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Note 1 — Description of Organization, Business Operations and Liquidity Semper Paratus Acquisition Corporation (the “Company”) was incorporated as a Cayman Islands exempted company on April 21, 2021. The Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with <span id="xdx_907_ecustom--ConditionForFutureBusinessCombinationNumberOfBusinessesMinimum_dc_uInteger_c20230101__20231231_zMWGIEMfvKxj" title="Condition for future business combination number of businesses minimum">one or more businesses (the “Business Combination”). The Company is not limited to a particular industry or geographic region for purposes of consummating a Business Combination. The Company is an early stage and emerging growth company and, as such, the Company is subject to all of the risks associated with early stage and emerging growth companies. As of December 31, 2023, the Company had not commenced any operations. All activity through December 31, 2023, relates to the Company’s formation and Initial Public Offering (“IPO”), which is described below, and the search for a prospective initial Business Combination. The Company will not generate any operating revenues until after the completion of its initial Business Combination, at the earliest. The Company will generate non-operating income in the form of interest income earned on investments from the proceeds derived from the IPO. The registration statement for the Company’s IPO was declared effective on November 3, 2021. On November 8, 2021, the Company consummated the IPO of <span id="xdx_908_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_pid_c20211108__20211108__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zLHmTymUPMXd" title="Units Issued During Period, Shares, New Issues">30,000,000 units (“Units”) with respect to the ordinary shares included in the Units being offered (the “Public Shares”) at $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_c20211108__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zNGHyHlxNe89" title="Purchase price, per unit">10.00 per Unit generating gross proceeds of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211108__20211108__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zjIs6le75hF" title="Proceeds from Issuance Initial Public Offering">300,000,000, which is discussed in Note 3. The company has selected December 31 as its fiscal year end. Simultaneously with the closing of the IPO, the Company consummated the sale of <span id="xdx_90A_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zq6Kw3dFp78a" title="Units Issued During Period, Shares, New Issues">1,360,000 private placement units (“Private Placement Units”) at a price of $10.00 per Private Placement Unit in a private placement to the Company’s sponsor, Semper Paratus Sponsor LLC (the “Original Sponsor”) and underwriter Cantor Fitzgerald & Co. (“Cantor”) generating gross proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zaiAenvmmHFe" title="Proceeds from Issuance Initial Public Offering">13,600,000 which is described in Note 4. Simultaneously with the closing of the IPO, the Company consummated the closing of the sale of <span id="xdx_906_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zBqlRFJutaP6" title="Units issued during period, shares new">4,500,000 additional Units upon receiving notice of the underwriter’s election to fully exercise its overallotment option (“Overallotment Units”), generating additional gross proceeds of $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zyVOD8AzgT2c" title="Proceeds from issuance initial public offering">45,000,000 and incurring additional offering costs of $2,700,000 in underwriting fees all of which are deferred until completion of the Company’s Business Combination. Simultaneously with the exercise of the overallotment, the Company consummated the Private Placement of an additional <span id="xdx_900_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--SponsorMember_zDYXZViuAVrl" title="Common equity securities">90,000 Private Placement Units to the Original Sponsor, generating gross proceeds of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__dei--LegalEntityAxis__custom--SponsorMember_zSlgdCB6G0e7" title="Proceeds from issuance initial public offering">900,000. Offering costs for the IPO amounted to $21,266,594, consisting of $6,000,000 of paid underwriting fees, $14,700,000 of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $566,594 of other costs. On June 28, 2023, the Company and Cantor entered into a fee reduction agreement (the “Fee Reduction Agreement”), pursuant to which Cantor agreed to forfeit $<span id="xdx_90F_ecustom--DeferredOfferingCostsNoncurrentForfeited_iI_c20230628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--FeeReductionAgreementMember_zn4kU3FxyPk9" title="Deferred underwriting fees">9,700,000 of the deferred underwriting fees payable, resulting in a remainder of $<span id="xdx_909_ecustom--DeferredOfferingCostsNoncurrent_iI_c20230628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--FeeReductionAgreementMember_zEO3SgCutDUk" title="Deferred offering costs non current">5,000,000 of deferred underwriting fees payable (the “Reduced Deferred Fee”) by the Company to Cantor upon the closing of the Transaction (as defined below) with Tevogen Bio Inc (“Tevogen Bio”), such fee payable to Cantor in the form of <span id="xdx_903_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20230628__20230628__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember__us-gaap--TypeOfArrangementAxis__custom--FeeReductionAgreementMember_zzt6gdXHo7od" title="Common equity securities">500,000 shares of the common equity securities of the entity surviving the Transaction. The Fee Reduction Agreement only applies to the consummation of the Transaction with Tevogen Bio and no other potential Business Combinations that may be contemplated or consummated by the Company. In the event that the Company were not to complete the Transaction with Tevogen Bio, the Original Deferred fee would become due and payable by the Company to Cantor as originally set forth in the Underwriting Agreement, upon the consummation of a Business Combination. Following the closing of the IPO, $<span id="xdx_908_ecustom--PaymentsForInvestmentOfCashInTrustAccount_c20211108__20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_z3KspCMAjPDj" title="Payments for investment of cash in trust account">351,900,000 ($<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_c20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zMPFV6fwpes3" title="Purchase price, per unit">10.20 per Unit) from the net proceeds of the sale of the Units in the IPO and the Private Placement Units was placed in a trust account (“Trust Account”) and will be invested in U.S. government securities, within the meaning set forth in Section 2(a)(16) of the Investment Company Act of 1940, as amended (the “Investment Company Act”), with a maturity of 180 days or less or in any open-ended investment company that holds itself out as a money market fund selected by the Company meeting the conditions of paragraphs (d)(2), (d)(3) and (d)(4) of Rule 2a-7 of the Investment Company Act, as determined by the Company, until the earlier of: (i) the completion of a Business Combination and (ii) the distribution of the Trust Account, as described below. The Company’s management has broad discretion with respect to the specific application of the net proceeds of the IPO and the sale of the Private Placement Units, although substantially all of the net proceeds are intended to be applied generally toward consummating a Business Combination. As of December 31, 2023, there is no assurance that the Company will be able to complete a Business Combination successfully. The Company must complete one or more initial Business Combinations having an aggregate fair market value of at least 80% of the assets held in the Trust Account excluding the deferred underwriting commissions and taxes payable on income earned on the Trust Account) at the time of the agreement to enter into the initial Business Combination. However, the Company will only complete a Business Combination if the post-transaction company owns or acquires <span id="xdx_90C_ecustom--ConditionForFutureBusinessCombinationThresholdPercentageOwnership_iI_pid_dp_c20231231_z76yREbwvLV6" title="Condition for future business combination threshold ownership (as a percent)">50% or more of the outstanding voting securities of the target or otherwise acquires a controlling interest in the target sufficient for it not to be required to register as an investment company under the Investment Company Act. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 The Company will provide the holders of the outstanding Public Shares (the “Public Shareholders”) with the opportunity to redeem all or a portion of their Public Shares upon the completion of a Business Combination either (i) in connection with a shareholder meeting called to approve the Business Combination or (ii) by means of a tender offer. The decision as to whether the Company will seek shareholder approval of a Business Combination or conduct a tender offer will be made by the Company. The Public Shareholders will be entitled to redeem their Public Shares for a pro rata portion of the amount then in the Trust Account (initially anticipated to be $10.20 per Public Share, plus any pro rata interest then in the Trust Account, net of taxes payable). There will be no redemption rights with respect to the Company’s warrants. All of the Public Shares contain a redemption feature which allows for the redemption of such Public Shares in connection with the Company’s liquidation, if there is a shareholder vote or tender offer in connection with the Company’s Business Combination and in connection with certain amendments to the Company’s amended and restated memorandum and articles of association (the “Memorandum and Articles of Association”). In accordance with Accounting Standards Codification (“ASC”) 480-10-S99, redemption provisions not solely within the control of a company require Class A ordinary shares subject to redemption to be classified outside of permanent equity. Given that the Public Shares were issued with other freestanding instruments (i.e., public warrants), the initial carrying value of ordinary shares classified as temporary equity was the allocated proceeds determined in accordance with ASC 470-20. The ordinary shares are subject to ASC 480-10-S99. If it is probable that the equity instrument will become redeemable, the Company has the option to either (i) accrete changes in the redemption value over the period from the date of issuance (or from the date that it becomes probable that the instrument will become redeemable, if later) to the earliest redemption date of the instrument or (ii) recognize changes in the redemption value immediately as they occur and adjust the carrying amount of the instrument to equal the redemption value at the end of each reporting period. The Company has elected to recognize the changes immediately. While redemptions cannot cause the Company’s net tangible assets to fall below $5,000,001, the Public Shares are redeemable and are classified as such on the balance sheet until such date that a redemption event takes place. Redemptions of the Company’s Public Shares may be subject to the satisfaction of conditions, including minimum cash conditions, pursuant to an agreement relating to the Company’s Business Combination. If the Company seeks shareholder approval of the Business Combination, the Company will proceed with a Business Combination if a majority of the shares voted are voted in favor of the Business Combination, or such other vote as required by law or stock exchange rule. If a shareholder vote is not required by applicable law or stock exchange listing requirements and the Company does not decide to hold a shareholder vote for business or other reasons, the Company will, pursuant to its Memorandum and Articles of Association, conduct the redemptions pursuant to the tender offer rules of the SEC and file tender offer documents with the SEC prior to completing a Business Combination. If, however, shareholder approval of the transaction is required by applicable law or stock exchange listing requirements, or the Company decides to obtain shareholder approval for business or other reasons, the Company will offer to redeem shares in conjunction with a proxy solicitation pursuant to the proxy rules and not pursuant to the tender offer rules. If the Company seeks shareholder approval in connection with a Business Combination, the Sponsor has agreed to vote its Founder Shares (as defined in Note 5) and any Public Shares purchased during or after the IPO in favor of approving a Business Combination. Additionally, each Public Shareholder may elect to redeem their Public Shares without voting, and if they do vote, irrespective of whether they vote for or against the proposed transaction. On January 30, 2023, shareholders (the “Initial Shareholders”) holding all of the issued and outstanding Class B ordinary shares (the “Founder Shares”) of the Company elected to convert their Class B ordinary shares into Class A ordinary shares of the Company on a one-for-one basis (the “Conversion”). As a result, 11,983,333 of the Company’s Class B ordinary shares were cancelled and 11,983,333 Class A ordinary shares were issued to such converting Class B shareholders. The Initial Shareholders agreed that all of the terms and conditions applicable to the Founder Shares set forth in the Letter Agreement, dated November 3, 2021, by and among the Company, its officers, its directors and the Initial Shareholders (the “Letter Agreement”), shall continue to apply to the Class A ordinary shares that the Founder Shares converted into, including the voting agreement, transfer restrictions and waiver of any right, title, interest or claim of any kind to the Trust Account (as defined in the Letter Agreement) or any monies or other assets held therein. Following the Conversion, on January 30, 2023, the Company had 47,933,333 Class A ordinary shares issued and outstanding and no Class B ordinary shares issued and outstanding. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 On February 3, 2023, the Company’s shareholders approved an amendment (the “First Extension Charter Amendment”) to the Amended and Restated Memorandum and Articles of Association to extend the date by which the Company is required to consummate an Initial Business Combination from February 8, 2023 to December 15, 2023. Under Cayman Islands law, the First Extension Charter Amendment took effect upon approval by the shareholders. In connection with the meeting, shareholders holding approximately <span id="xdx_904_ecustom--ShareholdersExercisedTheirRightToRedeemSharesNumberOfShares_iI_c20230203__us-gaap--TypeOfArrangementAxis__custom--FirstExtensionCharterAmendmentMember__us-gaap--StatementClassOfStockAxis__custom--PublicSharesMember_z33fQd6UXHD2" title="Minimum period to file charter amendment">32,116,947 Public Shares exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $<span id="xdx_908_ecustom--ProceedsFromCashWithdrawnFromTrustAccountInConnectionWithRedemption_pn6n6_c20230202__20230203__us-gaap--TypeOfArrangementAxis__custom--FirstExtensionCharterAmendmentMember_zqFSwarHdFjd" title="Cash withdrawn from Trust Account in connection with redemption">333 million (approximately $<span id="xdx_906_eus-gaap--SharesIssuedPricePerShare_iI_c20230203__us-gaap--TypeOfArrangementAxis__custom--FirstExtensionCharterAmendmentMember__us-gaap--StatementClassOfStockAxis__custom--PublicSharesMember_zrnaTqrsici1" title="Price per share">10.38 per Public Share) was removed from the Trust Account to pay such holders. On December 14, 2023, the Company’s shareholders approved an amendment (the “Second Extension Charter Amendment”) to the Amended and Restated Memorandum and Articles of Association to extend the date by which the Company is required to consummate an Initial Business Combination to September 15, 2024. Under Cayman Islands law, the Second Extension Charter Amendment took effect upon approval by the shareholders. In connection with the meeting, shareholders holding approximately <span id="xdx_90A_ecustom--ShareholdersExercisedTheirRightToRedeemSharesNumberOfShares_iI_c20231214__us-gaap--TypeOfArrangementAxis__custom--SecondExtensionCharterAmendmentMember__us-gaap--StatementClassOfStockAxis__custom--PublicSharesMember_zXYa3o808VCk" title="Minimum period to file charter amendment">880,873 Public Shares exercised their right to redeem their shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $<span id="xdx_90F_ecustom--ProceedsFromCashWithdrawnFromTrustAccountInConnectionWithRedemption_pn4n6_c20231214__20231214__us-gaap--TypeOfArrangementAxis__custom--SecondExtensionCharterAmendmentMember_zt1tLSiARXGi" title="Cash withdrawn from trust account in connection with redemption">9.71 million (approximately $<span id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_c20231214__us-gaap--TypeOfArrangementAxis__custom--SecondExtensionCharterAmendmentMember__us-gaap--StatementClassOfStockAxis__custom--PublicSharesMember_zrf2ccm725nh" title="Price per share">11.03 per Public Share) was removed from the Trust Account to pay such holders. Approximately $16.7 million remained in the Trust Account as of December 31, 2023 and the Company had <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecondExtensionCharterAmendmentMember__us-gaap--StatementClassOfStockAxis__custom--PublicSharesMember_zLJ4vIkIdKbh" title="Common stock shares outstanding">1,502,180 public shares outstanding as of December 31, 2023. On May 4, 2023, the Company entered into a purchase agreement (the “Purchase Agreement”) with SSVK Associates, LLC (the “Sponsor”) and the Original Sponsor, pursuant to which the Sponsor agreed to purchase from the Original Sponsor (x) <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230504__20230504__dei--LegalEntityAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--CounterpartyNameAxis__custom--SsvkAssociatesLlcMember_zH5jDdhu5VY7" title="Stock issued during period, Shares new issues">7,988,889 Class A ordinary shares and (y) <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230504__20230504__dei--LegalEntityAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__srt--CounterpartyNameAxis__custom--SsvkAssociatesLlcMember_zlLyy02ze1qi" title="Stock issued during period, Shares new issues">1,000,000 Private Placement Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant that is exercisable for one Class A ordinary share, free and clear of all liens and encumbrances (other than those contained in the Letter Agreement, dated November 3, 2021, by and among the Company, its officers, directors and the Original Sponsor, and the Underwriting Agreement, dated November 3, 2021, by and between the Company and Cantor, as representative of the several underwriters (the “Underwriting Agreement”)), for an aggregate purchase price of $<span id="xdx_900_eus-gaap--SharesIssuedPricePerShare_iI_c20230504__dei--LegalEntityAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__srt--CounterpartyNameAxis__custom--SsvkAssociatesLlcMember_zVaC2L3t6W2e" title="Purchase price, per unit">1.00 (the “Purchase Price”) payable at the time of the initial Business Combination (see Note 5). Notwithstanding the foregoing, the Memorandum and Articles of Association provides that a Public Shareholder, together with any affiliate of such shareholder or any other person with whom such shareholder is acting in concert or as a “group” (as defined under Section 13 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)), will be restricted from redeeming its shares with respect to more than an aggregate of 15% or more of the ordinary shares sold in the IPO, without the prior consent of the Company. The Initial Shareholders have agreed not to propose an amendment to the Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to redeem <span id="xdx_905_ecustom--PercentageObligationToRedeemPublicSharesIfEntityDoesNotCompleteBusinessCombination_dp_uPure_c20230101__20231231_z7I1R0qtqSv7" title="Obligation to redeem public shares if entity does not complete a business combination (as a percent)">100% of its Public Shares if the Company does not complete a Business Combination, unless the Company provides the Public Shareholders with the opportunity to redeem their ordinary shares in conjunction with any such amendment. If the Company is unable to complete a Business Combination by September 15, 2024 (“Combination Period”), the Company will (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible but not more than ten business days thereafter, redeem the Public Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account including interest earned on the funds held in the Trust Account and not previously released to us to pay the Company’s franchise and income taxes (less up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely extinguish Public Shareholders’ rights as shareholders (including the right to receive further liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors, dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other applicable law. On December 18, 2023, the Company deposited $67,500 into the Trust Account in order to extend the date by which the Company has to complete the initial business combination by three months from December 14, 2023, to March 15, 2024. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 The Initial Shareholders have agreed to waive their liquidation rights with respect to the Founder Shares if the Company fails to complete a Business Combination within the Combination Period. However, if the Initial Shareholders should acquire Public Shares in or after the IPO, they will be entitled to liquidating distributions from the Trust Account with respect to such Public Shares if the Company fails to complete a Business Combination within the Combination Period. The underwriters have agreed to waive their rights to its deferred underwriting commission (see Note 6) held in the Trust Account in the event the Company does not complete a Business Combination within the Combination Period and, in such event, such amounts will be included with the other funds held in the Trust Account that will be available to fund the redemption of the Public Shares. In the event of such distribution, it is possible that the per share value of the residual assets remaining available for distribution (including Trust Account assets) will be only $10.20 per share held in the Trust Account. In order to protect the amounts held in the Trust Account, the Sponsor has agreed to be liable to the Company if and to the extent any claims by a vendor for services rendered or products sold to the Company, or a prospective target business with which the Company has discussed entering into a transaction agreement, reduce the amount of funds in the Trust Account. This liability will not apply with respect to any claims by a third party who executed a waiver of any right, title, interest or claim of any kind in or to any monies held in the Trust Account or to any claims under the Company’s indemnity of the underwriters of the IPO against certain liabilities, including liabilities under the Securities Act of 1933, as amended (the “Securities Act”). Moreover, in the event that an executed waiver is deemed to be unenforceable against a third party, the Sponsor will not be responsible to the extent of any liability for such third-party claims. The Company will seek to reduce the possibility that the Sponsor will have to indemnify the Trust Account due to claims of creditors by endeavoring to have all vendors, service providers (except the Company’s independent registered public accounting firm), prospective target businesses or other entities with which the Company does business, execute agreements waiving any right, title, interest or claim of any kind in or to monies held in the Trust Account. Business Combination On June 28, 2023, the Company entered into an Agreement and Plan of Merger by and among the Company, Semper Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Merger Sub”), the Sponsor, in its capacity as purchaser representative, Tevogen Bio, and Ryan Saadi, in his capacity as seller representative (as may be amended and/or restated from time to time, the “Merger Agreement”), pursuant to which, among other things, the parties will affect the merger of Merger Sub with and into Tevogen Bio, with Tevogen Bio continuing as the surviving entity (the “Merger”), as a result of which all of the issued and outstanding capital stock of Tevogen Bio shall be exchanged for shares of Class A common stock, par value $<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20230628__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zDptEao3aUA7" title="Ordinary shares, par value (in dollar per share)">0.0001 per share (the “Class A Common Stock”), of the Company (the “Share Exchange”) subject to the conditions set forth in the Merger Agreement, with Tevogen Bio surviving the Share Exchange as a wholly owned subsidiary of the Company (the Share Exchange and the other transactions contemplated by the Merger Agreement, together, the “Transaction”). On September 14, 2023, the Company filed a registration statement on Form S-4 with the SEC relating to the Transaction with Tevogen, and on February 14, 2024, the Company consummated the Transaction. See Note 10 for more information. Risks and Uncertainties In February 2022, the Russian Federation and Belarus commenced a military action with the country of Ukraine. As a result of this action, various nations, including the United States, have instituted economic sanctions against the Russian Federation and Belarus. Further, the impact of this action and related sanctions on the world economy are not determinable as of the date of these financial statements and the specific impact on the Company’s financial condition, results of operations, and cash flows is also not determinable as of the date of these financial statements. Liquidity and Going Concern As of December 31, 2023, the Company had $8,835 in its operating bank accounts, $16,681,497 in cash held in the Trust Account to be used for a Business Combination or to repurchase or redeem its ordinary shares in connection therewith and working capital deficit of $2,648,294. As of December 31, 2023, approximately $2,734,000 of the amount on deposit in the Trust Account represented interest income. Company management believes that cash on hand following consummation of the Transaction as well as $<span id="xdx_904_eus-gaap--Cash_iI_c20240214__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_z7QPqAiWlDL">2,000,000 to the Company from a Series A Preferred Stock financing in February 2024 and $<span id="xdx_905_eus-gaap--Cash_iI_c20240214__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__custom--SeriesA1PreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zt1yebqOBlpe">1,200,000 in connection with the Series A-1 Preferred Stock financing thereafter (see Note 10) is not sufficient to sustain planned operations for 12 months from the issuance date of these financial statements. As a result, the Company has concluded that substantial doubt exists about its ability to continue as a going concern for one year from the date that these financial statements are issued. The accompanying financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Management is currently evaluating different strategies to obtain the additional funding for future operations for subsequent years. These strategies may include but are not limited to private placements of equity and/or debt, licensing and/or marketing arrangements, and public offerings of equity and/or debt securities. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into strategic alliances or other arrangements on favorable terms, or at all. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

1 30000000

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300000000

1360000

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2700000 90000

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21266594 6000000 14700000 566594 9700000 5000000 500000 351900000

