PBAX SEC filings, in plain English
Everything PHOENIX BIOTECH ACQUISITION CORP. has filed with the SEC that we hold — 40 filings, newest first, 4 with a plain-English summary of what changed and why it matters. Every row links to the primary document on EDGAR, so you can check the source rather than trust us.
The feed
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What changed: CERo Therapeutics Holdings, Inc. filed an 8-K on August 31, 2026, reporting that on August 27, 2026, it consolidated $5,666,108.77 in previous unsecured debt into a new Consolidated Senior Secured Promissory Note with SRX Global Inc., which bears interest at 10% per annum and matures on October 15, 2026. The transaction included an initial advance of $775,665.00 (net of $50,000 legal fees), allows for up to $6,000,000 in additional monthly advances, and is secured by the subsidiary's capital stock and assets, including intellectual property related to CER-1236. Why it matters: This filing reveals significant near-term liquidity risk as the entire principal becomes due in less than two months, while the company has pledged its core therapeutic assets and faces potential acceleration upon default. For investors tracking SPAC PBAX, this indicates the post-business combination entity is relying heavily on secured bridge financing from existing lenders to meet immediate obligations rather than generating operational cash flow.
What changed: Q2 2026 10-Q of CERo Therapeutics Holdings, Inc. (CERO), filed under Phoenix Biotech Acquisition Corp's CIK. The cover lists the common stock and the warrants — each exercisable for one two-thousandth of a share — with 'None' as the exchange on which registered, and 71,630,992 shares outstanding as of August 13, 2026. Why it matters: The company states its common stock and public warrants have been delisted from Nasdaq. This summary is drawn from the cover page and the cautionary note; the financial statements are not covered here.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“business, results of operations, and prospects. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date these unaudited condensed consolidated financial”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
What changed: CERo Therapeutics Holdings, Inc., the successor to Phoenix Biotech Acquisition Corp., filed as Exhibit 4.1 a Second Amended and Restated Convertible Grid Promissory Note payable to SRX Global Inc, formerly SRx Health Solutions. The note runs up to a principal amount of $2,606,500.00 with 25% original issue discount, for tranche funding of up to $2,085,200.00. It carries an original issue date of May 28, 2026 and a maturity date of May 28, 2027, is payable on demand as permitted, and amends and restates the earlier convertible grid note in its entirety. Why it matters: The financing terms are punitive: a 25% original issue discount means the company books $2,606,500 of principal for $2,085,200 of cash, an immediate 25% cost before any interest, and the note converts into stock while being payable on demand within twelve months. For a former PBAX holder that is dilution at whatever price the conversion mechanics set, from a lender that is already the company's counterparty and has now had the note restated twice. It signals no conventional funding source is available.
What changed: CERo Therapeutics Holdings, Inc., successor to Phoenix Biotech Acquisition Corp., entered an amended and restated promissory note on June 23, 2026 with SRX Health Solutions, Inc., replacing a note issued May 28, 2026. The company may borrow up to $1,413,600 in aggregate, of which $750,000 was funded under the original note and a further $663,600 on June 23, 2026. The note bears 10% interest and matures on May 28, 2027. Why it matters: The conversion terms are the point. The lender may convert principal and accrued interest at any time at the lesser of $0.05 and 80% of the average of the five lowest intraday trading prices over the preceding twenty days. A conversion price that floats downward with the share price means the number of shares issued rises as the stock falls, so the dilution is unbounded from this filing alone and worsens precisely when the company is weakest.
going-concern doubtnothing moved · 1 with no prior record of ours
- Going-concern doubt
- stated · unchanged
The clause …“business, results of operations, and prospects. These conditions raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date these unaudited condensed consolidated financial”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
going-concern doubt, mandate languagenothing moved · 2 with no prior record of ours
- Going-concern doubt
- stated · unchanged
- Mandate language
- We intend to pursue, when possible, further composition, met… · unchanged
The clause …“several years and may never achieve or maintain profitability. ● There is substantial doubt as to our ability to continue as a going concern. ● Our business is highly dependent on the success of our lead product candidate. If we are”…
Read from stored SEC filing text by a regex — no model is involved — and each side links to the filing it came from. “Not previously extracted” is a statement about our record, not about the company: the clause may be present in wording we do not match.
In plain English
Redemption deadlinethe last day to hand shares back for cash
Set by the filing that calls the meeting. Tender after it and the company is under no obligation to pay you the trust value.
Cash in trust / trust per sharethe cash the company is holding for each public share
Filed quarterly in the 10-Q's XBRL. It earns interest between filings, so the figure on a given day is slightly higher than the last filed one — where we show that we label it an estimate.
Accession numberthe SEC's unique id for one filing
Every figure on this page carries the accession of the filing that states it, so you can open the primary document rather than trust us.