secwatch.observer — SEC 8-K summary
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Issuer:     Tevogen Bio Holdings Inc. (TVGN)
CIK:        0001860871
Form:       8-K
Filed at:   2024-06-11T23:59:59+00:00
Accession:  0001493152-24-023483
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 3.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Tevogen Bio secures $36M unsecured credit line from 5% owner Patel Family; equity-linked terms
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- Loan agreement with The Patel Family LLP (affiliate of 5% holder Manmohan Patel) for up to $36M unsecured facility.
- Monthly draws up to $1M; interest is lower of SOFR+2% or 7%, payable quarterly in shares at $1.50/share.
- Repayment in cash or stock at greater of $1.50 or 10-day VWAP; maturity 48 months per draw.
- Lender gets option to buy $14M+ in stock at 30% discount to VWAP when stock hits $10 (PIPE).
- Issuance capped at 19.99% of shares without stockholder consent; 1M commitment shares issued.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1860871/000149315224023483/0001493152-24-023483-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1860871/000149315224023483/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-24-023483

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