10.20

0.80 0.50

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5000001

11983333

47933333

32116947 333000000

10.38

880873 9710000

11.03

16700000

1502180

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67500

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Note 2 — Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Emerging Growth Company The Company is an emerging growth company as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2023 and 2022. Investments Held in Trust Account At December 31, 2023, substantially all of the assets held in the Trust Account were held in a demand deposit cash account. At December 31, 2022, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 Offering Costs associated with the Initial Public Offering Offering costs, including additional underwriting fees associated with the underwriters’ exercise of the over-allotment option, consist principally of legal, accounting, underwriting fees and other costs directly related to the IPO. Offering costs, including those attributable to the underwriters’ exercise of the over-allotment option in full, amounted to $21,266,594 consisting of $6,000,000 of paid underwriting fees, $14,700,000 of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $566,594 of other costs and was charged to shareholders’ equity upon the completion of the IPO. On June 28, 2023, the Company and Cantor entered into the Fee Reduction Agreement, pursuant to which Cantor agreed to the Reduced Deferred Fee in the form of <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_c20230628__20230628__us-gaap--TypeOfArrangementAxis__custom--FeeReductionAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zRzNADdXwd9i" title="Number of shares issued">500,000 shares of the common equity securities of the entity surviving the Transaction. See Note 1 for more information on the Fee Reduction Agreement. Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. At December 31, 2023, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account. Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature. Related Party Transactions The Company accounts for amounts due from related parties at historical cost and evaluates the collectability of these receivables for determination on if impairment should be recognized. In the same manner, the Company evaluated the $250,000 loan to Srirama Associates, LLC and determined that the amount was uncollectable and therefore recognized an impairment loss, see Note 5. Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2023 and 2022. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties for the year ended December 31, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements. Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Public Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2023 and 2022, 1,502,180 and 34,500,000, respectively, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary share to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary share are affected by charges against additional paid in capital and accumulated deficit. At December 31, 2023 and 2022, the Class A ordinary share subject to possible redemption reflected in the balance sheet is reconciled in the following table: Schedule of Reconciliation of Ordinary Share Subject to Possible Redemption Reflected in the Balance Sheet <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold; text-align: left">Class A ordinary share subject to possible redemption, January 1, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_c20220101__20221231_zYJ8L2KXvo26" style="width: 16%; text-align: right" title="Class A ordinary share subject to possible redemption">351,900,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: normal; font-weight: normal; text-align: left">Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Class A ordinary share subject to possible redemption"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: normal; font-weight: normal; text-align: left">Accretion of carrying value to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Class A ordinary share subject to possible redemption"><p id="xdx_98D_eus-gaap--TemporaryEquityAccretionToRedemptionValue_c20220101__20221231_z8Y2rE2OBYUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Accretion of carrying value to redemption value">4,964,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">Class A ordinary share subject to possible redemption, December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right" title="Class A ordinary share subject to possible redemption"><p id="xdx_986_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_c20230101__20231231_zB7AhPQZU0B7" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Class A ordinary share subject to possible redemption">356,864,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion of carrying value to redemption value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityAccretionToRedemptionValue_c20230101__20231231_zBl2frCiibxa" style="text-align: right" title="Accretion of carrying value to redemption value">2,801,927</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Redemption of ordinary shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_ecustom--TemporaryEquityRedemptionAmount_c20230101__20231231_zLWQLgPDS70b" style="border-bottom: Black 1.5pt solid; text-align: right" title="Redemption of ordinary shares">(342,984,430</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Class A ordinary share subject to possible redemption, December 31, 2023</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_980_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_c20230101__20231231_zXdvBsh1PHHk" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Class A ordinary share subject to possible redemption">16,681,497</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table> Net Income (Loss) per Ordinary Share The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B Ordinary shares (the “Founder Shares”). Earnings and losses are shared pro rata between the two classes of shares. Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) to purchase <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211108__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zJpXOu7awvuk" title="Number of warrants issued to purchase ordinary shares (in shares)">17,975,000 ordinary shares at $11.50 per share were issued on November 8, 2021. At December 31, 2023 and 2022, no Public Warrants or Private Placement Warrants have been exercised. The <span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zPJildYHpJ4h" title="Number of shares excluded from computation of diluted earnings per ordinary share"><span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zAl08dZCUM31" title="Number of shares excluded from computation of diluted earnings per ordinary share">17,975,000 Class A ordinary shares underlying the Public Warrants and Private Placement Warrants were excluded from diluted earnings per share for the year ended December 31, 2023 because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income (loss) per ordinary share is the same as basic net income (loss) per ordinary share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of share. Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Ordinary Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A (Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A (Non – Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class B Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A(Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A (Non – Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Class B Ordinary Shares</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Basic and diluted net (loss) income per share:</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 6%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Allocation of net (loss) income</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOyXOaFu5e7" style="text-align: right">(19,134</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_909_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z7oJK70SY7kk" title="Allocation of net (loss) income">(44,186</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zRWIq8R81xi2" title="Allocation of net (loss) income">(4,005</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQNTfgwjrRC5" title="Allocation of net (loss) income">3,172,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z3HPdcvCENUb" title="Allocation of net (loss) income">133,355</td><td style="text-align: left"> </td> <td></td> <td>$</td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zdWWw6DEbqS5" title="Allocation of net (loss) income">1,102,090</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zH4O6oZb7hvg" title="Weighted average shares outstanding, basic"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJf9xNFXwXCg" title="Weighted average shares outstanding, Diluted">5,333,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zTQQndWo9881" title="Weighted average shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z63dZIby7nW3" title="Weighted average shares outstanding, Diluted">12,317,077</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_ztRdVBdSTFgd" title="Weighted average shares outstanding, basic"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zgf6f1uf9hd5" title="Weighted average shares outstanding, Diluted">1,116,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfNRyE3rDOG3" title="Weighted average shares outstanding, basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHIdYD5i22ra" title="Weighted average shares outstanding, Diluted">34,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zAzTfEERJBjk" title="Weighted average shares outstanding, basic"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z3KJUKJZ6Adi" title="Weighted average shares outstanding, Diluted">1,450,000</td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z4Ro7qXpKoA5" title="Weighted average shares outstanding, Diluted">11,983,333</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net (loss) income per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zNE2Jk5V4B3i" title="Basic net income (loss) per share"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zghHD1z4tAJ7" title="Dilution net income (loss) per share">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.09</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zWA0Tey8OuZk" title="Basic net income (loss) per share"><span id="xdx_908_eus-gaap--EarningsPerShareDiluted_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zmLvfU4D2WRk" title="Dilution net income (loss) per share">0.09</td><td style="text-align: left"> </td> <td></td> <td>$</td> <td style="text-align: right">0.09</td> <td> </td></tr> </table> TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 Accounting for Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the instruments are free standing financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own ordinary shares and whether the instrument holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, was conducted at the time of warrant issuance and as of each subsequent period end date while the instruments are outstanding. Management has concluded that the Public Warrants qualify for equity accounting treatment and Private Placement Warrants qualify for liability accounting treatment. Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statement.

Basis of Presentation The accompanying financial statements are presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”).

Emerging Growth Company The Company is an emerging growth company as defined in Section 102(b)(1) of the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”), which exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies (that is, those that have not had a Securities Act registration statement declared effective or do not have a class of securities registered under the Exchange Act) are required to comply with the new or revised financial accounting standards. The JOBS Act provides that an emerging growth company can elect to opt out of the extended transition period and comply with the requirements that apply to non-emerging growth companies but any such an election to opt out is irrevocable. The Company has elected not to opt out of such extended transition period, which means that when a standard is issued or revised, and it has different application dates for public or private companies, the Company, as an emerging growth company, can adopt the new or revised standard at the time private companies adopt the new or revised standard. This may make comparison of the Company’s financial statements with another public company that is neither an emerging growth company nor an emerging growth company that has opted out of using the extended transition period difficult or impossible because of the potential differences in accounting standards used.

Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Making estimates requires management to exercise significant judgment. Such estimates may be subject to change as more current information becomes available and accordingly the actual results could differ significantly from those estimates. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates.

Cash and Cash Equivalents The Company considers all short-term investments with an original maturity of three months or less when purchased to be cash equivalents. The Company did not have any cash equivalents as of December 31, 2023 and 2022.

Investments Held in Trust Account At December 31, 2023, substantially all of the assets held in the Trust Account were held in a demand deposit cash account. At December 31, 2022, substantially all of the assets held in the Trust Account were held in U.S. Treasury securities. The Company’s investments held in the Trust Account are classified as trading securities. Trading securities are presented on the balance sheet at fair value at the end of each reporting period. Gains and losses resulting from the change in fair value of investments held in Trust Account are included in interest earned on marketable securities held in Trust Account in the accompanying statements of operations. The estimated fair values of investments held in Trust Account are determined using available market information. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 Offering Costs associated with the Initial Public Offering Offering costs, including additional underwriting fees associated with the underwriters’ exercise of the over-allotment option, consist principally of legal, accounting, underwriting fees and other costs directly related to the IPO. Offering costs, including those attributable to the underwriters’ exercise of the over-allotment option in full, amounted to $21,266,594 consisting of $6,000,000 of paid underwriting fees, $14,700,000 of deferred underwriting fees payable (which are held in the Trust Account (defined below)) and $566,594 of other costs and was charged to shareholders’ equity upon the completion of the IPO. On June 28, 2023, the Company and Cantor entered into the Fee Reduction Agreement, pursuant to which Cantor agreed to the Reduced Deferred Fee in the form of <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_uShares_c20230628__20230628__us-gaap--TypeOfArrangementAxis__custom--FeeReductionAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zRzNADdXwd9i" title="Number of shares issued">500,000 shares of the common equity securities of the entity surviving the Transaction. See Note 1 for more information on the Fee Reduction Agreement. 21266594 6000000 14700000 566594

500000

Concentration of Credit Risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Deposit Insurance Corporation coverage limit of $250,000. At December 31, 2023, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such account.

250000

Fair Value of Financial Instruments The fair value of the Company’s assets and liabilities, which qualify as financial instruments under the (“FASB”) ASC 820, “Fair Value Measurements and Disclosures,” approximates the carrying amounts represented in the accompanying balance sheet, primarily due to their short-term nature.

Related Party Transactions The Company accounts for amounts due from related parties at historical cost and evaluates the collectability of these receivables for determination on if impairment should be recognized. In the same manner, the Company evaluated the $250,000 loan to Srirama Associates, LLC and determined that the amount was uncollectable and therefore recognized an impairment loss, see Note 5.

250000

Income Taxes The Company follows the asset and liability method of accounting for income taxes under FASB ASC 740, “Income Taxes.” Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that included the enactment date. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized. FASB ASC 740 prescribes a recognition threshold and a measurement attribute for the financial statement recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination by taxing authorities. There were no unrecognized tax benefits as of December 31, 2023 and 2022. The Company’s management determined that the Cayman Islands is the Company’s only major tax jurisdiction. The Company recognizes accrued interest and penalties related to unrecognized tax benefits as income tax expense. No amounts were accrued for the payment of interest and penalties for the year ended December 31, 2023 and December 31, 2022. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. There is currently no taxation imposed on income by the Government of the Cayman Islands. In accordance with Cayman income tax regulations, income taxes are not levied on the Company. Consequently, income taxes are not reflected in the Company’s financial statements.

Class A Ordinary Shares Subject to Possible Redemption The Company accounts for its ordinary shares subject to possible redemption in accordance with the guidance in ASC Topic 480 “Distinguishing Liabilities from Equity.” Class A ordinary shares subject to mandatory redemption (if any) are classified as a liability instrument and are measured at fair value. Conditionally redeemable Class A ordinary shares (including Class A ordinary shares that features redemption rights that are either within the control of the holder or subject to redemption upon the occurrence of uncertain events not solely within the Company’s control) is classified as temporary equity. At all other times, Class A ordinary shares are classified as shareholders’ equity. The Company’s Public Shares feature certain redemption rights that are considered to be outside of the Company’s control and subject to occurrence of uncertain future events. Accordingly, at December 31, 2023 and 2022, 1,502,180 and 34,500,000, respectively, Class A ordinary shares subject to possible redemption are presented as temporary equity, outside of the shareholders’ deficit section of the Company’s balance sheet. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 The Company recognizes changes in redemption value immediately as they occur and adjusts the carrying value of redeemable Class A ordinary share to equal the redemption value at the end of each reporting period. Increases or decreases in the carrying amount of redeemable ordinary share are affected by charges against additional paid in capital and accumulated deficit. At December 31, 2023 and 2022, the Class A ordinary share subject to possible redemption reflected in the balance sheet is reconciled in the following table: Schedule of Reconciliation of Ordinary Share Subject to Possible Redemption Reflected in the Balance Sheet <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold; text-align: left">Class A ordinary share subject to possible redemption, January 1, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_c20220101__20221231_zYJ8L2KXvo26" style="width: 16%; text-align: right" title="Class A ordinary share subject to possible redemption">351,900,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: normal; font-weight: normal; text-align: left">Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Class A ordinary share subject to possible redemption"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: normal; font-weight: normal; text-align: left">Accretion of carrying value to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Class A ordinary share subject to possible redemption"><p id="xdx_98D_eus-gaap--TemporaryEquityAccretionToRedemptionValue_c20220101__20221231_z8Y2rE2OBYUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Accretion of carrying value to redemption value">4,964,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">Class A ordinary share subject to possible redemption, December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right" title="Class A ordinary share subject to possible redemption"><p id="xdx_986_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_c20230101__20231231_zB7AhPQZU0B7" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Class A ordinary share subject to possible redemption">356,864,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion of carrying value to redemption value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityAccretionToRedemptionValue_c20230101__20231231_zBl2frCiibxa" style="text-align: right" title="Accretion of carrying value to redemption value">2,801,927</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Redemption of ordinary shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_ecustom--TemporaryEquityRedemptionAmount_c20230101__20231231_zLWQLgPDS70b" style="border-bottom: Black 1.5pt solid; text-align: right" title="Redemption of ordinary shares">(342,984,430</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Class A ordinary share subject to possible redemption, December 31, 2023</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_980_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_c20230101__20231231_zXdvBsh1PHHk" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Class A ordinary share subject to possible redemption">16,681,497</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

1502180

34500000

At December 31, 2023 and 2022, the Class A ordinary share subject to possible redemption reflected in the balance sheet is reconciled in the following table: Schedule of Reconciliation of Ordinary Share Subject to Possible Redemption Reflected in the Balance Sheet <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; font-weight: bold; text-align: left">Class A ordinary share subject to possible redemption, January 1, 2022</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_c20220101__20221231_zYJ8L2KXvo26" style="width: 16%; text-align: right" title="Class A ordinary share subject to possible redemption">351,900,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="font-style: normal; font-weight: normal; text-align: left">Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Class A ordinary share subject to possible redemption"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-style: normal; font-weight: normal; text-align: left">Accretion of carrying value to redemption value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Class A ordinary share subject to possible redemption"><p id="xdx_98D_eus-gaap--TemporaryEquityAccretionToRedemptionValue_c20220101__20221231_z8Y2rE2OBYUd" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Accretion of carrying value to redemption value">4,964,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; font-weight: bold; text-align: left">Class A ordinary share subject to possible redemption, December 31, 2022</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right" title="Class A ordinary share subject to possible redemption"><p id="xdx_986_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iS_c20230101__20231231_zB7AhPQZU0B7" style="font: 10pt Times New Roman, Times, Serif; margin: 0" title="Class A ordinary share subject to possible redemption">356,864,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Plus:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accretion of carrying value to redemption value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--TemporaryEquityAccretionToRedemptionValue_c20230101__20231231_zBl2frCiibxa" style="text-align: right" title="Accretion of carrying value to redemption value">2,801,927</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt">Redemption of ordinary shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_ecustom--TemporaryEquityRedemptionAmount_c20230101__20231231_zLWQLgPDS70b" style="border-bottom: Black 1.5pt solid; text-align: right" title="Redemption of ordinary shares">(342,984,430</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Class A ordinary share subject to possible redemption, December 31, 2023</td><td style="font-weight: bold; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">$</td><td id="xdx_980_eus-gaap--TemporaryEquityCarryingAmountAttributableToParent_iE_c20230101__20231231_zXdvBsh1PHHk" style="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right" title="Class A ordinary share subject to possible redemption">16,681,497</td><td style="padding-bottom: 2.5pt; font-weight: bold; text-align: left"> </td></tr> </table>

351900000

4964000

356864000

2801927

-342984430

16681497

Net Income (Loss) per Ordinary Share The Company has two classes of shares, which are referred to as Class A ordinary shares and Class B Ordinary shares (the “Founder Shares”). Earnings and losses are shared pro rata between the two classes of shares. Public Warrants (see Note 3) and Private Placement Warrants (see Note 4) to purchase <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211108__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zJpXOu7awvuk" title="Number of warrants issued to purchase ordinary shares (in shares)">17,975,000 ordinary shares at $11.50 per share were issued on November 8, 2021. At December 31, 2023 and 2022, no Public Warrants or Private Placement Warrants have been exercised. The <span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zPJildYHpJ4h" title="Number of shares excluded from computation of diluted earnings per ordinary share"><span id="xdx_90C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__us-gaap--WarrantMember_zAl08dZCUM31" title="Number of shares excluded from computation of diluted earnings per ordinary share">17,975,000 Class A ordinary shares underlying the Public Warrants and Private Placement Warrants were excluded from diluted earnings per share for the year ended December 31, 2023 because they are contingently exercisable, and the contingencies have not yet been met. As a result, diluted net income (loss) per ordinary share is the same as basic net income (loss) per ordinary share for the period. The table below presents a reconciliation of the numerator and denominator used to compute basic and diluted net income (loss) per share for each class of share. Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Ordinary Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A (Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A (Non – Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class B Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A(Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A (Non – Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Class B Ordinary Shares</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Basic and diluted net (loss) income per share:</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 6%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Allocation of net (loss) income</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOyXOaFu5e7" style="text-align: right">(19,134</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_909_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z7oJK70SY7kk" title="Allocation of net (loss) income">(44,186</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zRWIq8R81xi2" title="Allocation of net (loss) income">(4,005</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQNTfgwjrRC5" title="Allocation of net (loss) income">3,172,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z3HPdcvCENUb" title="Allocation of net (loss) income">133,355</td><td style="text-align: left"> </td> <td></td> <td>$</td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zdWWw6DEbqS5" title="Allocation of net (loss) income">1,102,090</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zH4O6oZb7hvg" title="Weighted average shares outstanding, basic"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJf9xNFXwXCg" title="Weighted average shares outstanding, Diluted">5,333,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zTQQndWo9881" title="Weighted average shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z63dZIby7nW3" title="Weighted average shares outstanding, Diluted">12,317,077</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_ztRdVBdSTFgd" title="Weighted average shares outstanding, basic"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zgf6f1uf9hd5" title="Weighted average shares outstanding, Diluted">1,116,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfNRyE3rDOG3" title="Weighted average shares outstanding, basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHIdYD5i22ra" title="Weighted average shares outstanding, Diluted">34,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zAzTfEERJBjk" title="Weighted average shares outstanding, basic"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z3KJUKJZ6Adi" title="Weighted average shares outstanding, Diluted">1,450,000</td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z4Ro7qXpKoA5" title="Weighted average shares outstanding, Diluted">11,983,333</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net (loss) income per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zNE2Jk5V4B3i" title="Basic net income (loss) per share"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zghHD1z4tAJ7" title="Dilution net income (loss) per share">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.09</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zWA0Tey8OuZk" title="Basic net income (loss) per share"><span id="xdx_908_eus-gaap--EarningsPerShareDiluted_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zmLvfU4D2WRk" title="Dilution net income (loss) per share">0.09</td><td style="text-align: left"> </td> <td></td> <td>$</td> <td style="text-align: right">0.09</td> <td> </td></tr> </table> TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

17975000

11.50

17975000

Schedule of Calculation of Basic and Diluted Net Income (Loss) Per Ordinary Share <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="22" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For the year ended</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2022</td> <td> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A (Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A (Non – Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class B Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A(Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Class A (Non – Redeemable) Ordinary Shares</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td> <td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Class B Ordinary Shares</td> <td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Basic and diluted net (loss) income per share:</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"> </td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 6%; text-align: right"></td><td style="width: 1%; text-align: left"> </td> <td style="width: 2%"> </td> <td style="width: 1%"> </td> <td style="text-align: right; width: 6%"> </td> <td style="width: 1%"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Allocation of net (loss) income</td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zOyXOaFu5e7" style="text-align: right">(19,134</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_909_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z7oJK70SY7kk" title="Allocation of net (loss) income">(44,186</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90B_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zRWIq8R81xi2" title="Allocation of net (loss) income">(4,005</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_905_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zQNTfgwjrRC5" title="Allocation of net (loss) income">3,172,916</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z3HPdcvCENUb" title="Allocation of net (loss) income">133,355</td><td style="text-align: left"> </td> <td></td> <td>$</td> <td style="text-align: right"><span id="xdx_90E_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_pp0p0_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zdWWw6DEbqS5" title="Allocation of net (loss) income">1,102,090</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted average shares outstanding</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zH4O6oZb7hvg" title="Weighted average shares outstanding, basic"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zJf9xNFXwXCg" title="Weighted average shares outstanding, Diluted">5,333,742</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zTQQndWo9881" title="Weighted average shares outstanding, basic"><span id="xdx_907_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z63dZIby7nW3" title="Weighted average shares outstanding, Diluted">12,317,077</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_901_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_ztRdVBdSTFgd" title="Weighted average shares outstanding, basic"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zgf6f1uf9hd5" title="Weighted average shares outstanding, Diluted">1,116,256</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_903_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfNRyE3rDOG3" title="Weighted average shares outstanding, basic"><span id="xdx_90C_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zHIdYD5i22ra" title="Weighted average shares outstanding, Diluted">34,500,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zAzTfEERJBjk" title="Weighted average shares outstanding, basic"><span id="xdx_904_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_z3KJUKJZ6Adi" title="Weighted average shares outstanding, Diluted">1,450,000</td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"><span id="xdx_902_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_pp0d_c20220101__20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z4Ro7qXpKoA5" title="Weighted average shares outstanding, Diluted">11,983,333</td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td> <td> </td> <td> </td> <td style="text-align: right"> </td> <td> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Basic and diluted net (loss) income per share</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90A_eus-gaap--EarningsPerShareBasic_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zNE2Jk5V4B3i" title="Basic net income (loss) per share"><span id="xdx_90D_eus-gaap--EarningsPerShareDiluted_pid_c20230101__20231231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zghHD1z4tAJ7" title="Dilution net income (loss) per share">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.00</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">0.09</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_906_eus-gaap--EarningsPerShareBasic_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zWA0Tey8OuZk" title="Basic net income (loss) per share"><span id="xdx_908_eus-gaap--EarningsPerShareDiluted_pid_c20220101__20221231__us-gaap--StatementClassOfStockAxis__custom--CommonClassaNotSubjectToRedemptionMember_zmLvfU4D2WRk" title="Dilution net income (loss) per share">0.09</td><td style="text-align: left"> </td> <td></td> <td>$</td> <td style="text-align: right">0.09</td> <td> </td></tr> </table>

-19134

-44186

-4005

3172916

133355

1102090

5333742

12317077

1116256

34500000

1450000

11983333

0.00

0.09

Accounting for Warrants The Company accounts for warrants as either equity-classified or liability-classified instruments based on an assessment of the instruments’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815, Derivatives and Hedging (“ASC 815”). The assessment considers whether the instruments are free standing financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the instruments meet all of the requirements for equity classification under ASC 815, including whether the instruments are indexed to the Company’s own ordinary shares and whether the instrument holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, was conducted at the time of warrant issuance and as of each subsequent period end date while the instruments are outstanding. Management has concluded that the Public Warrants qualify for equity accounting treatment and Private Placement Warrants qualify for liability accounting treatment.

Recent Accounting Pronouncements The Company’s management does not believe that any recently issued, but not yet effective, accounting pronouncements, if currently adopted, would have a material effect on the Company’s financial statement.

Note 3 — Initial Public Offering and Over-Allotment Pursuant to the IPO, the Company sold <span id="xdx_90A_ecustom--UnitsIssuedDuringPeriodSharesNewIssue_c20211108__20211108__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_pdd" title="Sale of units in initial public offering, gross (in shares ) | shares">34,500,000 units at a price of $10.00 per Unit. Each Unit consists of one ordinary share (such ordinary shares included in the Units being offered, the “Public Shares”), and <span id="xdx_904_ecustom--NumberOfWarrantsIssuedPerUnit_dxL_c20211108__20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zAFYDg8NfD6h" title="Number of warrants in a unit::XDX::0.5">one-half of one redeemable warrant (each, a “Public Warrant”). Each whole Public Warrant entitles the holder to purchase <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_dc_c20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zaJHoG2KGFM4" title="Number of shares issuable per warrant">one ordinary share at a price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zVwZvvcFOcrg" title="Exercise price of warrants">11.50 per share, subject to adjustment (see Note 7). 34500000

10.00

11.50

Note 4 — Private Placement Warrants On November 8, 2021, simultaneously with the consummation of the IPO and the underwriters’ exercise of their over-allotment option, the Company consummated the issuance and sale (“Private Placement”) of <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zZcC7XRRaCX3" title="Number of warrants to purchase shares issued">1,450,000 units (the “Private Placement Units”) in a private placement transaction at a price of $<span id="xdx_901_ecustom--ClassOfWarrantOrRightPriceOfWarrantsOrRights_c20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pp2d" title="Price of warrants">10.00 per Placement Unit, generating gross proceeds of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfWarrants_pp0d_c20211108__20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zCGPjvAzbm6h" title="Aggregate purchase price">14,500,000. The Private Placement Units were purchased by Cantor (<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_c20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--CantorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_pdd" title="Number of warrants to purchase shares issued">150,000 Units) and the Sponsor (<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zIT4Fhke8l7h" title="Number of warrants to purchase shares issued">1,300,000 Units). Each Private Placement Unit consisted of one Placement Share and one-half of a redeemable warrant (“Placement Warrant”). Each whole Placement Warrant will be exercisable to purchase one Class A ordinary share at a price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pp2d_c20211108__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zzT20lahBfK7" title="Exercise price of warrant">11.50 per share. A portion of the proceeds from the Private Placement Units was added to the proceeds from the IPO to be held in the Trust Account. If the Company does not complete a Business Combination within the Combination Period, the proceeds from the sale of the Private Placement Units will be used to fund the redemption of the Public Shares (subject to the requirements of applicable law), and the Private Placement Units and all underlying securities will be worthless. On June 7, 2023, the Original Sponsor transferred <span id="xdx_904_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230607__20230607__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zOngJOFWwf9j" title="Sale of stock, number of shares issued in transaction">1,000,000 Private Placement Units to the Sponsor in connection with the Purchase Agreement (see Note 6). TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

1450000

10.00

14500000

150000

1300000

11.50

1000000

Note 5 — Related Party Transactions Founder Shares Our Sponsor paid $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_c20210422__20210422__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z37xhhFLck0j" title="Aggregate purchase price">25,000 to cover certain offering costs of the Company in consideration for <span id="xdx_908_eus-gaap--CommonStockDividendsShares_c20210422__20210422__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zLqmjGsoo5l" title="Share dividend">8,625,000 Founder Shares which were issued on April 22, 2021. In August 2021, the Company effectuated a dividend of approximately <span id="xdx_908_eus-gaap--PreferredStockConvertibleConversionRatio_iI_pp4d_c20210831__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z3fkeWJiaBo8" title="Stock dividend ratio">0.3628 shares for each outstanding Class B ordinary share resulting in an aggregate of <span id="xdx_901_ecustom--AggregateNumberOfSharesOwned_c20210831__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pdd" title="Aggregate number of shares owned">11,754,150 Class B ordinary shares outstanding. On October 1, 2021, the Company effectuated a dividend of approximately <span id="xdx_905_eus-gaap--PreferredStockConvertibleConversionRatio_c20211001__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_pp4d" title="Stock dividend ratio">0.0195 shares for each outstanding Class B ordinary share resulting in an aggregate of <span id="xdx_90B_ecustom--AggregateNumberOfSharesOwned_iI_c20211001__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z8thw2vx3Xzf" title="Aggregate number of shares owned">11,983,333 Class B Founder shares outstanding (up to <span id="xdx_908_ecustom--NumberOfSharesSubjectToForfeiture_iI_c20211001__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zbbYrYEYOVZ8" title="Shares subject to forfeiture">1,530,000 of which are subject to forfeiture if the underwriters’ over-allotment option is not exercised in full). The Founder Shares will automatically convert into Class A ordinary shares at the time of the Company’s initial Business Combination and are subject to certain transfer restrictions. The initial shareholders had agreed to forfeit up to <span id="xdx_908_ecustom--NumberOfSharesSubjectToForfeiture_iI_c20231231__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_za45SZyhmTw5" title="Shares subject to forfeiture">1,530,000 Founder Shares to the extent that the over-allotment option is not exercised in full by the underwriters. Since the underwriters’ exercised the over-allotment option in full, no Founder Shares are subject to forfeiture. The initial shareholders will agree, subject to limited exceptions, not to transfer, assign or sell any of their Founder Shares until the earliest of (A) <span id="xdx_90A_ecustom--RestrictionsOnTransferPeriodOfTimeAfterBusinessCombinationCompletion_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zTgzZxac35I7" title="Restrictions on transfer period of time after business combination completion">one year after the completion of our initial business combination and (B) subsequent to our initial business combination, (x) if the closing price of our Class A ordinary shares equals or exceeds $<span id="xdx_90C_ecustom--TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationStockPriceTrigger_pp2d_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zaSUTpiQeMA5" title="Stock price trigger to transfer, assign or sell any shares or warrants of the company, after the completion of the initial business combination (in dollars per share)">12.00 per share (as adjusted for share subdivisions, share capitalizations, reorganizations, recapitalizations and the like) for any <span id="xdx_90B_ecustom--TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationThresholdTradingDays_dtD_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zLT4KgYAvK21" title="Threshold trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination">20 trading days within any <span id="xdx_901_ecustom--TransferAssignOrSellAnySharesOrWarrantsAfterCompletionOfInitialBusinessCombinationThresholdConsecutiveTradingDays_dtD_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_znQYiGVJBmgg" title="Threshold consecutive trading days for transfer, assign or sale of shares or warrants, after the completion of the initial business combination">30-trading day period commencing at least <span id="xdx_905_ecustom--ThresholdPeriodAfterBusinessCombinationInWhichSpecifiedTradingDaysWithinAnySpecifiedTradingDayPeriodCommences_dtD_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--FounderSharesMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zqLhRrOgfY3k" title="Threshold period after the business combination in which the 20 trading days within any 30 trading day period commences">150 days after our initial business combination, or (y) the date on which we complete a liquidation, merger, share exchange or other similar transaction that results in all of our public shareholders having the right to exchange their ordinary shares for cash, securities or other property. On January 30, 2023, the initial shareholders holding all of the Founder Shares elected to convert their Founder Shares into Class A ordinary shares of the Company on a one-for-one basis (the “Conversion”). As a result, 11,983,333 of the Company’s Class B ordinary shares were cancelled and 11,983,333 Class A ordinary shares were issued to such converting Initial Shareholders. The Initial Shareholders agreed that all of the terms and conditions applicable to the Founder Shares set forth in the Letter Agreement shall continue to apply to the Class A ordinary shares that the Founder Shares converted into, including the voting agreement, transfer restrictions and waiver of any right, title, interest or claim of any kind to the Trust Account or any monies or other assets held therein. On May 4, 2023, the Company entered into the Purchase Agreement, pursuant to which the Sponsor agreed to purchase from the Original Sponsor (x) <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230504__20230504__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zqWw1dV3wJTh" title="Number of shares issued">7,988,889 Class A ordinary shares and (y) <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230504__20230504__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_z0BuF9bT2ri8" title="Number of shares issued">1,000,000 Private Placement Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant that is exercisable for one Class A ordinary share, free and clear of all liens and encumbrances (other than those contained in the Underwriting Agreement), for an aggregate purchase price of $<span id="xdx_909_ecustom--AggregatePurchasePrice_iI_pp2d_c20230504__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zWdV0O8ECMT" title="Aggregate purchase price">1.00 payable at the time of the initial Business Combination. On June 7, 2023, the Original Sponsor transferred <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230606__20230607__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember_zg81rbK0W3c6" title="Number of shares issued">7,988,889 Class A ordinary shares to the Sponsor, pursuant to the Purchase Agreement (see Note 6). The Company estimated the aggregate fair values of the <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230606__20230607__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__custom--NonRedeemableOrdinaryMember_zm8IjkwCuH2i" title="Number of shares issued">7,988,889 Class A non-redeemable ordinary shares, the <span id="xdx_90B_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230606__20230606__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z2W0MKjKtkB8" title="Number of shares issued">1,000,000 Private Placement shares, and the <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230607__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zamAYC1vlNR6" title="Class of warrants">500,000 public warrants transferred to be $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20230606__20230607__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zv9xZ9pyUphf" title="Proceeds">3,515,111, $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230606__20230607__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsTransferredTwoMember_zeZWU5vFe9Ma" title="Number of shares issued">440,000, and $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230606__20230607__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsTransferredThreeMember_zwGWLnWeh8If" title="Number of shares issued">20,000, respectively or $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230607__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__custom--PublicWarrantsTransferredOneMember_z8FSFlPAmFBj" title="Exercise price">0.44 per share and $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230607__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--SsvkAssociatesLlcMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__srt--TitleOfIndividualAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__custom--PublicWarrantsTransferredTwoMember_zpoAKPyTTn49" title="Exercise price">0.04 per warrant. The fair value of the Class A non-redeemable shares was based on the following inputs: Schedule of Fair Value Non Redeemable Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20230503__20230504_zjRvdjmAJfIf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">May 4, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions_pid_dp_uPure_zvPeAx7Xrov7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Discount for lack of marketability</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">6.80</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_ecustom--StockPriceOfMeasurement_pid_z3xkbBKhZqze" style="vertical-align: bottom; background-color: White"> <td>Stock price as of measurement date</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.77</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ProbabilityOfTransactionPercentage_pid_dp_uPure_zhofbGhptox2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Probability of transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.40</td><td style="text-align: left">%</td></tr> </table> Related Party Loans On April 22, 2021, the Sponsor agreed to loan the Company an aggregate of up to $<span id="xdx_90A_ecustom--MaximumBorrowingCapacityOfRelatedPartyPromissoryNote_c20210422__us-gaap--RelatedPartyTransactionAxis__custom--PromissoryNoteWithRelatedPartyMember_pp0p0" title="Maximum borrowing capacity of related party promissory note">300,000 to cover expenses related to the IPO pursuant to a promissory note (the “Note”). This loan was non-interest bearing and payable on the earlier of December 31, 2021 or the completion of the IPO. The note payable of $121,158 was repaid on November 8, 2021. As of December 31, 2022, the Company had no borrowings under the Note. On October 2, 2023, the Company advanced the Sponsor $17,000 for working capital purposes. The advances are non-interest bearing and are due on demand. This related party transaction is included on the accompanying balance sheet as a due from related party. As of December 31, 2023, the remainder of the Second SPAC Loan of $577,500 is due from the Sponsor. This related party transaction is included on the accompanying balance sheet as a due from related party. As of December 31, 2023, the Company determined that $250,000 of the $577,500 was deemed to be uncollectible, therefore the Company recorded impairment totaling $250,000 on the amount due from related party in the other income section of the statement of operations. Subscription Agreement Loans On May 3, 2023, the Company and the Original Sponsor entered into a Subscription Agreement with Polar Multi-Strategy Master Fund (the “Investor”) where the Investor agreed to make a cash contribution of $<span id="xdx_902_ecustom--InitialCapitalContribution_pp0p0_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zrzfpG4AdEFa" title="Initial capital contribution">151,000 to the Original Sponsor (the “Initial Capital Contribution”) on or prior to May 3, 2023. The Initial Capital Contribution would in turn be loaned by the Original Sponsor to the Company to cover working capital expenses (the “First SPAC Loan”). In consideration for the Initial Capital Contribution, the Company will issue <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pp0p0_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zLiyrpFxH8tk" title="Number of shares issued">151,000 Class A ordinary shares, par value $<span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zUh01rxjvlU2" title="Ordinary shares, par value (in dollar per share)">0.0001 per share, of the Company to the Investor at the closing of the initial business combination (the “De-SPAC Closing”). The First SPAC Loan shall not accrue interest and shall be repaid by the Company upon the De-SPAC Closing. The Investor may elect at the De-SPAC Closing to receive such payments in (a) cash or (b) Class A ordinary shares of the Company at a rate of one Class A ordinary share for each $<span id="xdx_90D_ecustom--InitialCapitalContributionPerShare_pp0p0_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--DeSPACMember_zJn5mGhF4Lg3" title="Initial capital contribution">10.00 of Initial Capital Contribution. If the Company liquidates without consummating the initial business combination, any amounts remaining in the Sponsor or Company’s cash accounts, not including the Company’s Trust Account, will be paid to the Investor within five days of the liquidation. On June 20, 2023, the Sponsor and the Company entered into a second subscription agreement (the “Second Subscription Agreement”) with the Investor where the Investor agreed to lend to the Sponsor, which would in turn be lent to the Company, an aggregate of $<span id="xdx_908_ecustom--MaximumBorrowingCapacityOfRelatedPartyPromissoryNote_iI_c20230620__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__dei--LegalEntityAxis__custom--SponsorMember_zppqeb1abZF4" title="Maximum borrowing capacity of related party promissory note">1,500,000 (the “Additional Capital Commitment”) to cover working capital expenses (the “Second SPAC Loan”). One half of the Additional Capital Commitment was made by the Investor to the Sponsor in cash on or prior to June 21, 2023, and the remaining $750,000 would be made by the Investor to the Sponsor in cash on the later of the Sponsor’s request and the first filing of the S-4 for the Company’s business combination. In consideration for the Second SPAC Loan, the Company will issue one Class A ordinary share for each dollar of the Additional Capital Commitment funded by the Investor at the De-SPAC Closing. The Second SPAC Loan shall not accrue interest and shall be repaid by the Company upon the De-SPAC Closing. The Investor may elect at the De-SPAC Closing to receive such payments in (a) cash or (b) Class A ordinary shares at a rate of one Class A ordinary share for each $<span id="xdx_904_ecustom--InitialCapitalContributionPerShare_pp0p0_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--SecondSubscriptionAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--DeSPACMember_zVE2avjo7wna" title="Initial capital contribution">10.00 of Additional Capital Contribution. If the Company liquidates without consummating the initial business combination, any amounts remaining in the Sponsor or Company’s cash accounts, not including the Company’s Trust Account, will be paid to the Investor within five days of the liquidation. Collectively, the First SPAC Loan and the Second SPAC Loan are referred to as the SPAC Loans. As of December 31, 2023, the Company had $<span id="xdx_901_eus-gaap--DebtInstrumentFeeAmount_iI_c20231231__dei--LegalEntityAxis__custom--SponsorMember__srt--TitleOfIndividualAxis__us-gaap--InvestorMember_zTOfKsdZSv0d" title="Debt instrument, fee amount">1,651,000 borrowings under the SPAC Loans. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 The Company accounted for the Class A common stock they could be converted (“equity instrument”) to as equity-classified instruments based on an assessment of the specific terms and applicable authoritative guidance in ASC 480 and ASC 815. The assessment considers whether the equity instrument is freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, and whether the equity instrument meets all the requirements for equity classification under ASC 815, including whether the equity instrument is indexed to the Company’s own common stock, among other conditions for the equity classification. This assessment, which requires the use of professional judgment, was conducted at the time of equity instrument issuance. The SPAC Loans and the equity instrument meet the scope exception of ASC 815-10-15-74(a). The Company applied the guidance in ASC 470-20-25-2 “Debt With Conversion and Other Options”, requiring that the loan proceeds be allocated to the SPAC Loans based on their relative fair values. At May 3, 2023 the Company allocated $104,861 of the proceeds to the First SPAC Loan and $46,139 for the equity instrument. The Company estimated the aggregate fair value of the 151,000 shares to be issued to be $66,440 or $0.44 per share. At June 20, 2023 the Company allocated $520,833 of the proceeds to the Second SPAC Loan and $229,167 for the equity instruments. The Company estimated the aggregate fair value of the 750,000 shares to be issued to be $330,000 or $0.44 per share. At December 31, 2023 the carrying values of the SPAC Loans and the discounts were $1,631,725 and $275,306, respectively. The Company recorded amortization of the discounts on the SPAC Loans of $256,031, which is disclosed in the statement of cash flows as non-cash interest expense. As of December 31, 2023, the unamortized discount on the SPAC Loans was $19,274. As of December 31, 2023, the remainder of the Second SPAC Loan of $577,500 is due from the Sponsor. This amount is included on the accompanying balance sheet as a due from related party. Working Capital Loans In addition, in order to finance transaction costs in connection with a Business Combination, the Sponsor or an affiliate of the Sponsor, or certain of the Company’s officers and directors may, but are not obligated to, loan the Company funds as may be required (“Working Capital Loans”). If the Company completes a Business Combination, the Company would repay the Working Capital Loans out of the proceeds of the Trust Account released to the Company. Otherwise, the Working Capital Loans would be repaid only out of funds held outside the Trust Account. In the event that a Business Combination does not close, the Company may use a portion of proceeds held outside the Trust Account to repay the Working Capital Loans, but no proceeds held in the Trust Account would be used to repay the Working Capital Loans. Except for the foregoing, the terms of such Working Capital Loans, if any, have not been determined and no written agreements exist with respect to such loans. The Working Capital Loans would either be repaid upon consummation of a Business Combination, without interest, or, at the lender’s discretion, up to $<span id="xdx_90C_ecustom--MaximumLoansConvertibleIntoWarrants_iI_pn5n6_c20231231__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember_zqF4920S6Gxl" title="Loan conversion agreement warrant">1.5 million of such Working Capital Loans may be convertible into private placement-equivalent units at a price of $<span id="xdx_904_ecustom--ClassOfWarrantOrRightPriceOfWarrantsOrRights_iI_pp2d_c20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--WorkingCapitalLoansWarrantMember__us-gaap--RelatedPartyTransactionAxis__custom--RelatedPartyLoansMember_z4W4b2kmRjc4" title="Price of warrant">10.00 per unit. As of December 31, 2023 and 2022, the Company had no borrowings under the Working Capital Loans. Administrative Support Services Commencing on the date of the final prospectus, the Company will agree to pay the Sponsor a total of $<span id="xdx_902_ecustom--RelatedPartyTransactionExpensesFromTransactionsWithRelatedPartyPerMonth_pp0p0_c20230101__20231231__us-gaap--RelatedPartyTransactionAxis__custom--AdministrativeSupportAgreementMember_zngBZMp1EOv3" title="Expenses per month">10,000 per month for office space and administrative and support services. Upon completion of the Initial Business Combination or the Company’s liquidation, the Company will cease paying these monthly fees. At December 31, 2023 and 2022, $230,000 and $120,000, respectively, have been accrued under this arrangement and included in due to affiliate on the accompanying balance sheets.

25000

8625000

0.3628

11754150

0.0195

11983333 1530000 1530000 P1Y 12.00 P20D P30D P150D

11983333

7988889

1000000

1.00

7988889

1000000

500000

3515111

440000

20000

0.44

0.04

The fair value of the Class A non-redeemable shares was based on the following inputs: Schedule of Fair Value Non Redeemable Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font-size: 12pt"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_497_20230503__20230504_zjRvdjmAJfIf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">May 4, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions_pid_dp_uPure_zvPeAx7Xrov7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%; text-align: left">Discount for lack of marketability</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 18%; text-align: right">6.80</td><td style="width: 1%; text-align: left">%</td></tr> <tr id="xdx_40B_ecustom--StockPriceOfMeasurement_pid_z3xkbBKhZqze" style="vertical-align: bottom; background-color: White"> <td>Stock price as of measurement date</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">10.77</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_ecustom--ProbabilityOfTransactionPercentage_pid_dp_uPure_zhofbGhptox2" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Probability of transaction</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">4.40</td><td style="text-align: left">%</td></tr> </table>

