PBAX Files 8-K on Rule 425 Communications, Signaling Deal Progress

TL;DR

**PBAX is signaling a potential deal is brewing, watch for more details.**

AI Summary

Phoenix Biotech Acquisition Corp. (PBAX) filed an 8-K on January 5, 2024, reporting an event on January 3, 2024, related to written communications under Rule 425 of the Securities Act. This filing indicates that PBAX is engaging in communications regarding a potential business combination, which is crucial for shareholders as it signals progress towards a definitive agreement that could significantly alter the company's structure and future prospects. Investors should monitor for further details on the specific transaction.

Why It Matters

This filing indicates Phoenix Biotech Acquisition Corp. is actively communicating about a potential business combination, which is the core purpose of a SPAC and could lead to a significant change in the company's value and operations.

Risk Assessment

Risk Level: medium — While signaling progress, the specific terms and success of any potential business combination remain uncertain, posing a moderate risk to investors.

Analyst Insight

A smart investor would closely monitor subsequent filings from Phoenix Biotech Acquisition Corp. for details on the specific business combination, as this 8-K signals preliminary activity without providing specifics.

Key Players & Entities

• PHOENIX BIOTECH ACQUISITION CORP. (company) — the registrant filing the 8-K
• January 3, 2024 (date) — date of the earliest event reported
• January 5, 2024 (date) — date the 8-K was filed
• Rule 425 (other) — SEC rule governing written communications in business combinations

Forward-Looking Statements

• Phoenix Biotech Acquisition Corp. will announce a definitive business combination agreement. (PHOENIX BIOTECH ACQUISITION CORP.) — medium confidence, target: 2024-06-30

FAQ

Key Financial Figures

• $0.0001 — arket Class A common stock, par value $0.0001 per share PBAX NASDAQ Global Market
• $22,599.96 — January 4, 2024, the Sponsor deposited $22,599.96 in the trust account in connection with
• $128,133.03 — a series of payments of an aggregate of $128,133.03 to holders of redeemed Class A Shares (
• $11.02 — edeemed Class A Shares (an aggregate of $11.02 per redeemed Class A Share). As a resul
• $8.3 million — ent Report on Form 8-K is approximately $8.3 million. Item 9.01. Financial Statements and E

Filing Documents

• ea191118-8k425_phoenix.htm (8-K) — 46KB
• ea191118ex3-1_phoenix.htm (EX-3.1) — 14KB
• ea191118ex3-2_phoenix.htm (EX-3.2) — 19KB
• ea191118ex10-1_phoenix.htm (EX-10.1) — 20KB
• 0001213900-24-001511.txt ( ) — 344KB
• pbax-20240103.xsd (EX-101.SCH) — 4KB
• pbax-20240103_def.xml (EX-101.DEF) — 27KB
• pbax-20240103_lab.xml (EX-101.LAB) — 37KB
• pbax-20240103_pre.xml (EX-101.PRE) — 25KB
• ea191118-8k425_phoenix_htm.xml (XML) — 7KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On January 3, 2024, Phoenix Biotech Acquisition Corp. (the " Company ") held a special meeting of stockholders (the " Special Meeting ") at 11:00 a.m. Eastern Time for the purposes of considering and voting upon the Charter Amendment Proposal, the Trust Amendment Proposal and, if presented, the Adjournment Proposal (each as defined below). For more information on these proposals, please refer to the Company's definitive proxy statement filed with the Securities and Exchange Commission (the " SEC ") dated December 14, 2023 (the " Proxy Statement "). Trust Agreement Amendment At the Special Meeting, the Company's stockholders approved a proposal to amend (the " Trust Agreement Amendment ") the Investment Management Trust Agreement (the " Trust Agreement "), dated as of October 5, 2021, as amended by the Amendment No. 1 dated December 20, 2022 and Amendment No. 2 dated July 7, 2023, by and between the Company and Continental Stock Transfer and Trust Company (" Continental "), to extend the business combination period up to three times for one month each time from January 8, 2024 to February 8, 2024, March 8, 2024 or April 8, 2024. On January 3, 2024, the Company and Continental entered into the Trust Agreement Amendment. The foregoing description of the Trust Agreement Amendment is a summary only and is qualified in its entirety by reference to the full text of the Trust Agreement Amendment, a copy of which is attached as Exhibit 10.2 hereto and is incorporated by reference herein.

