended Transition Period |
false
|
Common Stock, par value $0.0001 per share |
|
Title of 12(b) Security |
Common
Stock, par value $0.0001 per share
|
Trading Symbol |
TVGN
|
Security Exchange Name |
NASDAQ
|
Warrants, each exercisable for one share of Common Stock for $11.50 per share |
|
Title of 12(b) Security |
Warrants,
each exercisable for one share of Common Stock for $11.50 per share
|
Trading Symbol |
TVGNW
|
Security Exchange Name |
NASDAQ
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