0.0680

10.77 0.0440 300000

121158

17000

577500

250000

577500

250000 151000

151000

0.0001

10.00 1500000

750000

10.00

1651000

104861

46139

151000

66440

0.44

520833

229167

750000

330000

0.44

1631725

275306 256031

19274

577500

1500000 10.00 0 0 10000

230000

120000

Note 6 — Commitments and Contingencies Registration Rights The holders of Founder Shares, Private Placement Units (including the underlying securities), and securities that may be issued upon conversion of Working Capital Loans, if any, will be entitled to registration rights pursuant to a registration rights agreement signed upon consummation of the IPO. These holders will be entitled to certain demand and “piggyback” registration rights. However, the registration rights agreement provides that the Company will not permit any registration statement filed under the Securities Act to become effective until the termination of the applicable lock-up period for the securities to be registered. The Company will bear the expenses incurred in connection with the filing of any such registration statements. Underwriting Agreement The Company granted the underwriters a 45-day option from the final prospectus relating to the IPO to purchase up to <span id="xdx_906_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20230101__20231231__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_zjEWU0ZKlgy7" title="Sale of units, net of underwriting discounts (in shares)">4,500,000 additional Units to cover over-allotments, if any, at the IPO price less the underwriting discounts and commissions. On November 5, 2021, the underwriters elected to fully exercise the over-allotment option purchasing <span id="xdx_908_ecustom--UnitsIssuedDuringPeriodSharesNewIssues_c20211105__20211105__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--OverAllotmentOptionMember_z0D1xMmG4LCe" title="Sale of units, net of underwriting discounts (in shares)">4,500,000 Units. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 The underwriters were paid a cash underwriting discount of $0.20 per unit, or $6,000,000 in the aggregate at the closing of the IPO. The underwriters have agreed to defer the cash underwriting discount of $0.20 per share related to the over-allotment to be paid at Business Combination ($900,000 in the aggregate). In addition, the underwriters are entitled to a deferred underwriting commissions of $0.40 per unit, or $13,800,000 from the closing of the IPO. The total deferred fee is $14,700,000 consisting of the $13,800,000 deferred portion and the $900,000 cash discount agreed to be deferred until Business Combination. The deferred fee will become payable to the underwriters from the amounts held in the Trust Account solely if the Company completes a Business Combination, subject to the terms of the underwriting agreement. Subscription Agreement As noted in Note 5, on May 3, 2023, the Company entered into a subscription agreement (“Subscription Agreement”) with the Investor and the Original Sponsor. Pursuant to the May 4, 2023 Purchase Agreement, the Sponsor assumed the obligations of the Original Sponsor under the Subscription Agreement. Subject to, and in accordance with the terms and conditions of the Subscription Agreement, the parties agreed that: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Investor would make a cash contribution of $<span id="xdx_90C_ecustom--InitialCapitalContribution_pp0p0_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zmSM6yYtItk8" title="Initial capital contribution">151,000 to the Original Sponsor (the “Initial Capital Contribution”) on or prior to May 3, 2023, or on such date as the parties may agree in writing.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Initial Capital Contribution would in turn be loaned by the Original Sponsor to the Company to cover working capital expenses (the “First SPAC Loan”).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In consideration for the Initial Capital Contribution, the Company will issue <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_z4RpHdiUDdq1" title="Number of shares issued">151,000 Class A ordinary shares, par value $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zwjIHYyyuwVi" title="Ordinary shares, par value (in dollar per share)">0.0001 per share, of the Company to the Investor at the De-SPAC Closing, which shares shall be subject to no transfer restrictions or any other lock-up provisions, earn outs, or other contingencies and shall be registered as part of any registration statement to be filed in connection with the De-SPAC Closing or, if no such registration statement is filed in connection with the De-SPAC Closing, pursuant to the first registration statement to be filed by the Company or the surviving entity following the De-SPAC Closing.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The SPAC Loan shall not accrue interest and shall be repaid by the Company upon the De-SPAC Closing. The Sponsor will pay to the Investor all repayments of the SPAC Loan the Sponsor has received within <span id="xdx_906_ecustom--MinimumPeriodForReceivingSpacLoanFromDeSpacClosing_dxL_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_z30n1seYNRR2" title="Minimum period for receiving spac loan from de-spac closing::XDX::P5D">five business days of the De-SPAC Closing. The Investor may elect at the De-SPAC Closing to receive such payments in (a) cash or (b) Class A ordinary shares at a rate of <span id="xdx_901_ecustom--NumberOfSharesIssuableForEach10InitialCapitalContribution_iI_c20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zqyTVL6zYLD3" title="Number of shares issuable for each $10 initial capital contribution">one Class A ordinary share for each $<span id="xdx_909_ecustom--AmountOfInitialCapitalConsideredToIssueOneShare_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zFYoqro2Dr5b" title="Amount of initial capital considered to issue one share">10.00 of the Initial Capital Contribution. If the Company liquidates without consummating the initial business combination, any amounts remaining in the Sponsor or Company’s cash accounts, not including the Company’s Trust Account, will be paid to the Investor within <span id="xdx_906_ecustom--MinimumPeriodForPaymentInCaseOfLiquidation_dc_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zAOm15oQBdVf" title="Minimum period for payment in case of liquidation">five days of the liquidation.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On the De-SPAC Closing, the Sponsor will pay the Investor an amount equal to the reasonable attorney fees incurred by the Investor in connection with the Subscription Agreement not to exceed $<span id="xdx_90C_ecustom--MaximumReasonableAttorneyFees_c20230503__20230503__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--SubscriptionAgreementMember_zKDgwTu0Kmpb" title="Maximum reasonable attorney fees">5,000.</td></tr> </table> On June 20, 2023, the Company entered into a second subscription agreement (the “Second Subscription Agreement”) with the Investor and the Sponsor. Subject to, and in accordance with the terms and conditions of the Second Subscription Agreement, the parties agreed that: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Investor would make a cash contribution of up to $<span id="xdx_900_ecustom--InitialCapitalContribution_pp0p0_c20230620__20230620__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--SecondSubscriptionAgreementMember_ziuucL2LkLZ5" title="Initial capital contribution">750,000 to the Sponsor (the “Additional Capital Contribution”) on or prior to June 21, 2023, and the remaining $<span id="xdx_90E_ecustom--InitialCapitalContribution_pp0p0_c20230101__20231231__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--TypeOfArrangementAxis__custom--SecondSubscriptionAgreementMember_zAHmT1WTqsqa" title="Initial capital contribution">750,000 would be made by the Investor to the Sponsor in cash on the later of the Sponsor’s request and the first filing of the S-4 for the De-SPAC.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Additional Capital Contribution would in turn be loaned by the Sponsor to the Company in cash on the later of the Sponsor’s request and the first filing of the S-4 for the SPAC’s business combination (the “Second SPAC Loan”).</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">In consideration for the Additional Capital Commitment, SPAC will issue a further <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230620__20230620__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SecondSubscriptionAgreementMember_zkvSdiWuJlI1" title="Number of shares issued">one Class A ordinary share for each dollar of the Additional Capital Commitment funded to the Investor at the close of the business combination (“Subscription Shares”). The Subscription Shares shall be subject to no transfer restrictions or any other lock-up provisions, earn outs, or other contingencies. The Subscription Shares (i) shall be registered as part of any registration statement issuing shares before or in connection with the De- SPAC Closing or (ii) if no such registration statement is filed in connection with the de-SPAC Closing, shall promptly be registered pursuant to the first registration statement filed by the SPAC or the surviving entity following the De-SPAC Closing, which shall be filed no later than 30 days after the De-SPAC Closing and declared effective no later than 90 days after the De-SPAC Closing.</td></tr> </table> TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.25in"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify; width: 0.25in">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The Second SPAC Loan shall not accrue interest and shall be repaid by the Company upon the De-SPAC Closing. The Sponsor will pay to the Investor all repayments of the Second SPAC Loan the Sponsor has received within <span id="xdx_906_ecustom--MinimumPeriodForReceivingSpacLoanFromDeSpacClosing_dxL_c20230620__20230620__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--SecondSubscriptionAgreementMember_zgBkLbKUZo3b" title="Minimum period for receiving spac loan from de-spac closing::XDX::P5D">five business days of the De-SPAC Closing. The Investor may elect at the De-SPAC Closing to receive such payments in (a) cash or (b) Class A ordinary shares at a rate of <span id="xdx_902_ecustom--NumberOfSharesIssuableForEach10InitialCapitalContribution_iI_c20230620__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--SecondSubscriptionAgreementMember_zj2uNiqyPKY8" title="Number of shares issuable for each $10 initial capital contribution">one Class A ordinary share for each $<span id="xdx_901_ecustom--AmountOfInitialCapitalConsideredToIssueOneShare_c20230620__20230620__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--SecondSubscriptionAgreementMember_zLdYsqU579O8" title="Amount of initial capital considered to issue one share">10.00 of the Additional Capital Contribution. If the Company liquidates without consummating the initial business combination, any amounts remaining in the Sponsor or Company’s cash accounts, not including the Company’s Trust Account, will be paid to the Investor within five days of the liquidation.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">On the De-SPAC Closing, the Sponsor will pay the Investor an amount equal to the reasonable attorney fees incurred by the Investor in connection with the Second Subscription Agreement not to exceed $<span id="xdx_90D_ecustom--MaximumReasonableAttorneyFees_c20230620__20230620__srt--TitleOfIndividualAxis__us-gaap--InvestorMember__us-gaap--RelatedPartyTransactionAxis__custom--SponsorMember__us-gaap--TypeOfArrangementAxis__custom--SecondSubscriptionAgreementMember_zQiqrVEYjNX2" title="Maximum reasonable attorney fees">5,000.</td></tr> </table> Purchase Agreement On May 4, 2023, the Company entered into a purchase agreement (the “Purchase Agreement”) with the Sponsor and the Original Sponsor, pursuant to which the Sponsor agreed to purchase from the Original Sponsor (x) <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230504__20230504__srt--CounterpartyNameAxis__custom--SsvkAssociatesLlcMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__dei--LegalEntityAxis__custom--SponsorMember_zdO0ljFVGdu6" title="Number of shares issued">7,988,889 Class A ordinary shares and (y) <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230504__20230504__srt--CounterpartyNameAxis__custom--SsvkAssociatesLlcMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__dei--LegalEntityAxis__custom--SponsorMember_z1Q4DOn6S8g2" title="Number of shares issued">1,000,000 Private Placement Units, each consisting of one Class A ordinary share and one-half of one redeemable warrant that is exercisable for one Class A ordinary share, free and clear of all liens and encumbrances (other than those contained in the Letter Agreement, dated November 3, 2021, by and among the Company, its officers, directors and the Original Sponsor, and the Underwriting Agreement, dated November 3, 2021, by and between the Company and Cantor, as representative of the several underwriters (the “Underwriting Agreement”), for an aggregate purchase price of $<span id="xdx_906_ecustom--AggregatePurchasePrice_iI_c20230504__srt--CounterpartyNameAxis__custom--SsvkAssociatesLlcMember__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember__dei--LegalEntityAxis__custom--SponsorMember_zXUAMPheSpI" title="Purchase price">1.00 (the “Purchase Price”) payable at the time of the initial business combination. In addition to the payment of the Purchase Price, the Sponsor also assumed the following obligations: (i) responsibility for all of Company’s public company reporting obligations; (ii) the obligations of the Original Sponsor under the May 3, 2023 Subscription Agreement, (iii) responsibility for the Company’s D&O insurance premium to extend the Company’s existing D&O insurance policy and maintain D&O coverage through the closing of the initial business combination and obtain appropriate tail coverage; (iv) responsibility for the Company’s outstanding legal fees owed by the Company; and (v) all other obligations of the Original Sponsor related to the Company. Pursuant to the Purchase Agreement, the Sponsor had the right to replace the Company’s current directors and officers with directors and officers as the Sponsor may select in its sole discretion. The obligations of the Original Sponsor to consummate the transactions contemplated by the Purchase Agreement were subject to the satisfaction or written waiver by the Original Sponsor of the following conditions: (a) the approval of the board of directors the SPAC; (b) the approval of the members of the Original Sponsor; (c) the consent or waiver of the underwriters under the Underwriting Agreement; (d) the filing of its quarterly report on Form 10-Q by the SPAC for the quarter ended March 31, 2023. On June 7, 2023, the parties to the Purchase Agreement closed the transactions contemplated thereby. In connection with the closing, the Sponsor replaced the Company’s directors and officers. The Purchase Agreement contains customary representations and warranties of the parties, including, among others, with respect to corporate organization, corporate authority, and compliance with applicable laws. The representations and warranties of each party set forth in the Purchase Agreement were made solely for the benefit of the other parties to the Purchase Agreement, and investors are not third-party beneficiaries of the Purchase Agreement. In addition, such representations and warranties (a) are subject to materiality and other qualifications contained in the Purchase Agreement, which may differ from what may be viewed as material by investors, (b) were made only as of the date of the Purchase Agreement or such other date as is specified in the Purchase Agreement and (c) may have been included in the Purchase Agreement for the purpose of allocating risk between the parties rather than establishing matters as facts.

P45D 4500000 4500000 0.20 6000000 0.20 900000 0.40 13800000 14700000 13800000 900000 151000

151000

0.0001

10.00 P5D 5000 750000 750000 10.00 5000

7988889

1000000

1.00

Note 7 — Shareholders’ Deficit Class A Ordinary Shares The Company is authorized to issue 200,000,000 Class A ordinary shares with a par value of $<span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zImyFic4gI33" title="Ordinary shares, par value (In Dollar per share)"><span id="xdx_903_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zxQiWvMyIGQl" title="Ordinary shares, par value (In Dollar per share)">0.0001 per share. As of December 31, 2023 and 2022, there were 13,433,333 and 1,450,000 Class A ordinary shares issued and outstanding (excluding <span id="xdx_902_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_zfPNNf5ZvKT9" title="Class A ordinary shares subject to possible redemption, outstanding (in shares)">1,502,180 and <span id="xdx_905_eus-gaap--TemporaryEquitySharesOutstanding_iI_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember_z2oissxe3H04" title="Class A ordinary shares subject to possible redemption, outstanding (in shares)">34,500,000 Class A ordinary shares subject to possible redemption), respectively. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 Class B Ordinary Shares The Company is authorized to issue 20,000,000 Class B ordinary shares with a par value of $<span id="xdx_909_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zYmYGRMYhN0h" title="Ordinary shares, par value (In Dollar per share)"><span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20221231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_z49zdW0LprNc" title="Ordinary shares, par value (In Dollar per share)">0.0001 per share. Holders of Class B ordinary shares are entitled to one vote for each share of Class B ordinary shares. As of December 31, 2023 and 2022, there were 0 and 11,983,333 Class B ordinary shares outstanding, respectively, none of which are subject to forfeiture since the underwriters’ over-allotment option was exercised in full. Prior to our initial Business Combination, only holders of our Class B ordinary shares will have the right to vote on the appointment of directors. Holders of our Class A ordinary shares will not be entitled to vote on the election of directors during such time. In addition, prior to the completion of an initial Business Combination, holders of a majority of our Class B ordinary shares may remove a member of the board of directors for any reason. These provisions of our Memorandum and Articles of Association may only be amended by a special resolution passed by not less than 90% of our ordinary share shareholders who attend and vote at our general meeting. With respect to any other matter submitted to a vote of our shareholders, including any vote in connection with our initial Business Combination, except as required by law, holders of our Class B ordinary shares and holders of our Class A ordinary shares will vote together as a single class, with each share entitling the holder to one vote. The Class B ordinary shares will automatically convert into Class A ordinary shares at the time of the initial Business Combination on a one-for-one basis, subject to adjustment. In the case that additional Class A ordinary shares, or equity-linked securities, are issued or deemed issued in excess of the amounts offered in the IPO and related to the closing of the initial Business Combination, the ratio at which Class B ordinary shares shall convert into Class A ordinary shares will be adjusted (unless the holders of a majority of the outstanding Class B ordinary shares agree to waive such adjustment with respect to any such issuance or deemed issuance) so that the number of Class A ordinary shares issuable upon conversion of all Class B ordinary shares will equal, in the aggregate, on an as-converted basis, <span id="xdx_905_ecustom--ConvertibleStocksConversionRatio_pp2d_dp_uPure_c20230101__20231231__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassBMember_zmV42KXKTiPc" title="Ratio to be applied to the stock in the conversion">25% of the sum of the total number of all ordinary shares outstanding upon the completion of the IPO plus all Class A ordinary shares and equity-linked securities issued or deemed issued in connection with the initial Business Combination (excluding any shares or equity-linked securities issued, or to be issued, to any seller in the initial Business Combination and any private placement-equivalent warrants issued to the Sponsor or its affiliates upon conversion of loans made to the Company). Preference Shares The Company is authorized to issue 1,000,000 preference shares with such designations, voting and other rights and preferences as may be determined from time to time by the Company’s board of directors. As of December 31, 2023 and 2022, there were no preferred shares issued or outstanding. Public Warrants The Public Warrants will become exercisable on the later of (i) <span id="xdx_90A_ecustom--WarrantExercisePeriodConditionOne_dtD_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_ztzdgo41Df2" title="Minimum threshold written notice period for redemption of public warrants">30 days after the completion of a Business Combination and (ii) <span id="xdx_901_ecustom--WarrantsAndRightsOutstandingExercisableTermFromClosingOfInitialPublicOffering_dc_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zQOsYxkSzvij" title="Public warrants exercisable term from the closing of the initial public offering">one year from the closing of the IPO. No warrants will be exercisable for cash unless the Company has an effective and current registration statement covering the Class A ordinary shares issuable upon exercise of the warrants and a current prospectus relating to such Class A ordinary shares. Notwithstanding the foregoing, if a registration statement covering the Class A ordinary shares issuable upon exercise of the Public Warrants is not effective within a specified period following the consummation of a Business Combination, warrant holders may, until such time as there is an effective registration statement and during any period when the Company shall have failed to maintain an effective registration statement, exercise warrants on a cashless basis pursuant to the exemption provided by Section 3(a)(9) of the Securities Act, provided that such exemption is available. If that exemption, or another exemption, is not available, holders will not be able to exercise their warrants on a cashless basis. The Public Warrants will expire five years after the completion of a Business Combination or earlier upon redemption or liquidation. Once the warrants become exercisable, the Company may redeem the Public Warrants: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">in whole and not in part;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">at a price of $<span id="xdx_90C_ecustom--ClassOfWarrantOrRightRedemptionPriceOfWarrantsOrRights_pp2d_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zekJbq7X1MQl" title="Redemption price per public warrant (in dollars per share)">0.01 per warrant;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">upon not less than 30 days’ prior written notice of redemption;</td></tr> </table> TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.25in; text-align: justify">●</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds $<span id="xdx_907_ecustom--WarrantRedemptionConditionMinimumSharePrice_pp2d_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_z9vhPKWd3Ubk" title="Warrant redemption condition minimum share price">18.00 per share (as adjusted for share subdivisions, share dividends, reorganizations and recapitalizations), for any <span id="xdx_906_ecustom--ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdTradingDays_dtD_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zOEzySEWuLMd" title="Threshold trading days for redemption of public warrants">20 trading days within a <span id="xdx_90B_ecustom--ClassOfWarrantOrRightRedemptionOfWarrantsOrRightsThresholdConsecutiveTradingDays_dtD_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_z63PpM15jw8l" title="Threshold consecutive trading days for redemption of public warrants">30 trading day period commencing at any time after the warrants become exercisable and ending on the <span id="xdx_909_ecustom--ThresholdNumberOfBusinessDaysBeforeSendingNoticeOfRedemptionToWarrantHolders_dcxL_uInteger_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zocKlIJZEHTc" title="Threshold number of business days before sending notice of redemption to warrant holders::XDX::3">third business day prior to the notice of redemption to warrant holders; and if, and only if, there is a current registration statement in effect with respect to the Class A ordinary shares underlying the warrants.</td></tr> </table> If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis,” as described in the warrant agreement. The Private Warrants are identical to the Public Warrants underlying the Units being sold in the IPO, except that the Private Warrants and the Class A ordinary shares issuable upon the exercise of the Private Warrants will not be transferable, assignable or salable until after the completion of a Business Combination, subject to certain limited exceptions. Additionally, the Private Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the Private Warrants are held by someone other than the initial purchasers or their permitted transferees, the Private Warrants will be redeemable by the Company and exercisable by such holders on the same basis as the Public Warrants. The exercise price and number of Class A ordinary shares issuable on exercise of the warrants may be adjusted in certain circumstances including in the event of a share dividend, extra Class A Ordinary dividend or our recapitalization, reorganization, merger or consolidation. However, the warrants will not be adjusted for issuances of Class A ordinary shares at a price below their respective exercise prices. Additionally, in no event will the Company be required to net cash settle the warrants. If the Company is unable to complete a Business Combination within the Combination Period and the Company liquidates the funds held in the Trust Account, holders of warrants will not receive any of such funds with respect to their warrants, nor will they receive any distribution from the Company’s assets held outside of the Trust Account with the respect to such warrants. Accordingly, the warrants may expire worthless. In addition, if the Company issues additional Class A ordinary shares or equity-linked securities for capital raising purposes in connection with the closing of a Business Combination at an issue price or effective issue price of less than $<span id="xdx_907_ecustom--SharePriceTriggerUsedToMeasureDilutionOfWarrants_iI_pp2d_c20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zrnWI2UP5Qyl" title="Share price trigger used to measure dilution of warrant">9.20 per Class A ordinary share (with such issue price or effective issue price to be determined in good faith by the Company’s board of directors, and in the case of any such issuance to the initial shareholders or their affiliates, without taking into account any Founder Shares held by them prior to such issuance), (y) the aggregate gross proceeds from such issuances represent more than <span id="xdx_909_ecustom--PercentageOfGrossNewProceedsToTotalEquityProceedsUsedToMeasureDilutionOfWarrant_dp_uPure_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_ztRCScGKUfjj" title="Percentage of gross new proceeds to total equity proceeds used to measure dilution of warrant">60% of the total equity proceeds, and interest thereon, available for the funding of a Business Combination on the date of the consummation of a Business Combination (net of redemptions), and (z) the volume weighted average trading price of the Company’s Class A ordinary shares during the <span id="xdx_905_ecustom--TradingPeriodAfterBusinessCombinationUsedToMeasureDilutionOfWarrant_dtD_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zwsPSdo8y9sc" title="Trading period after business combination used to measure dilution of warrant">20 trading day period starting on the trading day prior to the day on which the Company consummates Business Combination (such price, the “Market Value”) is below $<span id="xdx_90E_ecustom--SharePriceTriggerUsedToMeasureDilutionOfWarrants_iI_pp2d_c20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zdONLKLPoV82" title="Share price trigger used to measure dilution of warrant">9.20 per share, the exercise price of the warrants will be adjusted (to the nearest cent) to be equal to <span id="xdx_90E_ecustom--ClassOfWarrantOrRightAdjustmentOfExercisePriceOfWarrantsOrRightsPercentBasedOnMarketValueAndNewlyIssuedPrices_pid_dp_uPure_c20230101__20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zrrgKbUSjwrd" title="Adjustment of exercise price of warrants based on market value and newly issued price (as a percent)">115% of the greater of (i) the Market Value or (ii) the price at which the Company issues the additional Class A ordinary shares or equity-linked securities.

200000000

0.0001

13433333

1450000

1502180

34500000

20000000

0.0001

1 1

11983333

0.25

1000000

P30D P1Y

P5Y

0.01 P30D 18.00 P20D P30D 9.20 0.60 P20D 9.20 1.15 Note 8 — Warrant Liabilities The Company accounts for the <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20231231__us-gaap--ClassOfWarrantOrRightAxis__custom--PrivatePlacementWarrantsMember_z2XLa9qsk8r4" title="Number of warrants to purchase shares issued">725,000 Private Placement Warrants in accordance with the guidance contained in ASC 815-40 due to the fact the Private Placement Warrants will be exercisable for cash or on a cashless basis, at the holder’s option, and be non-redeemable so long as they are held by the initial purchasers or their permitted transferee. Such guidance provides that, based on these features, the private placement warrants do not meet the criteria for equity treatment thereunder, and each such warrant must be recorded as a liability. Accordingly, the Company will classify each private placement warrant as a liability at its fair value. This liability is subject to re-measurement at each balance sheet date. With each such re-measurement, the warrant liability will be adjusted to fair value, with the change in fair value recognized in the Company’s statement of operations. The Company has determined the Public Warrants do not contain such features, and accordingly will be accounted for as equity and are not subject to subsequent remeasurement. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023

725000

Note 9 — Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects management’s estimate of amounts that the Company would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (internal assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.65in; text-align: justify">Level 1:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 2:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Level 3:</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs based on our assessment of the assumptions that market participants would use in pricing the asset or liability.</td></tr> </table> At December 31, 2023, the assets held in the Trust Account were held in a demand deposit account. The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2023 and 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">December 31, 2023:</td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Quoted Prices in</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Significant Other</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Significant Other</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Active Markets (Level 1)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Observable Inputs (Level 2)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unobservable Inputs (Level 3)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">U.S. Treasury Securities(1)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_fKDEp_zL6j0eZA5kQd" style="width: 12%; text-align: right" title="U.S. Treasury Securities">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_fKDEp_zzQOWVq1njL9" style="width: 12%; text-align: right" title="U.S. Treasury Securities"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_fKDEp_zJHJYSgOXqh5" style="width: 12%; text-align: right" title="U.S. Treasury Securities">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant Liability- Private Placement Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzF2KHIA6d1h" style="text-align: right" title="Warrant Liability- Private Placement Warrants">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z8zohv8G7zn4" style="text-align: right" title="Warrant Liability- Private Placement Warrants">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zu6DplRasUnk" style="text-align: right" title="Warrant Liability- Private Placement Warrants">29,000</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_zRz5qzPWqC91" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F10_zr00BowB9Rdj" style="text-align: justify">As of December 31, 2023, the entirety of the marketable securities held in the trust account were deposited into the demand deposit account.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">December 31, 2022:</td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Quoted Prices in</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Significant Other</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Significant Other</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Active Markets</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Observable Inputs</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Unobservable Inputs</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">U.S. Treasury Securities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zlSzSgdzh8Qj" style="width: 12%; text-align: right" title="U.S. Treasury Securities">356,864,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zQbFfgPIFlQa" style="width: 12%; text-align: right" title="U.S. Treasury Securities"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zTtiidvpzIVb" style="width: 12%; text-align: right" title="U.S. Treasury Securities">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant Liability- Private Placement Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z7MNmEfSplwb" style="text-align: right" title="Warrant Liability- Private Placement Warrants">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zgz3GX8Bzzn1" style="text-align: right" title="Warrant Liability- Private Placement Warrants">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zCeQqJgFIhE8" style="text-align: right" title="Warrant Liability- Private Placement Warrants">7,250</td><td style="text-align: left"> </td></tr> </table> The Company utilizes a Monte Carlo simulation model to value the warrants at each reporting period, with changes in fair value recognized in the statement of operations. The estimated fair value of the warrant liability is determined using Level 3 inputs. Inherent in a Monte Carlo pricing model are assumptions related to expected share-price volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based on industry historical volatility that matches the expected remaining life of the warrants. The risk-free interest rate is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the warrants. The expected life of the warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based on the historical rate, which the Company anticipates to remain at zero. TEVOGEN BIO HOLDINGS INC. NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 2023 The aforementioned warrant liabilities are not subject to qualified hedge accounting. <p id="xdx_89C_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zW6iO4IeZbtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The following table provides quantitative information regarding Level 3 fair value measurements at December 31, 2023 and 2022: Schedule of Quantitative Information in Fair Value Measurements <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">At December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">At December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Share Price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp2d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zDNiR2mPr5Tf" style="width: 20%; text-align: right" title="Measurement Input">11.13</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp2d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zHJCNf8UNgHk" style="width: 20%; text-align: right" title="Measurement Input">10.33</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercise Price</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp2d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_zToyf7clZ7g2" style="text-align: right" title="Measurement Input">11.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp2d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_z6w3yUrmoJ9d" style="text-align: right" title="Measurement Input">11.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term (years)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zHVt8y7rXMvd" style="text-align: right" title="Measurement Input">5.21</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_z52dsppE8ln7" style="text-align: right" title="Measurement Input">5.10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Industry Volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zBJriKpznZxe" style="text-align: right" title="Measurement Input">6.50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z0Jh1aYzxPrb" style="text-align: right" title="Measurement Input">4.40</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk Free Rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z8GUjclHjgli" style="text-align: right" title="Measurement Input">3.77</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z5935i02fu9d" style="text-align: right" title="Measurement Input">3.91</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend Yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zgMQm2a5w1M9" style="text-align: right" title="Measurement Input">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_z7p3iyXq8RK3" style="text-align: right" title="Measurement Input">0.00</td><td style="text-align: left">%</td></tr> </table>