03. Amendments to Articles of Incorporation or Bylaws; Change

Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year On January 3, 2024, the Company's stockholders approved an amendment (the " Charter Amendment ") to the Company's amended and restated certificate of incorporation, as amended by the First Amendment dated December 20, 2022 and the Second Amendment dated July 7, 2023 (the " Charter "), to provide its board of directors the ability to extend the date by which the Company has to consummate a business combination up to three times for one month each time, for a maximum of three additional months. On January 3, 2024, the Company filed the Charter Amendment with the Secretary of State of the State of Delaware, which was subsequently corrected by a Certificate of Correction (the " Certificate of Correction ") dated January 4, 2024 to correct certain scrivener's errors in the Charter Amendment. The foregoing descriptions are qualified in their entirety by reference to the Charter Amendment and the Certificate of Correction, copies of which are attached as Exhibits 3.1 and 3.2 hereto and are incorporated by reference herein.

07. Submission of Matters to a Vote of Security Holders

Item 5.07. Submission of Matters to a Vote of Security Holders On January 3, 2024, the Company held the Special Meeting at 11:00 a.m. Eastern Time for the purposes of considering and voting upon the Charter Amendment Proposal, the Trust Amendment Proposal and, if presented, the Adjournment Proposal. As of the record date of December 13, 2023, there were a total of 6,246,207 shares of the Company's common stock, par value $0.0001 per share (the " Common Stock "), issued and outstanding and entitled to vote at the Special Meeting. Proxies were received for 5,549,893 shares of Common Stock, or approximately 88.9% of the shares issued and outstanding and entitled to vote at the Special Meeting, representing a quorum. Proposal 1 - The Charter Amendment Proposal - a proposal to amend the Charter to (a) provide its board of directors the ability to extend the date by which the Company has to consummate a business combination up to three times for one month each time from January 8, 2024 to February 8, 2024, March 8, 2024 or April 8, 2024 and (b) allow for the Company to provide redemption rights to the Company's public stockholders in accordance with the requirements of the charter without complying with the tender offer rules. For Against Abstain 5,538,823 11,070 0 1 Proposal 2 - The Trust Amendment Proposal - a proposal to amend the Trust Agreement to extend the business combination period up to three times for one month each time from January 8, 2024 to February 8, 2024, March 8, 2024 or April 8, 2024. For Against Abstain 5,538,811 11,082 0 Proposal 3 - The Adjournment Proposal - a proposal to approve the adjournment of the Special Meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, the approval of the Charter Amendment Proposal and Trust Amendment Proposal. The Adjournment Proposal was not presented to the

01. Other Events

Item 8.01. Other Events. In connection with the approval of the Charter Amendment, holders of 11,625 shares of the Company's Class A common stock, par value $0.0001 per share (" Class A Shares "), exercised redemption rights. As a result, following satisfaction of such redemptions, as of the date of this Current Report on Form 8-K, the Company has 6,234,582 Class A Shares outstanding, of which (i) 753,332 are Class A Shares issued to the public in the Company's initial public offering, which Class A Shares are entitled to receive a pro rata portion of the remaining funds in the Company's trust account in connection with its initial business combination, a liquidation or certain other events, (ii) 4,596,250 are Class A Shares issued upon the conversion of an equal number of shares of the Company's Class B common stock, par value $0.0001 per share, acquired by Phoenix Biotech Sponsor, LLC (" Sponsor ") prior to the Company's initial public offering, which Class A Shares do not have redemption rights, and (iii) 885,000 are Class A Shares included in the private placement units acquired in the private placement by the Sponsor and other investors concurrent with the Company's initial public offering, which Class A Shares do not have redemption rights. On January 4, 2024, the Sponsor deposited $22,599.96 in the trust account in connection with the extension of the business combination deadline. On January 4, 2024, the Company made a series of payments of an aggregate of $128,133.03 to holders of redeemed Class A Shares (an aggregate of $11.02 per redeemed Class A Share). As a result of the deposit described above, such payments and accrual of interest, the balance in the trust account as of the date of this Current Report on Form 8-K is approximately $8.3 million.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits (d) Exhibits Exhibit No. Description 3.1 Third Amendment to the Amended and Restated Certificate of Incorporation of Phoenix Biotech Acquisition Corp. 3.2 Certificate of Correction to the Third Amendment to the Amended and Restated Certificate of Incorporation of Phoenix Biotech Acquisition Corp. 10.1 Amendment No. 3 to the Investment Management Trust Agreement, dated January 3, 2024, by and between the Company and Continental Stock Transfer & Trust Company, as trustee. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document). 2 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. PHOENIX BIOTECH ACQUISITION CORP. By: /s/ Chris Ehrlich Name: Chris Ehrlich Title: Chief Executive Officer Dated: January 5, 2024 3

View Full Filing

View this 8-K filing on SEC EDGAR