10:45 AM EDT, 08/22/2024 (MT Newswires) -- Tevogen Bio ( TVGN ) said Thursday it has struck a deal to sell $6.0 million of series C preferred stock to The Patel Family, with the first closing of $4.0 million expected on Aug. 30 and the balance of $2 million on Sept. 16.

The preferred shares are convertible into common shares after six months at the election of the holder, and callable for redemption after five years at Tevogen's election, the firm said. They will have a 7.5% dividend per year.

Shares of the company were down more than 2% in recent trading.

Price: 0.60, Change: -0.02, Percent Change: -2.91