10:29 AM EDT, 04/26/2024 (MT Newswires) -- Tevogen Bio ( TVGN ) shares were rising more than 14% in recent Friday trading after the company said it expects to disclose the elimination of $94.9 million in pro forma balance sheet liabilities after the conversion of promissory notes into shares.

The notes were converted into Tevogen shares in connection with the merger between Tevogen Bio ( TVGN ) and Semper Paratus Acquisition Corp, which closed on Feb. 14, Tevogen CEO Ryan Saadi said in a letter to stockholders.

Of the $94.9 million liabilities that were eliminated, $80.7 million were current liabilities, while $14.2 million were long-term liabilities, Saadi said.

Price: 0.97, Change: +0.12, Percent Change: +14.12