secwatch.observer — SEC 8-K summary
======================================

Issuer:     Tevogen Bio Holdings Inc. (TVGN)
CIK:        0001860871
Form:       8-K
Filed at:   2024-05-16T23:59:59+00:00
Accession:  0001493152-24-020275
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01
LLM model:  deepseek-v4-flash:cloud@v2

Tevogen Bio enters $36M line of credit with Patel Family; also grants PIPE option for $14M+
--------------------------------------------------------------------------------

- Line of credit up to $36M, draws limited to $1M per month; interest lower of SOFR+2% or 7%.
- Interest payable in common shares at $1.50/share; principal due 48 months after draw; prepayment without penalty in cash or stock.
- Lender gets option to buy $14M+ in common stock at 30% discount to 10-day VWAP when TVGN hits $10/share.
- Commitment fee of 1M shares to be issued upon signing definitive agreement by June 14, 2024.
- Patel Family, LLP is an affiliate of 5% holder Manmohan Patel; beneficial ownership limited to 9.99%.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1860871/000149315224020275/0001493152-24-020275-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1860871/000149315224020275/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-020275

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer