Tevogen executives and directors own over 74% of company stock

WARREN, N.J. - Tevogen Bio Holdings Inc. (NASDAQ:TVGN), a biotechnology company with a market capitalization of $201 million and current share price of $1.02, reported that its executive officers and board members collectively own more than 74% of the company’s outstanding common stock, according to a Form 8-K filed with the Securities and Exchange Commission on July 10.

The substantial insider ownership positions Tevogen’s leadership team to maintain control over the company’s strategic direction and growth initiatives. CEO Dr. Ryan Saadi stated that this majority control is "critical to our strategic philosophy as well as our aspiration to redefine the future of medicine." According to InvestingPro data, the stock has delivered an impressive 60% return over the past year, though the company’s overall financial health score remains weak at 1.52.

The biotechnology company, which focuses on developing off-the-shelf, genetically unmodified T cell therapeutics for infectious diseases and cancers, also indicated it has sufficient funding to advance its current development pipeline and artificial intelligence initiative called Tevogen.AI. The company’s current ratio of 0.35 suggests tight liquidity, while its negative correlation with the market (beta: -0.71) could offer portfolio diversification benefits.

Tevogen’s leadership structure differs from many industry peers by maintaining such high insider ownership, which the company suggests demonstrates confidence in its business model and long-term prospects.

The company plans to share additional details about its development programs in the near future, according to the press release statement.

Tevogen Bio Holdings trades on the Nasdaq under the ticker symbol TVGN.

In other recent news, Tevogen Bio Holdings has announced several key developments. The company reported that its Board of Directors approved restricted stock awards, granting 8 million restricted shares to CEO Dr. Ryan Saadi, which will vest in installments over several years. Additionally, Tevogen Bio has entered into a $50 million at-the-market equity offering agreement with A.G.P./Alliance Global Partners, allowing the company to issue and sell common stock as needed. CEO Ryan Saadi also contributed $500,000 in cash to support the build-out and first-year operating costs of the company’s new headquarters in Warren, New Jersey.

Furthermore, Tevogen Bio has expanded its office lease in New Jersey, doubling its space and extending the lease term until 2033. This expansion will accommodate the relocation of employees from the company’s Philadelphia research and development center. In a strategic move, Tevogen Bio has also announced plans to extend the target population for its COVID-19 treatment, TVGN 489, to include seniors aged 65 and older. This decision comes in response to the emergence of a new COVID variant, NB.1.8.1, identified in China.

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