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at December 31, 2023 and 2022 and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">December 31, 2023:</td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Quoted Prices in</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Significant Other</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Significant Other</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Active Markets (Level 1)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Observable Inputs (Level 2)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Unobservable Inputs (Level 3)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">U.S. Treasury Securities(1)</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_fKDEp_zL6j0eZA5kQd" style="width: 12%; text-align: right" title="U.S. Treasury Securities">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_fKDEp_zzQOWVq1njL9" style="width: 12%; text-align: right" title="U.S. Treasury Securities"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_980_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_fKDEp_zJHJYSgOXqh5" style="width: 12%; text-align: right" title="U.S. Treasury Securities">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant Liability- Private Placement Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zzF2KHIA6d1h" style="text-align: right" title="Warrant Liability- Private Placement Warrants">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z8zohv8G7zn4" style="text-align: right" title="Warrant Liability- Private Placement Warrants">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20231231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zu6DplRasUnk" style="text-align: right" title="Warrant Liability- Private Placement Warrants">29,000</td><td style="text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify"> <td id="xdx_F05_zRz5qzPWqC91" style="width: 15pt; text-align: right">(1)</td><td style="width: 5pt"></td><td id="xdx_F10_zr00BowB9Rdj" style="text-align: justify">As of December 31, 2023, the entirety of the marketable securities held in the trust account were deposited into the demand deposit account.</td> </tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="text-align: left; font-weight: bold">December 31, 2022:</td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Quoted Prices in</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Significant Other</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Significant Other</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center"> </td> <td colspan="2" style="text-align: center"> </td><td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Active Markets</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Observable Inputs</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Unobservable Inputs</td><td style="text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td style="text-align: left"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(Level 1)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(Level 2)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">(Level 3)</td><td style="text-align: center; padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: center">Assets:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">U.S. Treasury Securities</td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 12%; text-align: right">1</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zlSzSgdzh8Qj" style="width: 12%; text-align: right" title="U.S. Treasury Securities">356,864,000</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zQbFfgPIFlQa" style="width: 12%; text-align: right" title="U.S. Treasury Securities"> —</td><td style="width: 1%; text-align: left"> </td><td style="width: 1%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--InvestmentsFairValueDisclosure_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember__us-gaap--FinancialInstrumentAxis__us-gaap--USTreasurySecuritiesMember_zTtiidvpzIVb" style="width: 12%; text-align: right" title="U.S. Treasury Securities">—</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Warrant Liability- Private Placement Warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">3</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_z7MNmEfSplwb" style="text-align: right" title="Warrant Liability- Private Placement Warrants">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zgz3GX8Bzzn1" style="text-align: right" title="Warrant Liability- Private Placement Warrants">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--WarrantsAndRightsOutstanding_iI_pp0p0_c20221231__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zCeQqJgFIhE8" style="text-align: right" title="Warrant Liability- Private Placement Warrants">7,250</td><td style="text-align: left"> </td></tr> </table>

29000

356864000

7250

<p id="xdx_89C_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zW6iO4IeZbtj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">The following table provides quantitative information regarding Level 3 fair value measurements at December 31, 2023 and 2022: Schedule of Quantitative Information in Fair Value Measurements <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 80%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">At December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">At December 31, 2022</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 52%">Share Price</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp2d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zDNiR2mPr5Tf" style="width: 20%; text-align: right" title="Measurement Input">11.13</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_989_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp2d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputSharePriceMember_zHJCNf8UNgHk" style="width: 20%; text-align: right" title="Measurement Input">10.33</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Exercise Price</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp2d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_zToyf7clZ7g2" style="text-align: right" title="Measurement Input">11.50</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp2d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExercisePriceMember_z6w3yUrmoJ9d" style="text-align: right" title="Measurement Input">11.50</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Term (years)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zHVt8y7rXMvd" style="text-align: right" title="Measurement Input">5.21</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_z52dsppE8ln7" style="text-align: right" title="Measurement Input">5.10</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Industry Volatility</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zBJriKpznZxe" style="text-align: right" title="Measurement Input">6.50</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_z0Jh1aYzxPrb" style="text-align: right" title="Measurement Input">4.40</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk Free Rate</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z8GUjclHjgli" style="text-align: right" title="Measurement Input">3.77</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_z5935i02fu9d" style="text-align: right" title="Measurement Input">3.91</td><td style="text-align: left">%</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Dividend Yield</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20231231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zgMQm2a5w1M9" style="text-align: right" title="Measurement Input">0.00</td><td style="text-align: left">%</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_pp4d_uPure_c20221231__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_z7p3iyXq8RK3" style="text-align: right" title="Measurement Input">0.00</td><td style="text-align: left">%</td></tr> </table>

11.13

10.33

11.50

P5Y2M15D

P5Y1M6D

6.50

4.40

3.77

3.91

0.00

Note 10 — Subsequent Events The Company has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date these financial statements were available to be issued. Based on this review, other than as described below, the Company did not identify any subsequent events that would have required adjustment or disclosure in these financial statements. On January 31, 2024, in connection with an extraordinary meeting of shareholders called to approve the proposals relating to the entry into and consummation of the Business Combination, shareholders holding <span id="xdx_90F_ecustom--ShareholdersExercisedTheirRightToRedeemSharesNumberOfShares_iI_c20240131__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zESopOj6QJL9" title="Minimum period to file charter amendment">1,432,457 of the Company’s Class A ordinary shares exercised their right to redeem their shares for a pro rata portion of the funds in the Company’s trust account. As a result, approximately $<span id="xdx_908_ecustom--ProceedsFromCashWithdrawnFromTrustAccountInConnectionWithRedemption_pn5n6_c20240131__20240131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zzcFQlaXULFc" title="Cash withdrawn from Trust Account in connection with redemption">16.0 million (approximately $<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_c20240131__us-gaap--StatementClassOfStockAxis__us-gaap--CommonClassAMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3ofPKqs9OJc" title="Price per share">11.14 per Public Share) were removed from the Trust Account to pay such holders. On February 14, 2024, pursuant to the Merger Agreement by and among the Company, Merger Sub, the Sponsor, Tevogen Bio, and Dr. Ryan Saadi, in his capacity as seller representative, Merger Sub merged with and into Tevogen Bio, with Tevogen Bio being the surviving company and a wholly owned subsidiary of the Company. Prior to the effective time of the Merger (the “Effective Time”), pursuant to the Merger Agreement, the Company changed its jurisdiction of incorporation by deregistering as a Cayman Islands exempted company and continuing and domesticating as a corporation incorporated under the laws of the State of Delaware (the “Domestication”). In connection with the Domestication, the Company changed its name to “Tevogen Bio Holdings Inc.” Also in connection with the Domestication, the Company’s governing documents were amended and restated as set forth in the Company’s definitive proxy statement filed with the Securities and Exchange Commission (the “SEC”) on January 10, 2024 (the “Definitive Proxy Statement”). At the Effective Time, in accordance with the terms and subject to the conditions of the Merger Agreement, each share of the common stock of Tevogen Bio issued and outstanding immediately prior to the Effective Time was converted into the right to receive the number of shares of duly authorized, validly issued, fully paid, and nonassessable shares of the common stock of the Company, par value $<span id="xdx_904_eus-gaap--CommonStockParOrStatedValuePerShare_iI_c20240214__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zl1vUIz346fc" title="Common stock, par value">0.0001 (the “Common Stock”), equal to the quotient obtained by dividing (x) the quotient obtained by dividing (i) $<span id="xdx_90B_eus-gaap--BusinessCombinationStepAcquisitionEquityInterestInAcquireeFairValue1_c20240214__20240214__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--TevogenBioMember_zk7sxtZpvkDa" title="Merger agreement share issuable">1,200,000,000 by (ii) ten dollars ($<span id="xdx_902_eus-gaap--SharesIssuedPricePerShare_iI_c20240214__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember_zpEEP9ZGg5K5" title="Merger agreement share issuable, per share">10.00) by (y) the aggregate number of shares of the common stock of Tevogen Bio that were issued and outstanding immediately prior to the Effective Time. On February 14, 2024, the Company entered into a securities purchase agreement with an investor pursuant to which the investor agreed to purchase shares of Series A Preferred Stock of the Company for an aggregate purchase price of $<span id="xdx_902_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20240214__20240214__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_z0BQ6cP3Jxn3" title="Aggregate purchase price amount">8.0 million. On March 27, 2024, the Company entered into an agreement pursuant to which that amount was reduced to $<span id="xdx_909_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20240327__20240327__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAOnePreferredStockMember_zMjDSNJx8fye" title="Shares purchase amount">2.0 million and the investor agreed to purchase shares of the Company’s Series A-1 Preferred Stock for an aggregate purchase price of $<span id="xdx_904_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20240327__20240327__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAOnePreferredStockMember_zuAiSl9zOlm3" title="Aggregate purchase price amount">6.0 million. As of April 26, 2024, the Company has received $<span id="xdx_90A_eus-gaap--Cash_iI_pn5n6_c20240426__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__custom--SeriesA1PreferredStockMember__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zdvhVzlHnwkg" title="Received">1.2 million of the $<span id="xdx_90D_eus-gaap--DebtInstrumentPeriodicPayment_pn5n6_c20240426__20240426__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAOnePreferredStockMember_zwoBPcWviCz5" title="Aggregate purchase price amount">6.0 million aggregate purchase price for the shares of Series A-1 Preferred Stock. The shares of Series A Preferred Stock are convertible into a total of <span id="xdx_90E_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_pid_c20240214__20240214__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zQAix7ayD9Kd" title="Conversion of shares">500,000 shares of the Company’s common stock and the shares of the Series A-1 Preferred Stock will be convertible into a total of <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesConversionOfUnits_pid_c20240214__20240214__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__custom--SeriesAOnePreferredStockMember_z7CySHCzWF2a" title="Conversion of shares">600,000 shares of the Company’s common stock, in each case at the election of the holder. Each of the Series A Preferred Stock is and the Series A-1 Preferred Stock will be subject to a call right providing the Company the right to call the stock if the volume weighted average price of the common stock for the 20 days prior to delivery of the call notice is greater than $<span id="xdx_908_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240214__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zCt9ozyeW1G8" title="Share price, per share">5.00 per share and there is an effective resale registration statement on file covering the underlying common stock. <span id="xdx_903_eus-gaap--PreferredStockVotingRights_c20240214__20240214__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zr4CuyIiL8Lh" title="Preferred stock voting rights">The Series A Preferred Stock is and the Series A-1 Preferred Stock will be non-voting, has or will have, as the case may be, no mandatory redemption, and carries or will carry an annual 5% cumulative dividend, increasing by 2% each year, in the case of the Series A-1 Preferred Stock in no event to more than 15% per year. On February 14, 2024, in connection with the consummation of the Business Combination, the Company entered into an agreement with the Sponsor, pursuant to which the Company assigned to the Sponsor and the Sponsor agreed to assume certain liabilities and obligations in the aggregate initial amount of approximately $<span id="xdx_903_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20240214__20240214__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zX9aSiJHU6C9">4.2 million, which amount was later reduced to approximately $<span id="xdx_902_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities_iI_pn5n6_c20240214__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zGBYMFN8WOCf">3.6 million (the “Series B Preferred Stock”). <span id="xdx_902_eus-gaap--PreferredStockVotingRights_c20240214__20240214__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zhzB2z5Zgcbj">The Series B Preferred Stock is non-voting, non-convertible, callable by the Company at any time, and pays a 3.5% quarterly dividend beginning 35 days after issuance. Any dividend will be paid by the Company on behalf of the Sponsor to the creditors to which the assumed liabilities and obligations are owed, pro rata in accordance with those liabilities and obligations unless otherwise agreed by the Company and the Sponsor. The dividend rate will increase by 0.25% each month that the Series B Preferred Stock remains outstanding after the first 30 days after its issuance, but in no event will increase to more than 7.5% per quarter. Pursuant to the Merger Agreement, Tevogen Bio agreed that at the Effective Time, it would pay $2,000,000 to the Sponsor for advisory services (the “Sponsor Advisory Services Fee”). Thereafter, in connection with the closing of the Business Combination, the Sponsor Advisory Services Fee was reduced to $<span id="xdx_90C_eus-gaap--BusinessCombinationConsiderationTransferred1_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--BusinessAcquisitionAxis__custom--SponsorAdvisoryServiceFeeMember_z8XGWrI0odn6">500,000. On April 16, 2024, the Sponsor agreed to further reduce the Sponsor Advisory Services Fee by informing Tevogen Bio that $250,000 of the $<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_c20240415__20240416__us-gaap--TypeOfArrangementAxis__custom--MergerAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zlPTlKsgfGlj">577,500 that was due from the Sponsor as of December 31, 2023 would be applied to offset a portion of the $500,000 Sponsor Advisory Services Fee. Therefore, the total amount due to the Sponsor under the Sponsor Advisory Services Fee is $250,000.

1432457 16000000.0

11.14

0.0001

1200000000

10.00

8000000.0

2000000.0

6000000.0

1200000

6000000.0

500000

600000

5.00

The Series A Preferred Stock is and the Series A-1 Preferred Stock will be non-voting, has or will have, as the case may be, no mandatory redemption, and carries or will carry an annual 5% cumulative dividend, increasing by 2% each year, in the case of the Series A-1 Preferred Stock in no event to more than 15% per year.

4200000

3600000

The Series B Preferred Stock is non-voting, non-convertible, callable by the Company at any time, and pays a 3.5% quarterly dividend beginning 35 days after issuance. Any dividend will be paid by the Company on behalf of the Sponsor to the creditors to which the assumed liabilities and obligations are owed, pro rata in accordance with those liabilities and obligations unless otherwise agreed by the Company and the Sponsor. The dividend rate will increase by 0.25% each month that the Series B Preferred Stock remains outstanding after the first 30 days after its issuance, but in no event will increase to more than 7.5% per quarter.

2000000

500000

250000

577500

500000 250000

1317900

1052397

923202

670582

158819

2399921

1722979

418099

458651

412111

469862

2582870

133276

271141

3363407

5505503

5211899

3418378

1564834

1096450

260583

252714

1651000

80712000

250000

8938316

85479542

14220000

166788

234858

60973

9166077

99934400

0.0001

2000

500

2799990

0.0001

3613

3613000

0.0001

800000000

164614418

119999989

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12000

76160773

5216840

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155786

288997

7499353

31973

-48468678 28142865

11264842

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10506866

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-37049420

-30756144

0.08

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137333802

119999989

142387651

119999989

12000

5216840

-99657737

-94428897

500

2799990

200000

3613 3613000 3613000

10337419

1034

46621593

46622627

14778056

1478

-2885459

-2883981

19348954

1935

-1935

150000

676485

676500

26333249

11264842

500

2799990

3613

3613000

164614418

16462

76160773

-88392895

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119999989

12000

5216840

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119999989

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5216840

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119999989

12000

5216840

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119999989

12000

5216840

-69936201

-64707361

11264842

-30756144

40552

39735

26333249

159305

289135

7099353

-48468678 28142865 799990

31973

57751

51473

250119

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68446

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1697346

497483

-800742

-480404

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133000

-133000

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2000000

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2500000

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46622627 -3113309

NOTE 1. NATURE OF BUSINESS Tevogen Bio Holdings Inc. (f/k/a Semper Paratus Acquisition Corporation), a Delaware corporation (the “Company”), is a clinical-stage specialty immunotherapy company harnessing the power of CD8+ cytotoxic T lymphocytes to develop off-the-shelf, precision T cell therapies for the treatment of infectious diseases, cancers, and neurological disorders. The Company’s precision T cell technology platform, ExacTcell, is a set of processes and methodologies to develop, enrich, and expand single human leukocyte antigen-restricted CTL therapies with proactively selected, precisely defined targets. The Company has completed a Phase 1 proof-of-concept trial for the first clinical product of ExacTcell, TVGN 489, for the treatment of ambulatory, high-risk adult COVID-19 patients, and has other product candidates in its pipeline. On February 14, 2024 (the “Closing Date”), pursuant to the agreement and plan of merger dated June 28, 2023 (the “Merger Agreement”), by and among Semper Paratus Acquisition Corporation (“Semper Paratus”), Semper Merger Sub, Inc., a wholly owned subsidiary of Semper Paratus (“Merger Sub”) SSVK Associates, LLC, (the “Sponsor”) Tevogen Bio Inc (n/k/a Tevogen Bio Inc.) (“Tevogen Bio”), and Dr. Ryan Saadi in his capacity as seller representative, Merger Sub merged with and into Tevogen Bio with Tevogen Bio being the surviving company and a wholly owned subsidiary of the Company (the “Merger,” and together with the other transactions contemplated by the Merger Agreement, the “Business Combination”), and Semper Paratus was renamed Tevogen Bio Holdings Inc. In connection with the closing of the Business Combination (the “Closing”), the then-outstanding shares of common stock of Tevogen Bio, were converted into shares of the common stock of the Company at an exchange ratio of approximately 4.85 shares of Company common stock for each share of Tevogen Bio common stock (the “Exchange Ratio”). See Note 4 for more information on the Business Combination. As discussed in Note 4, the Merger was accounted for as a reverse recapitalization under which the historical financial statements of the Company prior to the Merger are those of Tevogen Bio. All information related to the common stock of Tevogen Bio prior to the Closing and presented in the consolidated financial statements and notes thereto has been retroactively adjusted to reflect the Exchange Ratio. Following the Merger, the former equity holders and holders of convertible promissory notes of Tevogen Bio held <span id="xdx_901_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_pid_dp_uPure_c20240101__20240331__srt--TitleOfIndividualAxis__custom--TevogenBioMember_zEA80jFaGSh5" title="Equity holders percentage">90.9% of the outstanding shares of common stock of the Company and the former shareholders, creditors, and other contractual counterparties of Semper Paratus held <span id="xdx_90C_eus-gaap--DebtInstrumentConvertibleThresholdPercentageOfStockPriceTrigger_pid_dp_uPure_c20240101__20240331__srt--TitleOfIndividualAxis__custom--SemperParatusMember_zQjT8fq4JfXk" title="Equity holders percentage">9.1% of the Company.

4.85

0.909

0.091

NOTE 2. DEVELOPMENT-STAGE RISKS AND LIQUIDITY The Company has generally incurred losses and negative cash flows from operations since inception and had an accumulated deficit of $88,392,895 as of March 31, 2024. The Company anticipates incurring additional losses until such time, if ever, that it can generate significant sales from its product candidates currently in development. Management believes that cash of $1,317,900 as of March 31, 2024, and $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_c20240101__20240331__us-gaap--StatementClassOfStockAxis__custom--SeriesAOnePreferredStockMember_zQzirfvaXBK1" title="Sale of preferred stock">2,000,000 received for the sale of Series A-1 Preferred Stock subsequent to March 31, 2024, is not sufficient to sustain planned operations for 12 months from the issuance date of these unaudited consolidated financial statements. As a result, the Company has concluded that substantial doubt exists about its ability to continue as a going concern for one year from the date that the unaudited consolidated financial statements are issued. The accompanying unaudited consolidated financial statements have been prepared on a going-concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The unaudited consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty. Management is currently evaluating different strategies to obtain the additional funding for future operations for subsequent years. These strategies may include but are not limited to private placements of equity and/or debt, licensing and/or marketing arrangements, and public offerings of equity and/or debt securities. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into strategic alliances or other arrangements on favorable terms, or at all. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. If the Company is unable to obtain funding, the Company could be required to delay, reduce or eliminate research and development programs, product portfolio expansion, or future commercialization efforts, which could adversely affect its business prospects. Operations since inception have consisted primarily of organizing the Company, securing financing, developing licensed technologies, performing research, conducting pre-clinical studies and clinical trials, and pursuing the Business Combination. The Company is subject to those risks associated with any specialty biotechnology company that has substantial expenditures for research and development. There can be no assurance that the Company’s research and development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees and consultants. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

