Tevogen Bio Holdings Inc. (NASDAQ: TVGN) announced it entered into a securities purchase agreement for a $3 million private investment in public equity financing with existing investor The Patel Family, LLP.

Under the agreement, Tevogen will issue 375,000 prefunded warrants, each exercisable for one share of common stock. The financing was priced at $8.00 per prefunded warrant, representing a 14% premium to the company's closing stock price on May 11, 2026. The transaction is expected to close on or about May 13, 2026.

The company stated it intends to use proceeds to support ongoing operations, advance strategic growth initiatives, and for general corporate purposes.

"Having The Patel Family, LLP continue to support Tevogen reflects a shared belief in both our mission and our long-term vision for building a more accessible and sustainable healthcare model," said Tevogen Bio founding CEO Ryan Saadi. "We believe this financing along with an existing ATM offering and loan agreement, provides the company with access to adequate capital to reach revenue milestones."

Dr. Manmohan Patel, representing The Patel Family, LLP, said "Our continued investment emphasizes our conviction in Tevogen, its leadership and novel technology, and we look forward to being long-term holders."

The securities have not been registered under the Securities Act of 1933 and may not be resold in the United States except pursuant to an effective registration statement or applicable exemption. Tevogen agreed to file a registration statement with the Securities and Exchange Commission covering resale of shares issuable upon exercise of the prefunded warrants.