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Tevogen Bio Holdings Inc. (NASDAQ:TVGN), currently valued at $229 million, reported Thursday that its Board of Directors approved restricted stock award grants on June 27, including 8,000,000 restricted shares to Chief Executive Officer and Chairperson Dr. Ryan Saadi. According to InvestingPro data, the company’s stock has delivered an impressive 80% return over the past year. As a result of these grants, the company stated that the total number of outstanding shares of common stock as of Thursday is 193,693,433.
According to the company’s press release statement, the restricted shares granted to Dr. Saadi will vest in four equal annual installments beginning on the seventh anniversary of the grant date. Restricted shares granted to other recipients will vest in three equal annual installments beginning on the fifth anniversary of the grant date. Vesting is subject to each recipient’s continued service with the company through the applicable vesting date. The awards also provide for full vesting in the event of termination due to death or disability.
The company noted that, under the terms of the awards, the restricted shares may not be sold, assigned, transferred, pledged, or otherwise encumbered prior to vesting and are subject to automatic forfeiture if vesting conditions are not met.
Tevogen Bio Holdings Inc. is incorporated in Delaware and its common stock and warrants trade on The Nasdaq Stock Market LLC under the symbols TVGN and TVGNW, respectively. The company’s shares are currently trading at $1.24, having gained over 20% year-to-date despite challenging market conditions. InvestingPro subscribers have access to 8 additional key insights about TVGN’s financial health and market performance.
This information is based on a press release statement contained in the company’s filing with the U.S. Securities and Exchange Commission.
In other recent news, Tevogen Bio Holdings Inc. announced a series of significant developments. The company reaffirmed its ambitious revenue forecast, projecting $1 billion in revenue for its oncology pipeline in the launch year, with a five-year cumulative estimate ranging from $10 billion to $14 billion. In addition, Tevogen Bio has entered into a Sales Agreement with A.G.P./Alliance Global Partners (NYSE:GLP) to issue and sell up to $50 million of its common stock through at-the-market offerings. CEO Ryan Saadi made a personal cash contribution of $500,000 to support the build-out and first-year operating costs of the company’s new headquarters in Warren, New Jersey. The company also expanded its office lease in New Jersey, doubling its space and extending the lease term until 2033. Tevogen Bio plans to extend the target population for its COVID-19 treatment, TVGN 489, to include patients aged 65 and older, in response to a new COVID variant. Furthermore, Tevogen secured a $50 million deal with CD 8 Technology Services LLC for its research and development facility. Analyst Jason Kolbert from D. Boral (OTC:BOALY) Capital provided a favorable outlook on Tevogen’s platform technology, noting its potential in solid tumors and autoimmune diseases.
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