-88392895

1317900

2000000

NOTE 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The summary of significant accounting policies included in the Company’s annual financial statements that can be found in Exhibit 99.1 of the Company’s Current Report on Form 8-K/A filed with the SEC on April 29, 2024 (the “Form 8-K”), have not materially changed, except as follows: Basis of Presentation The accompanying unaudited consolidated financial statements of the Company are presented in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting of a normal recurring nature, (which consist primarily of accruals, estimates, and assumptions that impact the consolidated financial statements) which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations of Tevogen Bio filed as Exhibits 99.1 and 99.2 to the Form 8-K. The interim results for the period presented are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for any future interim periods. Use of Estimates In preparing unaudited consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of expenses. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the unaudited consolidated financial statements in the period they are determined to be necessary. Significant areas that require management’s estimates include the fair value of the common stock and convertible promissory notes prior to the Merger, the fair value of the Series A Preferred Stock and Series B Preferred Stock, stock-based compensation assumptions, the estimated useful lives of property and equipment, and accrued research and development expenses. Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash. Segment Reporting Operating segments are defined as components of an entity for which discrete financial information is both available and regularly reviewed by its chief operating decision maker or decision-making group. The Company views its operations and manages its business in one segment. Warrants As the result of the Merger, the Company accounts for its warrants originally sold as part of Semper Paratus’s initial public offering (the “IPO”) in accordance with ASC 815, Derivatives and Hedging-Contracts in Entity’s Own Equity (“ASC 815”), and considering ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). The assessment considers whether the warrants are freestanding financial instruments and meet the definition of a liability pursuant to ASC 480 and meet all of the conditions for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own shares of common stock, among other conditions. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter until settlement. Changes in the estimated fair value of the warrants are recognized as a non-cash loss on the consolidated statements of operations. Under these standards, the Company’s private placement warrants sold at the time of the IPO do not meet the criteria for equity classification and must be recorded as liabilities while the public warrants sold in connection with the IPO do meet the criteria for equity classification and must be recorded as equity. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unadjusted quoted prices in active markets for identical assets or liabilities;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Observable inputs other than Level 1 prices, such as quoted prices for similar, but not identical, assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs in which there is little or no market data available and which require the Company to develop its own assumptions that market participants would use in pricing an asset or liability.</td></tr> </table> Financial instruments recognized at historical amounts in the balance sheets consist of accounts payable and notes payable. The Company believes that the carrying value of accounts payable and notes payable approximates their fair values due to the short-term nature of these instruments. The Company’s recurring fair value measurements consist of the convertible promissory notes prior to the Merger, for which the Company elected the fair value option to reduce accounting complexity and private warrants after the Merger. Such fair value measurements are Level 3 inputs. The following table provides a roll-forward of the aggregate fair values of the Company’s convertible promissory notes. Schedule of Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold">Balance at January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zPGBRh1dTMH9" style="width: 14%; text-align: right" title="Fair value beginning balance">94,932,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1d352fc05il" style="text-align: right" title="Initial fair value at issuance">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityAccruedInterest_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zwaUq6bxCO9" style="text-align: right" title="Accrued interest expense">159,305</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zMTopcWrpJlf" style="text-align: right" title="Change in fair value">(48,468,678</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Derecognition upon conversion of convertible promissory notes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDerecognitionUponConversionOfNotePayable_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5kwuq3gPGdi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Derecognition upon conversion of convertible promissory notes">(46,622,627</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zqZWYTyScFI" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value ending balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance at January 1, 2023</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zoq7C3SXjSta" style="text-align: right" title="Fair value beginning balance">39,297,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Initial fair value at issuance</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zholV7FPnlg6" style="text-align: right" title="Initial fair value at issuance">2,500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityAccruedInterest_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zJ3qMQ9li4m9" style="text-align: right" title="Initial fair value at issuance">289,135</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Change in fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z7cV9hm5bUA4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Initial fair value at issuance">28,142,865</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at March 31, 2023</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvyt48NT2i6f" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value ending balance">70,229,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company used the probability weighted expected return method valuation methodology to determine the fair value of the convertible promissory notes prior to the Merger. Significant assumptions and ranges used in determining the fair value of convertible promissory notes prior to the Merger included volatility (80%), discount rate (<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions_pid_dp_c20240101__20240331__srt--RangeAxis__srt--MinimumMember_zhKXrMAB1Nq" title="Discount rate">35% - <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions_pid_dp_uPure_c20240101__20240331__srt--RangeAxis__srt--MaximumMember_zszG5xp2YdGa" title="Discount rate">36%), and probability of a future liquidity event (85% - 95%). The Company used its stock price on the Closing Date to determine the fair value for the conversion derecognition of the convertible promissory notes on the Closing Date. There were no transfers between levels during the three months ended March 31, 2024 and 2023. Upon the Closing, the Company acquired private warrants the fair value of which increased by $31,973 between the Closing Date and March 31, 2024. Such fair value measurements are Level 3 inputs. The following table provides a roll-forward of the aggregate fair values of the warrants. Schedule of Fair Values Of Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold">Balance at February 15, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20240216__20240331_zD47Ai1ydV7i" style="width: 14%; text-align: right" title="Balance, beginning">29,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Change in fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueAdjustmentOfWarrants_c20240216__20240331_zXoCrr7VYwvh" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in fair value">31,973</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20240216__20240331_zw8pUVlDY3G2" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, ending">60,973</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_891_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zu1PS5gkiT1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted Prices in Active Markets (Level 1)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant Other Observable Inputs (Level 2)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Significant Other Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: center">Liabilities:</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 38%; text-align: left">Derivative warrant liabilities</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center">3</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zMBzJOMJKhAa" style="width: 12%; text-align: right" title="Derivative warrant liabilities">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zuzxPaIe5Yg1" style="width: 12%; text-align: right" title="Derivative warrant liabilities">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zO0akqcGt334" style="width: 12%; text-align: right" title="Derivative warrant liabilities">60,973</td><td style="width: 1%; text-align: left"> </td></tr> </table> The Company’s nonrecurring fair value measurements consist of Series A and Series B Preferred Stock. Such fair value measurements are Level 3 inputs. The Company determined the fair value of Series A Preferred Stock using a Monte Carlo simulation. Key inputs utilized in the Monte Carlo simulation to estimate fair value of Series A Preferred Stock included a range of volatility between <span id="xdx_908_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20240331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MinimumMember_zmjTJPZQCl5c" title="Alternative investment, measurement input">75% to <span id="xdx_901_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20240331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MaximumMember_zJYKzWtU9Lk4" title="Alternative investment, measurement input">85%, a holding period to a deemed liquidation event, as defined in the Series A Preferred Stock agreement, ranging from 0.5 to 10.0 years, and a risk-free interest rate between <span id="xdx_90D_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20240331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MinimumMember_zgS5PiddRKj5" title="Risk-free interest rate percentage">4.3% and <span id="xdx_903_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20240331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MaximumMember_z3yVHGQRqn47" title="Risk-free interest rate percentage">5.3%. The Company determined the fair value of Series B Preferred Stock based on the stated redemption value. The difference between the cash received of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zAnAXPFMa0se" title="Sale of preferred stock">2,000,000 upon issuance of the Series A Preferred Stock and its estimated fair value was recognized as general and administrative expense on the consolidated statements of operations. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Net Income (Loss) Per Share The Company computes basic net income (loss) per share by dividing net income (loss) by the weighted average common stock outstanding during the period. The Company determined that each outstanding share of preferred stock and restricted common stock would participate in earnings available to common stockholders but would not participate in losses. The Company computes diluted net income (loss) per share by dividing the net income (loss) by the sum of the weighted average number of common stock outstanding during the period, plus the potential dilutive effects, if any, of potentially dilutive securities. Recently Issued Accounting Standards In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 -40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. Effective January 1, 2024, the Company adopted ASU 2020-06 and that adoption did not have an impact on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances reportable segment disclosures by requiring disclosures such as significant segment expenses, information on the chief operating decision maker and disclosures for entities with a single reportable segment. Additionally, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements and related disclosures.

Basis of Presentation The accompanying unaudited consolidated financial statements of the Company are presented in conformity with U.S. Generally Accepted Accounting Principles (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC. Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting of a normal recurring nature, (which consist primarily of accruals, estimates, and assumptions that impact the consolidated financial statements) which are necessary for a fair presentation of the financial position, operating results and cash flows for the periods presented. The accompanying unaudited consolidated financial statements should be read in conjunction with the financial statements and Management’s Discussion and Analysis of Financial Condition and Results of Operations of Tevogen Bio filed as Exhibits 99.1 and 99.2 to the Form 8-K. The interim results for the period presented are not necessarily indicative of the results to be expected for the year ending December 31, 2024, or for any future interim periods.

Use of Estimates In preparing unaudited consolidated financial statements in conformity with GAAP, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the reported amounts of expenses. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the unaudited consolidated financial statements in the period they are determined to be necessary. Significant areas that require management’s estimates include the fair value of the common stock and convertible promissory notes prior to the Merger, the fair value of the Series A Preferred Stock and Series B Preferred Stock, stock-based compensation assumptions, the estimated useful lives of property and equipment, and accrued research and development expenses.

Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash.

Segment Reporting Operating segments are defined as components of an entity for which discrete financial information is both available and regularly reviewed by its chief operating decision maker or decision-making group. The Company views its operations and manages its business in one segment.

Warrants As the result of the Merger, the Company accounts for its warrants originally sold as part of Semper Paratus’s initial public offering (the “IPO”) in accordance with ASC 815, Derivatives and Hedging-Contracts in Entity’s Own Equity (“ASC 815”), and considering ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). The assessment considers whether the warrants are freestanding financial instruments and meet the definition of a liability pursuant to ASC 480 and meet all of the conditions for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own shares of common stock, among other conditions. This assessment, which requires the use of professional judgment, is conducted at the time of warrant issuance and as of each subsequent quarterly period end date while the warrants are outstanding. For issued or modified warrants that meet all of the criteria for equity classification, the warrants are required to be recorded as a component of additional paid-in capital at the time of issuance. For issued or modified warrants that do not meet all the criteria for equity classification, the warrants are required to be recorded at their initial fair value on the date of issuance, and each balance sheet date thereafter until settlement. Changes in the estimated fair value of the warrants are recognized as a non-cash loss on the consolidated statements of operations. Under these standards, the Company’s private placement warrants sold at the time of the IPO do not meet the criteria for equity classification and must be recorded as liabilities while the public warrants sold in connection with the IPO do meet the criteria for equity classification and must be recorded as equity. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Fair Value Measurements Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the price that would be received for an asset or paid to transfer a liability (exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">Level 1</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unadjusted quoted prices in active markets for identical assets or liabilities;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 2</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Observable inputs other than Level 1 prices, such as quoted prices for similar, but not identical, assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data;</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif">Level 3</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Unobservable inputs in which there is little or no market data available and which require the Company to develop its own assumptions that market participants would use in pricing an asset or liability.</td></tr> </table> Financial instruments recognized at historical amounts in the balance sheets consist of accounts payable and notes payable. The Company believes that the carrying value of accounts payable and notes payable approximates their fair values due to the short-term nature of these instruments. The Company’s recurring fair value measurements consist of the convertible promissory notes prior to the Merger, for which the Company elected the fair value option to reduce accounting complexity and private warrants after the Merger. Such fair value measurements are Level 3 inputs. The following table provides a roll-forward of the aggregate fair values of the Company’s convertible promissory notes. Schedule of Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold">Balance at January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zPGBRh1dTMH9" style="width: 14%; text-align: right" title="Fair value beginning balance">94,932,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1d352fc05il" style="text-align: right" title="Initial fair value at issuance">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityAccruedInterest_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zwaUq6bxCO9" style="text-align: right" title="Accrued interest expense">159,305</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zMTopcWrpJlf" style="text-align: right" title="Change in fair value">(48,468,678</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Derecognition upon conversion of convertible promissory notes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDerecognitionUponConversionOfNotePayable_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5kwuq3gPGdi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Derecognition upon conversion of convertible promissory notes">(46,622,627</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zqZWYTyScFI" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value ending balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance at January 1, 2023</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zoq7C3SXjSta" style="text-align: right" title="Fair value beginning balance">39,297,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Initial fair value at issuance</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zholV7FPnlg6" style="text-align: right" title="Initial fair value at issuance">2,500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityAccruedInterest_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zJ3qMQ9li4m9" style="text-align: right" title="Initial fair value at issuance">289,135</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Change in fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z7cV9hm5bUA4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Initial fair value at issuance">28,142,865</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at March 31, 2023</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvyt48NT2i6f" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value ending balance">70,229,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The Company used the probability weighted expected return method valuation methodology to determine the fair value of the convertible promissory notes prior to the Merger. Significant assumptions and ranges used in determining the fair value of convertible promissory notes prior to the Merger included volatility (80%), discount rate (<span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions_pid_dp_c20240101__20240331__srt--RangeAxis__srt--MinimumMember_zhKXrMAB1Nq" title="Discount rate">35% - <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDiscountForPostvestingRestrictions_pid_dp_uPure_c20240101__20240331__srt--RangeAxis__srt--MaximumMember_zszG5xp2YdGa" title="Discount rate">36%), and probability of a future liquidity event (85% - 95%). The Company used its stock price on the Closing Date to determine the fair value for the conversion derecognition of the convertible promissory notes on the Closing Date. There were no transfers between levels during the three months ended March 31, 2024 and 2023. Upon the Closing, the Company acquired private warrants the fair value of which increased by $31,973 between the Closing Date and March 31, 2024. Such fair value measurements are Level 3 inputs. The following table provides a roll-forward of the aggregate fair values of the warrants. Schedule of Fair Values Of Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold">Balance at February 15, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20240216__20240331_zD47Ai1ydV7i" style="width: 14%; text-align: right" title="Balance, beginning">29,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Change in fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueAdjustmentOfWarrants_c20240216__20240331_zXoCrr7VYwvh" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in fair value">31,973</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20240216__20240331_zw8pUVlDY3G2" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, ending">60,973</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <p id="xdx_891_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zu1PS5gkiT1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted Prices in Active Markets (Level 1)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant Other Observable Inputs (Level 2)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Significant Other Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: center">Liabilities:</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 38%; text-align: left">Derivative warrant liabilities</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center">3</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zMBzJOMJKhAa" style="width: 12%; text-align: right" title="Derivative warrant liabilities">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zuzxPaIe5Yg1" style="width: 12%; text-align: right" title="Derivative warrant liabilities">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zO0akqcGt334" style="width: 12%; text-align: right" title="Derivative warrant liabilities">60,973</td><td style="width: 1%; text-align: left"> </td></tr> </table> The Company’s nonrecurring fair value measurements consist of Series A and Series B Preferred Stock. Such fair value measurements are Level 3 inputs. The Company determined the fair value of Series A Preferred Stock using a Monte Carlo simulation. Key inputs utilized in the Monte Carlo simulation to estimate fair value of Series A Preferred Stock included a range of volatility between <span id="xdx_908_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20240331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MinimumMember_zmjTJPZQCl5c" title="Alternative investment, measurement input">75% to <span id="xdx_901_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20240331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember__srt--RangeAxis__srt--MaximumMember_zJYKzWtU9Lk4" title="Alternative investment, measurement input">85%, a holding period to a deemed liquidation event, as defined in the Series A Preferred Stock agreement, ranging from 0.5 to 10.0 years, and a risk-free interest rate between <span id="xdx_90D_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20240331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MinimumMember_zgS5PiddRKj5" title="Risk-free interest rate percentage">4.3% and <span id="xdx_903_eus-gaap--AlternativeInvestmentMeasurementInput_iI_pid_uPure_c20240331__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember__srt--RangeAxis__srt--MaximumMember_z3yVHGQRqn47" title="Risk-free interest rate percentage">5.3%. The Company determined the fair value of Series B Preferred Stock based on the stated redemption value. The difference between the cash received of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zAnAXPFMa0se" title="Sale of preferred stock">2,000,000 upon issuance of the Series A Preferred Stock and its estimated fair value was recognized as general and administrative expense on the consolidated statements of operations. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Schedule of Fair Value Measurement <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold">Balance at January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zPGBRh1dTMH9" style="width: 14%; text-align: right" title="Fair value beginning balance">94,932,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="display: none; vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z1d352fc05il" style="text-align: right" title="Initial fair value at issuance">-</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td id="xdx_981_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityAccruedInterest_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zwaUq6bxCO9" style="text-align: right" title="Accrued interest expense">159,305</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Change in fair value</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zMTopcWrpJlf" style="text-align: right" title="Change in fair value">(48,468,678</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Derecognition upon conversion of convertible promissory notes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityDerecognitionUponConversionOfNotePayable_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z5kwuq3gPGdi" style="border-bottom: Black 1.5pt solid; text-align: right" title="Derecognition upon conversion of convertible promissory notes">(46,622,627</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_c20240101__20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zqZWYTyScFI" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value ending balance">-</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Balance at January 1, 2023</td><td> </td> <td style="text-align: left">$</td><td id="xdx_98D_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iS_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zoq7C3SXjSta" style="text-align: right" title="Fair value beginning balance">39,297,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">Initial fair value at issuance</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zholV7FPnlg6" style="text-align: right" title="Initial fair value at issuance">2,500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Accrued interest expense</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_ecustom--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityAccruedInterest_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zJ3qMQ9li4m9" style="text-align: right" title="Initial fair value at issuance">289,135</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Change in fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_982_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_z7cV9hm5bUA4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Initial fair value at issuance">28,142,865</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at March 31, 2023</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_987_eus-gaap--FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue_iE_c20230101__20230331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zvyt48NT2i6f" style="border-bottom: Black 2.5pt double; text-align: right" title="Fair value ending balance">70,229,000</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

94932000

159305

-48468678

-46622627

39297000

2500000

289135

28142865

70229000

0.80

0.35

0.36

0.85 0.95

31973

Schedule of Fair Values Of Warrants <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%; font-weight: bold">Balance at February 15, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--DerivativeLiabilitiesNoncurrent_iS_c20240216__20240331_zD47Ai1ydV7i" style="width: 14%; text-align: right" title="Balance, beginning">29,000</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Change in fair value</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_984_eus-gaap--FairValueAdjustmentOfWarrants_c20240216__20240331_zXoCrr7VYwvh" style="border-bottom: Black 1.5pt solid; text-align: right" title="Change in fair value">31,973</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; padding-bottom: 2.5pt">Balance at March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iE_c20240216__20240331_zw8pUVlDY3G2" style="border-bottom: Black 2.5pt double; text-align: right" title="Balance, ending">60,973</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

29000

31973

60973

<p id="xdx_891_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_zu1PS5gkiT1a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis at March 31, 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value. Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Level</td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Quoted Prices in Active Markets (Level 1)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Significant Other Observable Inputs (Level 2)</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">Significant Other Unobservable Inputs (Level 3)</td><td style="padding-bottom: 1.5pt"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: center">Liabilities:</td><td> </td> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 38%; text-align: left">Derivative warrant liabilities</td><td style="width: 2%"> </td> <td style="width: 12%; text-align: center">3</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zMBzJOMJKhAa" style="width: 12%; text-align: right" title="Derivative warrant liabilities">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_988_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zuzxPaIe5Yg1" style="width: 12%; text-align: right" title="Derivative warrant liabilities">-</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--DerivativeLiabilitiesNoncurrent_iI_pp0p0_c20240331__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member__us-gaap--FairValueByMeasurementFrequencyAxis__us-gaap--FairValueMeasurementsRecurringMember_zO0akqcGt334" style="width: 12%; text-align: right" title="Derivative warrant liabilities">60,973</td><td style="width: 1%; text-align: left"> </td></tr> </table>

60973

P0Y6M P10Y

4.03

5.03

2000000

Net Income (Loss) Per Share The Company computes basic net income (loss) per share by dividing net income (loss) by the weighted average common stock outstanding during the period. The Company determined that each outstanding share of preferred stock and restricted common stock would participate in earnings available to common stockholders but would not participate in losses. The Company computes diluted net income (loss) per share by dividing the net income (loss) by the sum of the weighted average number of common stock outstanding during the period, plus the potential dilutive effects, if any, of potentially dilutive securities.

Recently Issued Accounting Standards In August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 -40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for convertible instruments by reducing the number of accounting models available for convertible debt instruments. ASU 2020-06 also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. Effective January 1, 2024, the Company adopted ASU 2020-06 and that adoption did not have an impact on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”). ASU 2023-07 enhances reportable segment disclosures by requiring disclosures such as significant segment expenses, information on the chief operating decision maker and disclosures for entities with a single reportable segment. Additionally, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, and contain other disclosure requirements. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company does not expect the adoption of ASU 2023-07 to have a material impact on its consolidated financial statements and related disclosures.

NOTE 4. BUSINESS COMBINATION On the Closing Date, the Company completed the Business Combination described in Note 1. The Merger was accounted for as a reverse recapitalization under GAAP because Tevogen Bio was determined to be the accounting acquirer based upon the terms of the Merger and other factors, including: (i) former Tevogen Bio equityholders and holders of convertible promissory notes owned approximately <span id="xdx_900_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20240331__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--TevogenBioMember_zrf7MrCxxDz9" title="Ownership percentage">91.0% of the Company following the Merger; (ii) Former Tevogen Bio directors constituted the majority (six of seven) of the directors of the Company following the Merger; and (iii) former Tevogen Bio management holds all key positions of management. Accordingly, the Merger was treated as the equivalent of Tevogen Bio issuing stock to acquire the net assets of Semper Paratus. As a result of the Merger, the net liabilities of Semper Paratus were recorded at their acquisition-date fair value in the consolidated financial statements and the reported operating results prior to the Merger are those of Tevogen Bio. Immediately after the Merger, there were 164,614,418 shares of the Company’s common stock outstanding. The following table shows the net liabilities acquired in the Merger: SCHEDULE OF NET LIABILITIES ACQUIRED IN MERGER <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20240214_zc4CykHVrO3g" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">February 14, 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_maBCRIAzgn3_zV26RK6wEI0g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">229,328</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_iI_maBCRIAzgn3_z9ExmMKMHUbh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Due from Sponsor</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,819</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_maBCRIAzgn3_z0ckBmta55U1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid expenses and other assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,501</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_di_msBCRIAzgn3_zRRY1Onz2Gog" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(96,175</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpenses_iNI_di_msBCRIAzgn3_z6HSiW0xuuI" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,269,126</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesNotePayable_iNI_di_msBCRIAzgn3_zrsJmhdJ5rW9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,651,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDerivativeWarrantLiabilities_iNI_di_msBCRIAzgn3_zRjmMRbEmJbd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Derivative warrant liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iTI_mtBCRIAzgn3_maTNLAPz196_zg7P9MDwAob7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total net liabilities acquired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,654,653</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--PlusMergerTransactionCostsLimitedToCashAcquired_iI_maTNLAPz196_zu43qFYp8mpa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Plus: Merger transaction costs limited to cash acquired</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(229,328</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--TotalNetLiabilitiesAcquiredPlusTransactionCosts_iTI_mtTNLAPz196_z0qT9jR83Vx2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total net liabilities acquired plus transaction costs</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,883,981</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> Total transaction costs of $7,728,681 were incurred in relation to the Merger up through the Closing Date, of which $229,328 were charged directly to equity to the extent of the cash received from the Merger with the balance of $7,499,353 charged to Merger transaction costs for the three months ended March 31, 2024. Former holders of Tevogen Bio common stock and the Sponsor are eligible to receive up to an aggregate of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20240331__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember_z1u7azhHCoNa" title="Earnout shares">24,500,000 shares of common stock (“Earnout Shares”) if the volume-weighted average price (the “VWAP”) of the Company’s common stock reaches specified threshold levels during the three-year period commencing on the Closing Date. Refer to Note 5, Earnout Shares, for further details of the earnout arrangement. In connection with the Merger, the Company issued Series B Preferred Stock to the Sponsor. The issuance date fair value of the Series B Preferred Stock was recorded to Merger transaction costs within the consolidated statements of operations. See Note 9 for additional information. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

0.910

164614418

The following table shows the net liabilities acquired in the Merger: SCHEDULE OF NET LIABILITIES ACQUIRED IN MERGER <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20240214_zc4CykHVrO3g" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">February 14, 2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_401_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents_iI_maBCRIAzgn3_zV26RK6wEI0g" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 78%">Cash</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right">229,328</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsReceivables_iI_maBCRIAzgn3_z9ExmMKMHUbh" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Due from Sponsor</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">158,819</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_maBCRIAzgn3_z0ckBmta55U1" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Prepaid expenses and other assets</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,501</td><td style="text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable_iNI_di_msBCRIAzgn3_zRRY1Onz2Gog" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Accounts payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(96,175</td><td style="text-align: left">)</td></tr> <tr id="xdx_404_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpenses_iNI_di_msBCRIAzgn3_z6HSiW0xuuI" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Accrued expenses</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,269,126</td><td style="text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesNotePayable_iNI_di_msBCRIAzgn3_zrsJmhdJ5rW9" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Notes payable</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,651,000</td><td style="text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesDerivativeWarrantLiabilities_iNI_di_msBCRIAzgn3_zRjmMRbEmJbd" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Derivative warrant liabilities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(29,000</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iTI_mtBCRIAzgn3_maTNLAPz196_zg7P9MDwAob7" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Total net liabilities acquired</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(2,654,653</td><td style="text-align: left">)</td></tr> <tr id="xdx_40A_ecustom--PlusMergerTransactionCostsLimitedToCashAcquired_iI_maTNLAPz196_zu43qFYp8mpa" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1.5pt">Plus: Merger transaction costs limited to cash acquired</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(229,328</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr id="xdx_40F_ecustom--TotalNetLiabilitiesAcquiredPlusTransactionCosts_iTI_mtTNLAPz196_z0qT9jR83Vx2" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total net liabilities acquired plus transaction costs</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,883,981</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

