New York, NY, Feb. 01, 2024 (GLOBE NEWSWIRE) —Semper Paratus Acquisition Corporation (Nasdaq: LGST, LGSTW, LGSTU), a publicly-traded special purpose acquisition company, announced today that its shareholders have approved the proposed business combination with Tevogen Bio Inc, a Delaware corporation, at an extraordinary general meeting of Semper Paratus’ shareholders that was held on Wednesday, January 31, 2024.
Each of the proposals presented at the Meeting was approved, and the Business Combination is expected to be consummated as soon as practicable following the satisfaction or waiver of the remaining closing conditions described in Semper Paratus’ definitive proxy statement, which was filed with the U.S. Securities and Exchange Commission (the “SEC”) on January 10, 2024, as supplemented by a Supplement No. 1 filed on January 24, 2024 and Supplement No. 1 filed on January 24, 2024 (the “Proxy Statement/Prospectus”), including the condition that the common stock of the combined company will have been approved for listing on a tier of The Nasdaq Stock Market. Following the closing of the Business Combination, common stock of the combined company is expected to begin trading on Nasdaq under the symbol “TVGN”.
In connection with the Meeting, shareholders holding 1,432,457 shares out of a possible 1,502,180 Semper Paratus ordinary shares (the “Public Shares”) exercised their right to redeem their shares for a pro rata portion of the funds in Semper Paratus’ trust account (the “Trust Account”). The trustee of the Trust Account is calculating the final amount of the funds to be removed from the Trust Account in connection with such redemptions, but the current preliminary calculations are that approximately $15.9 million (approximately $11.07 per Public Share) will be removed from the Trust Account to pay such holders.
Following the Meeting, Semper Paratus’ Chief Executive Officer Surendra Ajjarapu stated “We have cleared yet another hurdle to closing our business combination with Tevogen Bio, and we will continue to work diligently with Tevogen Bio to satisfy the remaining closing conditions.”
About Tevogen Bio
Tevogen Bio is a clinical-stage specialty immunotherapy company harnessing one of nature’s most powerful immunological weapons, CD8+ cytotoxic T lymphocytes, to develop off-the-shelf, genetically unmodified precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders, aiming to address the significant unmet needs of large patient populations. Tevogen Leadership believes that sustainability and commercial success in the current era of healthcare rely on ensuring patient accessibility through advanced science and innovative business models. Tevogen has reported positive safety data from its proof-of-concept clinical trial, and its key intellectual property assets are wholly owned by the company, not subject to any third-party licensing agreements. These assets include three granted patents and twelve pending patents, two of which are related to artificial intelligence.
Tevogen Bio is driven by a team of highly experienced industry leaders and distinguished scientists with drug development and global product launch experience. Tevogen Bio’s leadership believes that accessible personalized therapeutics are the next frontier of medicine, and that disruptive business models are required to sustain medical innovation.
About Semper Paratus
Semper Paratus is a special purpose acquisition company formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization, or similar business combination with one or more businesses. Its principals possess public and private market investing experience and operational knowledge to bring value added benefits to Tevogen Bio. The Semper Paratus team has substantial experience investing in and operating businesses in multiple sectors, as well as a significant long-term track record in creatively structuring transactions to unlock and maximize value.