229328

158819

2501

96175

1269126 1651000 29000

-2654653

-229328 -2883981

7728681

229328 7499353

24500000

NOTE 5. EARNOUT SHARES Following the Closing, former holders of Tevogen Bio common stock may receive up to <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20240331__srt--TitleOfIndividualAxis__custom--TevogenBioCommonStockMember__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember_zF6pEB5Y4MC6" title="Earnout shares">20,000,000 Earnout Shares in tranches of <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20240331__srt--TitleOfIndividualAxis__custom--TevogenBioCommonStockMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember_zSyvwVMMBLbc" title="Earnout shares">6,666,667, <span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20240331__srt--TitleOfIndividualAxis__custom--TevogenBioCommonStockMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember_zIs0VCfutmub" title="Earnout shares">6,666,667, and <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20240331__srt--TitleOfIndividualAxis__custom--TevogenBioCommonStockMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheThreeMember__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember_zk6lHxtoD50h" title="Earnout shares">6,666,666 shares of common stock per tranche, respectively. The first, second, and third tranches are issuable if the VWAP per share of the Company’s common stock is greater or equal to $<span id="xdx_904_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240331__srt--TitleOfIndividualAxis__custom--TevogenBioCommonStockMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zHKG1bgeCYN3" title="Shares issued, price per share">15.00, $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240331__srt--TitleOfIndividualAxis__custom--TevogenBioCommonStockMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOvg7oReEA0a" title="Shares issued, price per share">17.50, and $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_pid_c20240331__srt--TitleOfIndividualAxis__custom--TevogenBioCommonStockMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheThreeMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zPDwtSTZV8bd" title="Shares issued, price per share">20.00, respectively, <span id="xdx_90B_ecustom--EarnoutSharesTradingDaysDescription_c20240101__20240331__srt--TitleOfIndividualAxis__custom--TevogenBioCommonStockMember__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember_zW2hzdX40VF6" title="Earnout shares trading days description">over any twenty trading days within any thirty consecutive day trading period during the three-year period after the Closing. The Sponsor received the right to Earnout Shares with the same terms above, except that each of the Sponsor’s three earnout tranches are for <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20240331__srt--TitleOfIndividualAxis__custom--SponsorsMember__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheOneMember_zKessTEbQwKa" title="Earnout shares"><span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20240331__srt--TitleOfIndividualAxis__custom--SponsorsMember__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheTwoMember_zwIsXdW0uRpf" title="Earnout shares"><span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20240331__srt--TitleOfIndividualAxis__custom--SponsorsMember__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember__us-gaap--VestingAxis__us-gaap--ShareBasedCompensationAwardTrancheThreeMember_zLLVCklvlkle" title="Earnout shares">1,500,000 shares of common stock, for an aggregate of <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iI_c20240331__srt--TitleOfIndividualAxis__custom--SponsorsMember__us-gaap--AwardTypeAxis__custom--EarnoutSharesMember_zUewsBnPcgGe" title="Earnout shares">4,500,000 shares across the entire Sponsor earnout. The Earnout Shares are a form of dividend for holders of Tevogen Bio common stock, and the Earnout Shares earnable by the Sponsor are treated as contingent consideration in a reverse recapitalization. In accordance with ASC 815, the Earnout Shares were considered to be indexed to the Company’s common stock and are classified within permanent equity.

20000000

6666667

6666666

15.00

17.50

20.00

over any twenty trading days within any thirty consecutive day trading period during the three-year period after the Closing.

1500000

4500000

NOTE 6. ACCRUED EXPENSES AND OTHER LIABILITIES Accrued expenses and other liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20240331_zCNwgiFUWVxh" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20231231__srt--RestatementAxis__custom--ReverseRecapitalizationMember_z9vhWj64T8g6" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">December, 31</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--AccruedProfessionalServiceFeesCurrent_iI_maALCzC3I_zf8gQekKVlMf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Professional services</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,337,588</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">976,301</td><td style="width: 1%; text-align: left"></td></tr> <tr id="xdx_406_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzC3I_z1JlnIguFiji" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">227,246</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">120,149</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzC3I_zBj95Ne7Kmxg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,564,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,096,450</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses and other liabilities consisted of the following: SCHEDULE OF ACCRUED EXPENSES AND OTHER LIABILITIES <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_49A_20240331_zCNwgiFUWVxh" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" id="xdx_494_20231231__srt--RestatementAxis__custom--ReverseRecapitalizationMember_z9vhWj64T8g6" style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">December, 31</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_40B_ecustom--AccruedProfessionalServiceFeesCurrent_iI_maALCzC3I_zf8gQekKVlMf" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Professional services</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">1,337,588</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">976,301</td><td style="width: 1%; text-align: left"></td></tr> <tr id="xdx_406_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_maALCzC3I_z1JlnIguFiji" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Other</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">227,246</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">120,149</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AccruedLiabilitiesCurrent_iTI_mtALCzC3I_zBj95Ne7Kmxg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,564,834</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,096,450</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

1337588 976301

227246

120149

1564834

1096450

NOTE 7. NOTES PAYABLE As a result of the Merger, the Company assumed notes payable held by Polar Multi-Strategy Master Fund (“Polar”) for which the proceeds were to be used for working capital purposes by Semper Paratus with an outstanding balance of $1,651,000 on the Closing Date and remain outstanding at March 31, 2024. The notes payable do not accrue interest. The outstanding balance of the notes was required to be repaid in full within five business days of the Merger, and the Company is therefore in default of its obligations at March 31, 2024. The notes’ default provisions require the Sponsor to transfer a certain number of its own shares to Polar on a monthly basis until the default is cured, subject to an aggregate cap, but do not require the Company to transfer any shares or pay any amounts to Polar. Polar waived the Sponsor’s requirement to transfer shares with respect to the initial month of default.

1651000

NOTE 8. STOCK-BASED COMPENSATION In connection with the Closing, the Company adopted the Tevogen Bio Holdings Inc. 2024 Omnibus Incentive Plan (the “2024 Plan”) and no longer grants awards pursuant to the 2020 Equity Incentive Plan (the “2020 Plan”). Each restricted stock unit (“RSU”) award granted under the 2020 Plan that was outstanding and unvested as of the Closing Date was automatically canceled and converted into an award under the 2024 Plan with respect to the common stock of the Company. Such converted awards remain subject to the same terms and conditions as set forth under the applicable award agreement prior to the Closing. Under the 2024 Plan, the Company is authorized to grant awards up to an aggregate <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20240331__us-gaap--PlanNameAxis__custom--TwentyTwentyFourPlanMember_zotpVhPc43Tl" title="Granted awards shares">40,000,000 shares of common stock. The 2024 Plan provides for the grant of options, stock appreciation rights, restricted stock, restricted stock units, and other equity-based awards. As of March 31, 2024, awards for <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20240331__us-gaap--PlanNameAxis__custom--IncentivePlanMember_zYPiJh01P4Zc" title="Granted awards shares">20,651,046 shares remained available to be granted under the 2024 Plan. The Company has issued RSUs that are subject to either service-based vesting conditions or service-based and performance-based vesting conditions. Compensation expense for service-based RSUs are recognized on a straight-line basis over the vesting period of the award. Compensation expense for service-based and performance-based RSUs (“Performance-Based RSUs”) are recognized when the performance condition, which is based on a liquidity event condition being satisfied, is deemed probable of achievement. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS On the Closing Date, the Company issued an aggregate of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20240101__20240331__us-gaap--PlanNameAxis__custom--TwentyTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z9bIoNHLNVW4">19,348,954 RSUs under the 2024 Plan to the Company’s Chief Executive Officer, Dr. Ryan Saadi (the “Special RSU Award”). Such RSUs immediately converted into shares of restricted common stock (“Restricted Stock”), the restrictions on which lapse in four equal annual installments beginning on February 14, 2031 (“Vesting Period”). Pursuant to the terms of the Special RSU Award, Dr. Saadi will be entitled to vote the Restricted Stock, but the shares may not be sold, assigned, transferred, pledged, hypothecated, or otherwise encumbered, subject to forfeit. Dr. Saadi will automatically forfeit all unvested Restricted Stock in the event he departs the Company. The fair value per share for the Special RSU Award was determined to be $<span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_uUSDPShares_c20240101__20240331__us-gaap--PlanNameAxis__custom--TwentyTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zeb7T8TzId62">4.51 per share, equivalent to the Company’s stock price on the Closing Date, resulting in a total grant date fair value of $<span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_c20240101__20240331__us-gaap--PlanNameAxis__custom--TwentyTwentyFourPlanMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_zmWTaIEjNy61">87,263,783. In accordance with ASC 718, Compensation – Stock Compensation (“ASC 718”), the Company will recognize compensation expense on a straight-line basis from the Closing Date until the completion of the Vesting Period. Restricted Stock and RSU activity was as follows: SCHEDULE OF RESTRICTED STOCK AND RSU ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Service-Based Restricted Stock</td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Performance-Based RSUs</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Nonvested as of January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iS_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z83uWATEILW1" style="width: 11%; text-align: right" title="Nonvested Shares, Beginning">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zu0LhFu4Aasj" style="width: 11%; text-align: right" title="Nonvested weighted average grant-date fair value, Beginning">—</td><td style="border-right: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iS_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zaujT7apMUpl" style="width: 11%; text-align: right" title="Nonvested Shares, Beginning">10,900,128</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zsyxDlVNXEGl" style="width: 11%; text-align: right" title="Nonvested weighted average grant-date fair value, Beginning">2.97</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z9yU478s4eg8" style="text-align: right" title="Nonvested Shares, Granted">19,348,954</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zbAsZYkbhM2f" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">4.51</td><td style="border-right: Black 1.5pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z1wIbOm1tbYh" style="text-align: right" title="Nonvested Shares, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zYg3gbr3SUyg" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zyx6Tm6CnHce" style="text-align: right" title="Nonvested Shares, Vested">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zoIvjh7wYkxd" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">—</td><td style="border-right: Black 1.5pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_iN_di_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zFAIDCc7Y2K" style="text-align: right" title="Nonvested Shares, Vested">(7,148,506</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zB1hX4HVoBPf" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">2.85</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z1p6P8RsdBzk" style="border-bottom: Black 1.5pt solid; text-align: right" title="Nonvested Shares, Forfeited">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td id="xdx_985_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zPUaRSuSVK6l" style="padding-bottom: 1.5pt; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">—</td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zGGyRtxUb7B4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Nonvested Shares, Forfeited">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z7ISujfViPa9" style="padding-bottom: 1.5pt; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Nonvested as of March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iE_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zOi2SXcJII9f" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Ending">19,348,954</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zS1RixakFqQ3" style="padding-bottom: 2.5pt; text-align: right" title="Nonvested weighted average grant-date fair value, Ending">4.51</td><td style="border-right: Black 1.5pt solid; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iE_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zN0k23fzW3vj" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Ending">3,751,622</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zlPecO79tg4" style="padding-bottom: 2.5pt; text-align: right" title="Nonvested weighted average grant-date fair value, Ending">3.19</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> As a result of the Merger, the liquidity event performance condition was achieved and therefore compensation cost of $25,233,487 was recognized for the Performance-Based RSUs, which will be issued and outstanding after March 31, 2024. There was $<span id="xdx_908_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20240331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zyBQiB0pbdsd" title="Unrecognized compensation cost">86,164,020 of unrecognized compensation cost related to Restricted Stock as of March 31, 2024 which will be expensed over a weighted average period of <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20240101__20240331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zyVejtu9QN68" title="Weighted average period">9.9 years. There was $<span id="xdx_90A_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_znWueLWMrKP2" title="Unrecognized compensation cost">7,104,643 of unrecognized compensation cost related to Performance-Based RSUs as of March 31, 2024 which will be expensed over a weighted average period of <span id="xdx_909_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zLJSwvfiUEO7" title="Weighted average period">1.2 years. <p id="xdx_89F_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zC9fXNTzWGk7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company recorded stock-based compensation expense in the following expense categories in the accompanying consolidated statements of operations: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_494_20240101__20240331_zoqt4oqEtHwc" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three months ended</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_402_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zDfPraaNw6Qe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: left">Research and development</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">19,735,896</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zKiaDPHxJTql" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,597,353</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ShareBasedCompensation_z2AeX3C1J044" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">26,333,249</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> No stock-based compensation expense was recognized during the three months ended March 31, 2023.

40000000

20651046

19348954

4.51

87263783

Restricted Stock and RSU activity was as follows: SCHEDULE OF RESTRICTED STOCK AND RSU ACTIVITY <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Service-Based Restricted Stock</td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Performance-Based RSUs</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Shares</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted average grant-date fair value</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%">Nonvested as of January 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iS_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z83uWATEILW1" style="width: 11%; text-align: right" title="Nonvested Shares, Beginning">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zu0LhFu4Aasj" style="width: 11%; text-align: right" title="Nonvested weighted average grant-date fair value, Beginning">—</td><td style="border-right: Black 1.5pt solid; width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iS_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zaujT7apMUpl" style="width: 11%; text-align: right" title="Nonvested Shares, Beginning">10,900,128</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zsyxDlVNXEGl" style="width: 11%; text-align: right" title="Nonvested weighted average grant-date fair value, Beginning">2.97</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Granted</td><td> </td> <td style="text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z9yU478s4eg8" style="text-align: right" title="Nonvested Shares, Granted">19,348,954</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zbAsZYkbhM2f" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">4.51</td><td style="border-right: Black 1.5pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z1wIbOm1tbYh" style="text-align: right" title="Nonvested Shares, Granted">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zYg3gbr3SUyg" style="text-align: right" title="Nonvested weighted average grant-date fair value, Granted">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Vested</td><td> </td> <td style="text-align: left"> </td><td id="xdx_983_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zyx6Tm6CnHce" style="text-align: right" title="Nonvested Shares, Vested">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zoIvjh7wYkxd" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">—</td><td style="border-right: Black 1.5pt solid; text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_iN_di_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zFAIDCc7Y2K" style="text-align: right" title="Nonvested Shares, Vested">(7,148,506</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zB1hX4HVoBPf" style="text-align: right" title="Nonvested weighted average grant-date fair value, Vested">2.85</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_986_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_z1p6P8RsdBzk" style="border-bottom: Black 1.5pt solid; text-align: right" title="Nonvested Shares, Forfeited">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td id="xdx_985_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zPUaRSuSVK6l" style="padding-bottom: 1.5pt; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">—</td><td style="border-right: Black 1.5pt solid; padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_988_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zGGyRtxUb7B4" style="border-bottom: Black 1.5pt solid; text-align: right" title="Nonvested Shares, Forfeited">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="padding-bottom: 1.5pt; text-align: left"> </td><td id="xdx_98F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_z7ISujfViPa9" style="padding-bottom: 1.5pt; text-align: right" title="Nonvested weighted average grant-date fair value, Forfeited">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Nonvested as of March 31, 2024</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iE_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zOi2SXcJII9f" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Ending">19,348,954</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--ServiceBasedRestrictedStockMember_zS1RixakFqQ3" style="padding-bottom: 2.5pt; text-align: right" title="Nonvested weighted average grant-date fair value, Ending">4.51</td><td style="border-right: Black 1.5pt solid; padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares_iE_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zN0k23fzW3vj" style="border-bottom: Black 2.5pt double; text-align: right" title="Nonvested Shares, Ending">3,751,622</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_uUSDPShares_c20240101__20240331__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember_zlPecO79tg4" style="padding-bottom: 2.5pt; text-align: right" title="Nonvested weighted average grant-date fair value, Ending">3.19</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

10900128

2.97

19348954

4.51

7148506

2.85

19348954

4.51

3751622

3.19

25233487

86164020

P9Y10M24D

7104643

P1Y2M12D

<p id="xdx_89F_eus-gaap--ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock_zC9fXNTzWGk7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The Company recorded stock-based compensation expense in the following expense categories in the accompanying consolidated statements of operations: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_494_20240101__20240331_zoqt4oqEtHwc" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Three months ended</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">March 31, 2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td></tr> <tr id="xdx_402_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zDfPraaNw6Qe" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 78%; text-align: left">Research and development</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right">19,735,896</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--ShareBasedCompensation_hus-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zKiaDPHxJTql" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1.5pt">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">6,597,353</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--ShareBasedCompensation_z2AeX3C1J044" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt; padding-left: 10pt">Total</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">26,333,249</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

19735896

6597353

26333249

NOTE 9. STOCKHOLDERS’ DEFICIT Common Stock As of February 15, 2024, the Company’s common stock and warrants began trading on The Nasdaq Stock Market LLC under the symbols “TVGN” and “TVGNW”, respectively. As of March 31, 2024, the Company had 164,614,418 shares of common stock issued and outstanding. For accounting purposes related to earnings per share, only shares that are fully vested or are not subject to repurchase are considered issued and outstanding. Below is a reconciliation of shares of common stock issued and outstanding: SCHEDULE OF RECONCILIATION OF SHARES OF COMMON STOCK ISSUED AND OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Total shares of common stock legally issued and outstanding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">164,614,418</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plus: Shares to be issued:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Shares issuable to Polar (a)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SharesToBeIssuedOnSharesIssuable_iI_c20240331_fKGEp_zrpAnUTIQbDb" style="text-align: right" title="Shares issuable to Polar">1,500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Vested Performance-Based RSUs from satisfaction of liquidity condition upon the Closing (b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Shares issuable to Polar"><p id="xdx_98D_ecustom--VestedPerformancebasedRestrictedStockUnitsFromSatisfactionOfLiquidityConditionUponClosing_iI_c20240331_fKGIp_zjnFE0GbJlp3" style="margin: 0" title="Vested Performance-Based RSUs from satisfaction of liquidity condition upon the Closing">7,148,506</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Shares subject to future vesting:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Issuance of restricted common stock subject to forfeiture (c)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_ecustom--SharesSubjectToFutureVestingIssuanceOfRestrictedCommonStockSubjectToForfeiture_iI_c20240331_fKGMp_zK9GFFEXPVpe" style="border-bottom: Black 1.5pt solid; text-align: right" title="Issuance of restricted common stock subject to forfeiture">(19,348,954</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total shares issued and outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_ecustom--CommonStockSharesIssuedAndOutstandingInclusionOfSharesToBeIssuedAndExclusionOfSharesSubjectToForfeiture_iI_c20240331_zVCreYxaNrpb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total shares issued and outstanding">153,913,970</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares issuable to Polar under a subscription agreement as a result of the Merger. See Note 7 for additional information.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td id="xdx_F0A_z3CtrESEccf7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> As of March 31, 2024, there were Performance-Based RSUs that had vested when the liquidity condition applicable to such awards was satisfied upon the Closing but had not been legally settled into common stock. See Note 8 for additional information.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(c)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Dr. Saadi will automatically forfeit all unvested Restricted Stock granted pursuant to the Special RSU Award in the event he departs the Company. See Note 8 for additional information on the Special RSU Award.</td></tr> </table> Prior to the Merger, Tevogen Bio had outstanding shares of voting and non-voting common stock. Upon the Closing, Tevogen Bio’s common stockholders received shares of the Company’s common stock in an amount determined by application of the Exchange Ratio, as discussed in Note 1. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Preferred Stock The Company is authorized to issue 20,000,000 shares of preferred stock, par value $0.0001 per share. Series A Preferred Stock In March 2024, the Company authorized and issued 2,000 and 500 shares, respectively, of Series A Preferred Stock (the “Series A”) to an investor at a price of $<span id="xdx_90C_eus-gaap--SharePrice_iI_c20240331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zUYzddNAGNmk">4,000 per share (the “Series A Original Issue Price”), for gross proceeds of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfPreferredStockAndPreferenceStock_pn5n6_c20240301__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zCJnWajq7eXj" title="Proceeds from issuance of preferred stock">2.0 million. The Company recorded an expense of $799,990 in its consolidated statements of operations related to issuance of the Series A equal to the fair value of the Series A when issued of $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_c20240331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zW0vScNOJjhf" title="Price per share">5,600 per share less the purchase price of $<span id="xdx_90B_eus-gaap--SharePrice_iI_c20240331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__us-gaap--InvestorMember_zWezmWpjHre">4,000 per share. Dividends Holders of Series A are entitled to receive dividends accruing daily on a cumulative basis payable at a fixed rate of <span id="xdx_901_eus-gaap--PreferredStockDividendRatePercentage_pid_dp_uPure_c20240326__20240327__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zuaTZfQiWyF5" title="Dividend rate, percentage">5% per annum per share on <span id="xdx_90B_eus-gaap--PreferredStockDividendPaymentRateVariable_c20240326__20240327__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zWbqiruCDfd" title="Dividend variable rate, description">the Series A Original Issue Price, which rate will automatically increase by 2% every year that the Series A remains outstanding (the “Series A Accruing Dividends”). These dividends become payable when and if declared by the Company. The Series A Preferred Stock will also participate on an as-converted basis in any regular or special dividends paid to holders of the common stock. Liquidation The Series A ranks senior to common stock and Series B Preferred Stock (the “Series B”) in liquidation priority. In the event of a liquidation of the Company, or certain deemed liquidation events, the Series A is redeemable for a price equal to the greater of the Series A Original Issue Price plus all Series A Accruing Dividends that are unpaid through the redemption date, or such amount that would have been payable had the Series A converted into shares of common stock immediately before the liquidation or deemed liquidation event. Voting The Series A does not have any voting rights. Redemption The holders of Series A are not entitled to redeem their shares outside of the liquidation of the Company or the occurrence of a deemed liquidation event. The Company is entitled to redeem that Series A at a price equal to the Series A Original Issue Price plus any Series A Accruing Dividends accrued but unpaid thereon, if the VWAP of the Company’s common stock exceeds $<span id="xdx_90D_eus-gaap--PreferredStockRedemptionPricePerShare_iI_pid_uUSDPShares_c20240327__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zCWwsmAWOVz6" title="Redemption per share">5.00 per share for the twenty days immediately prior to the Company’s call election. Conversion The holders of Series A have the option to convert the Series A into shares of common stock at a ratio equal to the Series A Original Issue Price divided by the Series A Conversion Price, which is initially $<span id="xdx_903_eus-gaap--PreferredStockConvertibleConversionPrice_iI_pid_uUSDPShares_c20240327__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesAPreferredStockMember_zTbEsICcDl5l" title="Conversion price">4.00 per share and is subject to standard antidilution adjustments. Series A-1 Preferred Stock On March 27, 2024, the Company entered into an Amended and Restated Securities Purchase Agreement with the Series A investor covering the issuance of 600 shares of Series A-1 Preferred Stock for a gross purchase price of $6,000,000. <span id="xdx_901_eus-gaap--PreferredStockDividendPaymentRateVariable_c20240326__20240327__us-gaap--StatementClassOfStockAxis__custom--SeriesAOnePreferredStockMember_zJ5kIXmKRtdc" title="Dividend variable rate, description">The terms of the Series A-1 Preferred Stock are identical to the Series A, except that the cumulative dividends are capped at 15% per annum and the Series A-1 Issuance Price is defined as $10,000 per share. As of March 31, 2024, the investor had paid a non-refundable deposit of $<span id="xdx_90E_ecustom--NonrefundablePrepaidProceedsTowardsAnticipatedPreferredStockIssuance_c20240326__20240327__us-gaap--StatementClassOfStockAxis__custom--SeriesAOnePreferredStockMember_z7x7y8hvE7vl" title="Non refundable amount">200,000 towards the Series A-1 purchase price, and no shares of Series A-1 Preferred Stock were issued or outstanding. Series B Preferred Stock In connection with the Closing, the Company entered into an agreement to issue shares of Series B to the Sponsor in return for the Sponsor assuming liabilities and obligations (“Assumed Liabilities”) of Semper Paratus and Tevogen Bio. On March 15, 2024, <span id="xdx_90E_ecustom--StockIssuedDuringPeriodSharesConversionOfLiabilities_c20240315__20240315__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zBXP8ouL7Vq8" title="Conversion of certain liabilities into Series B preferred stock, shares">3,613 shares of Series B were issued in return for the assumption of $<span id="xdx_90A_ecustom--StockIssuedDuringPeriodValueConversionOfLiabilities_c20240315__20240315__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zoq4GJ2T1goa" title="Conversion of certain liabilities into Series B preferred stock">3,613,000 of liabilities. As these liabilities were unpaid and the Company was not legally released by the creditors, the liabilities were not extinguished and remain on the Company’s balance sheets at March 31, 2024. The issuance date fair value of the Series B was determined to be $<span id="xdx_90E_ecustom--StockIssuedDuringPeriodValueConversionOfLiabilities_c20240315__20240315__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zC4nA0EymVBi" title="Conversion of certain liabilities into Series B preferred stock">3,613,000 and was recorded within Merger transaction costs in the consolidated statements of operations. The Series B is classified as permanent equity. Dividends Holders of Series B are entitled to receive cumulative dividends at the Series B Dividend Rate, which accrue quarterly on the basis of a 360-day year and accrue whether or not declared by the Company provided that to the extent the Assumed Liabilities are outstanding, any dividend(s) will be paid by the Company on behalf of the Sponsor to the creditors first. <span id="xdx_90A_eus-gaap--PreferredStockDividendPaymentRateVariable_c20240101__20240331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_z46y9HrWiFE9" title="Dividend variable rate, description">The Series B Dividend Rate is initially 3.25% per quarter, increases by 0.25% on each 30-day anniversary of the Initial Dividend Date (Defined below), and capped at 7.5% per quarter. The “Initial Dividend Date” is defined as 35 days after the initial issuance date of the Series B. Subsequent dividends are due and payable on the quarterly anniversary of the initial issuance date, or if that date is not a business day, due and payable on the next succeeding business day. Series B dividends payable are calculated as the Dividend Rate multiplied by the Series B Issue Price of $1,000 per share. Series B dividends are payable whether or not declared by the Company, and are recorded within accounts payable of the consolidated balance sheets as incurred. Liquidation The Series B Preferred Stock ranks senior to common stock and junior to Series A in liquidation priority. In the event of a liquidation of the Company, the Series B is redeemable for a price equal to the aggregate amount of the liabilities assumed by the Sponsor following the Closing, which was $<span id="xdx_90D_eus-gaap--PreferredStockRedemptionPricePerShare_iI_pid_uUSDPShares_c20240331__us-gaap--StatementClassOfStockAxis__us-gaap--SeriesBPreferredStockMember_zyQiao17idza" title="Redemption per share">1,000 per share. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Voting The Series B does not have any voting rights. Redemption The holders of Series B are not entitled to redeem their shares outside of the liquidation of the Company. The Company is entitled to redeem the Series B at a price equal to the Series B Issue Price. Conversion The Series B Preferred Stock do not contain any conversion rights. Warrants Upon the Closing, <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211130__srt--TitleOfIndividualAxis__custom--SemperParatusMember_zfYPWcrbQ0pe" title="Number of warrants issued">17,975,000 warrants initially issued by Semper Paratus in November 2021, comprising <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211130__srt--TitleOfIndividualAxis__custom--SemperParatusMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zlwWEOh4MHud" title="Number of warrants issued">17,250,000 public warrants sold in the IPO and <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20211130__srt--TitleOfIndividualAxis__custom--SemperParatusMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zMSTg0CyeeL9" title="Number of warrants issued">725,000 warrants issued in a concurrent private placement, were assumed. Public Warrants The public warrants have an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20211130__srt--TitleOfIndividualAxis__custom--SemperParatusMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_z8zqCNTi4dk1" title="Exercise price">11.50 per share, became exercisable on <span id="xdx_903_eus-gaap--ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable_dd_c20211101__20211130__srt--TitleOfIndividualAxis__custom--SemperParatusMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zH1p7LRjbER7" title="Exercisable date">March 15, 2024, and will expire at 5:00 p.m., New York City time, on February 14, 2029, or earlier upon redemption or liquidation. Warrant holders may, until such time as there is an effective registration statement and during any period when the Company has failed to maintain an effective registration statement covering the shares of the Company’s common stock issuable upon exercise of the warrants, exercise warrants on a “cashless basis” in accordance with Section 3(a)(9) of the Securities Act of 1933, as amended, or another exception. <span id="xdx_90A_ecustom--WarrantsDescription_c20211101__20211130__srt--TitleOfIndividualAxis__custom--SemperParatusMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_z61Ez2S0Tkrb" title="Warrants description">The Company may redeem the public warrants if the Company’s common stock equals or exceeds $18.00 per share for 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the holders of public warrants. As of March 31, 2024, there are <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240331__srt--TitleOfIndividualAxis__custom--SemperParatusMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PublicWarrantsMember_zNO0OzvNYTYg" title="Number of warrants outstanding">17,250,000 public warrants outstanding. Private Placement Warrants Each private placement warrant is identical to the public warrants, except that the private placement warrants, so long as they are held by the Sponsor or its permitted transferees, (i) will not be redeemable by the Company and (ii) may be exercised by the holders on a cashless basis. As of March 31, 2024, there are <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240331__srt--TitleOfIndividualAxis__custom--SemperParatusMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zfnAt6a825Vj" title="Number of warrants outstanding">725,000 private placement warrants outstanding. See Note 3 for additional information on the Company’s warrant accounting policy.

164614418

Below is a reconciliation of shares of common stock issued and outstanding: SCHEDULE OF RECONCILIATION OF SHARES OF COMMON STOCK ISSUED AND OUTSTANDING <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">March 31,</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left">Total shares of common stock legally issued and outstanding</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">164,614,418</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Plus: Shares to be issued:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Shares issuable to Polar (a)</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_ecustom--SharesToBeIssuedOnSharesIssuable_iI_c20240331_fKGEp_zrpAnUTIQbDb" style="text-align: right" title="Shares issuable to Polar">1,500,000</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Vested Performance-Based RSUs from satisfaction of liquidity condition upon the Closing (b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right" title="Shares issuable to Polar"><p id="xdx_98D_ecustom--VestedPerformancebasedRestrictedStockUnitsFromSatisfactionOfLiquidityConditionUponClosing_iI_c20240331_fKGIp_zjnFE0GbJlp3" style="margin: 0" title="Vested Performance-Based RSUs from satisfaction of liquidity condition upon the Closing">7,148,506</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Less: Shares subject to future vesting:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left; padding-bottom: 1.5pt">Issuance of restricted common stock subject to forfeiture (c)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td id="xdx_985_ecustom--SharesSubjectToFutureVestingIssuanceOfRestrictedCommonStockSubjectToForfeiture_iI_c20240331_fKGMp_zK9GFFEXPVpe" style="border-bottom: Black 1.5pt solid; text-align: right" title="Issuance of restricted common stock subject to forfeiture">(19,348,954</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total shares issued and outstanding</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_983_ecustom--CommonStockSharesIssuedAndOutstandingInclusionOfSharesToBeIssuedAndExclusionOfSharesSubjectToForfeiture_iI_c20240331_zVCreYxaNrpb" style="border-bottom: Black 2.5pt double; text-align: right" title="Total shares issued and outstanding">153,913,970</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Shares issuable to Polar under a subscription agreement as a result of the Merger. See Note 7 for additional information.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td id="xdx_F0A_z3CtrESEccf7" style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> As of March 31, 2024, there were Performance-Based RSUs that had vested when the liquidity condition applicable to such awards was satisfied upon the Closing but had not been legally settled into common stock. See Note 8 for additional information.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(c)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Dr. Saadi will automatically forfeit all unvested Restricted Stock granted pursuant to the Special RSU Award in the event he departs the Company. See Note 8 for additional information on the Special RSU Award.</td></tr> </table>

164614418

1500000 7148506 -19348954 153913970

20000000

0.0001

2000

500

4000

2000000.0

799990

5600

4000

0.05

the Series A Original Issue Price, which rate will automatically increase by 2% every year that the Series A remains outstanding (the “Series A Accruing Dividends”)

5.00

the twenty days immediately prior to the Company’s call election

4.00

600

6000000

The terms of the Series A-1 Preferred Stock are identical to the Series A, except that the cumulative dividends are capped at 15% per annum and the Series A-1 Issuance Price is defined as $10,000 per share.

10000

200000 3613 3613000 3613000

The Series B Dividend Rate is initially 3.25% per quarter, increases by 0.25% on each 30-day anniversary of the Initial Dividend Date (Defined below), and capped at 7.5% per quarter.

1000

17975000

17250000

725000

11.50

2024-03-15

The Company may redeem the public warrants if the Company’s common stock equals or exceeds $18.00 per share for 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the holders of public warrants.

17250000

725000

NOTE 10. RELATED PARTY TRANSACTIONS Transactions with Sponsor Pursuant to the Merger Agreement, the Company incurred $2,000,000 in fees to the Sponsor for advisory services (the “Sponsor Advisory Service Fee”). In connection with the Merger and thereafter, the Company and Sponsor agreed that $250,000 of the Sponsor Advisory Service Fee is payable in cash, $250,000 would be offset against amounts due from the Sponsor, and the remainder of the Sponsor Advisory Service Fee was paid with issuance of 150,000 shares of the Company’s common stock at Closing. The Sponsor Advisory Service Fee payable in cash is presented <span id="xdx_90F_eus-gaap--RepaymentsOfRelatedPartyDebt_c20240101__20240331__us-gaap--TypeOfArrangementAxis__custom--SponsorAdvisoryServicesFeeMember__us-gaap--DebtInstrumentAxis__custom--PolarNotesMember_z53BiEN4NwJ9">on the consolidated balance sheets under the line item “Due to related party”. As of March 31, 2024, the Sponsor owes the Company $158,819 to cover working capital expenses which is presented on the consolidated balance sheets under the line item “Due from related party”. See Note 9 for additional information on the Series B issued to the Sponsor. TEVOGEN BIO HOLDINGS INC. NOTES TO THE UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS Stock-Based Compensation In January 2023, the Company issued <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230101__20230131__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember__srt--TitleOfIndividualAxis__srt--ChiefExecutiveOfficerMember_z84Gt1zrAZfg" title="Isssued shares to related party">40,000 Performance-Based RSUs to the wife of the Company’s chair and chief executive officer for advisory services provided to the Company, and <span id="xdx_902_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20230101__20230131__us-gaap--AwardTypeAxis__custom--PerformanceBasedRSUsMember__srt--TitleOfIndividualAxis__srt--ChiefFinancialOfficerMember_zZuYGnbdjli4" title="Isssued shares to related party">20,000 Performance-Based RSUs to Mehtaphoric Consulting Inc, a company controlled by the daughter of the Company’s chief financial officer, for information technology services provided to the Company. In connection with the Closing, the performance condition was achieved and therefore compensation cost of $800,396 has been recognized.

2000000

250000

150000

158819

40000

20000

800396

NOTE 11. NET INCOME (LOSS) PER SHARE The following table sets forth the computation of basic and diluted income (loss) per share: SCHEDULE OF NET LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20240101__20240331_zBIw8xRlZL0l" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20230101__20230331_z7sjC8XY7KTh" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Three Months Ended March 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2024</td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_maNILATz5q6_z2PwMSipxGSd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Net income (loss)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,264,842</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(30,756,144</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Less: Cumulative undeclared Series A dividends</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,370</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_iN_di_msNILATz5q6_zmkQDyPhYEve" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 20pt; text-align: left">Less: Undistributed earnings allocated to participating securities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(756,606</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_mtNILATz5q6_zSf2SWBkWWXg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Net income (loss) attributable to common stockholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,506,866</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(30,756,144</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_maNILATzP0S_z2Ff6mKtEnYl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,264,842</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(30,756,144</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Less: Cumulative undeclared Series A dividends</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,370</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ConvertiblePromissoryNoteInterest_iT_mtNILATzP0S_zkwqmMEuwRq7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Less: Convertible promissory note interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155,786</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ConvertiblePromissoryNoteChangeInFairValue_iT_mtNILATzP0S_zw0sNga80xz8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Less: Convertible promissory note change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(48,468,678</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_iT_mtNILATzP0S_zO8LeU0GiuFb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Net loss attributable to common stockholders, diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(37,049,420</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(30,756,144</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_zUtr9hiU9Yf7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left">Weighted average common stock outstanding, basic</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">137,333,802</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">119,999,989</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--EarningsPerShareBasic_zSoaT7mNY0Na" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Net income (loss) per share attributable to common stockholders, basic</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.08</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_zk7Qs7Ur6R39" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Weighted average common stock outstanding, basic</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">137,333,802</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncrementalCommonSharesAttributableToConversionOfDebtSecurities_zV9daeYBB5P" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 20pt; text-align: left">Effect of potentially dilutive convertible promissory notes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,053,849</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_iT_zxSCH2gN79V3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 30pt; text-align: left">Total potentially dilutive securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,053,849</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_zLkpyy5nDPWk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left">Weighted average common stock outstanding, diluted</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">142,387,651</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">119,999,989</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareDiluted_zTLtB4KeNMN7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Net loss per share attributable to common stockholders - basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--EarningsPerShareDiluted_zmXT4wuhRAni" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 0pt; text-align: left">Net loss per share attributable to common stockholders - diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table> As of March 31, 2024 and 2023, the Company’s potentially dilutive securities included Series A Preferred Stock, outstanding public warrants and convertible promissory notes on an as-converted basis. Series A and Restricted Stock are participating securities as Series A is entitled to participate in dividends and in earnings (but not losses) of the Company on an as-converted basis as common shares and the Restricted Stock holder is entitled to participate in any dividends declared on common stock. Accordingly, undistributed earnings are allocated to common shares and participating securities based on the weighted-average shares of each class outstanding during the period. See Note 8 and Note 9 for additional rights and privileges of Restricted Stock and Series A, respectively. Restricted Stock are excluded from the weighted average common stock outstanding pending the achievement of underlying service conditions. The Company excluded the following potential shares from the computation of diluted net loss per share because including them would have had an anti-dilutive effect: <p id="xdx_89E_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z1svLnbgkff9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> SCHEDULE OF ANTI-DILUTIVE NET LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20240101__20240331_zjzz6uQ0sK1j" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20230101__20230331_zp4V5Ik7QbQe" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_z1yhHirk81E" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Outstanding restricted stock units (a)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,751,622</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,355,527</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zbB4ALKPBuLi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,348,954</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantsMember_zRl78jxQ6Duh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Public warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrivateWarrantsMember_zg3ia8cpuoPe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Private warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">725,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertibleDebtSecuritiesMember_zgoXgyIZ6op5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible promissory notes (b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,946,336</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EarnoutSharesMember_zStoCMObkkt" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Earnout Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,500,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zUZkOPaurhna" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">65,575,576</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">13,301,863</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of March 31, 2024, there were an additional <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFOVEktRElMVVRJVkUgTkVUIExPU1MgUEVSIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20240101__20240331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zW4ncbDXJpc8" title="Stock option vested">7,148,506 restricted stock units that had vested but had not been legally settled into common stock and therefore were included in the basic net income per share. See Note 8 for additional information.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The number of shares were determined based on the conversion upon maturity provisions in the convertible promissory note agreements, dividing the conversion amount (principal plus accrued interest) by three times the estimated fair value of the Company’s common stock derived from the Company’s most recently completed convertible promissory notes valuation as of the balance sheet date.</td></tr> </table>

The following table sets forth the computation of basic and diluted income (loss) per share: SCHEDULE OF NET LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49C_20240101__20240331_zBIw8xRlZL0l" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_490_20230101__20230331_z7sjC8XY7KTh" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Three Months Ended March 31,</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2024</td><td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center">2023</td><td style="padding-bottom: 1.5pt; text-align: center"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Numerator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLoss_maNILATz5q6_z2PwMSipxGSd" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; width: 60%; text-align: left">Net income (loss)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">11,264,842</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">(30,756,144</td><td style="width: 1%; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Less: Cumulative undeclared Series A dividends</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,370</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_iN_di_msNILATz5q6_zmkQDyPhYEve" style="vertical-align: bottom; background-color: White"> <td style="text-indent: -10pt; padding-bottom: 1.5pt; padding-left: 20pt; text-align: left">Less: Undistributed earnings allocated to participating securities</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">(756,606</td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iT_mtNILATz5q6_zSf2SWBkWWXg" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Net income (loss) attributable to common stockholders</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,506,866</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(30,756,144</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--NetIncomeLoss_maNILATzP0S_z2Ff6mKtEnYl" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Net income (loss)</td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">11,264,842</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td style="text-align: right">(30,756,144</td><td style="text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Less: Cumulative undeclared Series A dividends</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(1,370</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_ecustom--ConvertiblePromissoryNoteInterest_iT_mtNILATzP0S_zkwqmMEuwRq7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-left: 10pt; text-align: left">Less: Convertible promissory note interest</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">155,786</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--ConvertiblePromissoryNoteChangeInFairValue_iT_mtNILATzP0S_zw0sNga80xz8" style="vertical-align: bottom; background-color: White"> <td style="padding-left: 10pt; text-align: left">Less: Convertible promissory note change in fair value</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">(48,468,678</td><td style="text-align: left">)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--NetIncomeLossAvailableToCommonStockholdersDiluted_iT_mtNILATzP0S_zO8LeU0GiuFb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Net loss attributable to common stockholders, diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(37,049,420</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(30,756,144</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr style="vertical-align: bottom; background-color: White"> <td> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold">Denominator:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--WeightedAverageNumberOfSharesOutstandingBasic_zUtr9hiU9Yf7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left">Weighted average common stock outstanding, basic</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">137,333,802</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">119,999,989</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--EarningsPerShareBasic_zSoaT7mNY0Na" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Net income (loss) per share attributable to common stockholders, basic</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">0.08</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--WeightedAverageNumberOfSharesIssuedBasic_zk7Qs7Ur6R39" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Weighted average common stock outstanding, basic</td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">137,333,802</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--IncrementalCommonSharesAttributableToConversionOfDebtSecurities_zV9daeYBB5P" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 20pt; text-align: left">Effect of potentially dilutive convertible promissory notes</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">5,053,849</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--WeightedAverageNumberDilutedSharesOutstandingAdjustment_iT_zxSCH2gN79V3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 30pt; text-align: left">Total potentially dilutive securities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,053,849</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--WeightedAverageNumberOfDilutedSharesOutstanding_zLkpyy5nDPWk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 1.5pt; padding-left: 10pt; text-align: left">Weighted average common stock outstanding, diluted</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">142,387,651</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">119,999,989</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--EarningsPerShareDiluted_zTLtB4KeNMN7" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Net loss per share attributable to common stockholders - basic and diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> <tr id="xdx_40B_eus-gaap--EarningsPerShareDiluted_zmXT4wuhRAni" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt; padding-left: 0pt; text-align: left">Net loss per share attributable to common stockholders - diluted</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(0.26</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr> </table>

11264842

-30756144

756606

10506866

-30756144

11264842

-30756144

155786 -48468678

-37049420

-30756144

137333802

119999989

0.08

-0.26

137333802

5053849

142387651

119999989

-0.26

<p id="xdx_89E_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z1svLnbgkff9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"> SCHEDULE OF ANTI-DILUTIVE NET LOSS PER SHARE <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_49F_20240101__20240331_zjzz6uQ0sK1j" style="text-align: right"> </td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td id="xdx_491_20230101__20230331_zp4V5Ik7QbQe" style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">March 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1.5pt"> </td> <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_z1yhHirk81E" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Outstanding restricted stock units (a)</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">3,751,622</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">10,355,527</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zbB4ALKPBuLi" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Restricted Stock</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">19,348,954</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">-</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PublicWarrantsMember_zRl78jxQ6Duh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Public warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,250,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PrivateWarrantsMember_zg3ia8cpuoPe" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Private warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">725,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertibleDebtSecuritiesMember_zgoXgyIZ6op5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Convertible promissory notes (b)</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,946,336</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--EarnoutSharesMember_zStoCMObkkt" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1.5pt">Earnout Shares</td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">24,500,000</td><td style="padding-bottom: 1.5pt; text-align: left"> </td><td style="padding-bottom: 1.5pt"> </td> <td style="border-bottom: Black 1.5pt solid; text-align: left"> </td><td style="border-bottom: Black 1.5pt solid; text-align: right">—</td><td style="padding-bottom: 1.5pt; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zUZkOPaurhna" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">65,575,576</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">13,301,863</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify">(a)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">As of March 31, 2024, there were an additional <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIEFOVEktRElMVVRJVkUgTkVUIExPU1MgUEVSIFNIQVJFIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_c20240101__20240331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zW4ncbDXJpc8" title="Stock option vested">7,148,506 restricted stock units that had vested but had not been legally settled into common stock and therefore were included in the basic net income per share. See Note 8 for additional information.</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">(b)</td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The number of shares were determined based on the conversion upon maturity provisions in the convertible promissory note agreements, dividing the conversion amount (principal plus accrued interest) by three times the estimated fair value of the Company’s common stock derived from the Company’s most recently completed convertible promissory notes valuation as of the balance sheet date.</td></tr> </table>

3751622

10355527

19348954

17250000

725000

2946336

24500000

65575576

13301863

7148506

NOTE 12. SUBSEQUENT EVENTS Note 10 — SUBSEQUENT EVENTS The Company has evaluated subsequent events and transactions for potential recognition or disclosure from the balance sheet date through May 28, 2024, the issuance date of these the financial statements and has not identified any additional items requiring disclosure that have not previously been mentioned elsewhere.

As of December 31, 2023, the entirety of the marketable securities held in the trust account were deposited into the demand deposit account. Shares issuable to Polar under a subscription agreement as a result of the Merger. See Note 7 for additional information. As of March 31, 2024, there were Performance-Based RSUs that had vested when the liquidity condition applicable to such awards was satisfied upon the Closing but had not been legally settled into common stock. See Note 8 for additional information. Dr. Saadi will automatically forfeit all unvested Restricted Stock granted pursuant to the Special RSU Award in the event he departs the Company. See Note 8 for additional information on the Special RSU Award. As of March 31, 2024, there were an additional 7,148,506 restricted stock units that had vested but had not been legally settled into common stock and therefore were included in the basic net income per share. See Note 8 for additional information. The number of shares were determined based on the conversion upon maturity provisions in the convertible promissory note agreements, dividing the conversion amount (principal plus accrued interest) by three times the estimated fair value of the Company’s common stock derived from the Company’s most recently completed convertible promissory notes valuation as of the balance sheet date.