CERo Therapeutics (CERO) extends $25.0 million equity line via new stock purchase pact

Rhea-AI Filing Summary

CERo Therapeutics Holdings, Inc. entered a new common stock purchase agreement with an institutional investor that allows the company to sell up to $14,591,939 of its common stock over time, subject to conditions in the agreement. This continues a prior equity line program under which the company previously raised approximately $4.4 million from 11,689 shares, $3.1 million from 100,581 shares, and $2.90 million from 12,500,000 shares of common stock. The company can require the investor to buy shares through fixed purchases, generally capped at the lower of 10,000 shares or $100,000 per transaction, as well as VWAP-based purchases, with an aggregate cap of $10,000,000 per VWAP and related additional VWAP purchases on a given day, so long as the stock price is at least $0.02. The investor’s beneficial ownership is limited to 4.99% of outstanding shares, and a related registration rights agreement provides for registration of shares issued under this arrangement.

Insights

Equity Capital Markets Analyst

CERo extends an equity line facility up to $14.6M, adding flexible but potentially dilutive funding capacity.

CERo Therapeutics has expanded its equity line program by signing a new purchase agreement that permits sales of up to $14,591,939 of common stock to an institutional investor. This follows earlier agreements that together enabled up to $25.0 million of potential funding and have already produced multiple tranches of equity issuance for cash.

The structure uses fixed purchases, typically limited to the lower of 10,000 shares or $100,000 per notice, alongside VWAP-based purchases where the investor’s aggregate committed obligation for a VWAP purchase and additional VWAP purchases can reach $10,000,000 on a given trading day. All purchases require a minimum closing price of $0.02 per share, and the investor may not exceed 4.99% beneficial ownership of outstanding common stock, which caps concentration risk from this counterparty.

Concurrent registration rights are intended to facilitate potential resales of shares issued under the program. The overall impact on existing holders will depend on how much of the $14,591,939 capacity the company ultimately uses, at what share prices, and over what period, which are not specified in the excerpt.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or Section 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 26, 2025

CERO THERAPEUTICS HOLDINGS, INC. 

(Exact name of registrant as specified in its charter)

Delaware		001-40877		81-4182129
(State or other jurisdiction of incorporation or organization)		(Commission File Number)		(I.R.S. Employer Identification Number)

201 Haskins Way, Suite 230, South San Francisco, CA		94080
(Address of principal executive offices)		(Zip Code)

(650) 407-2376

Registrant’s telephone number, including area code

Not applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common stock, par value $0.0001 per share		CERO		None
Warrants, each whole warrant exercisable for one two-thousandths of a share of common stock		CEROW		None

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

As previously disclosed, CERo Therapeutics Holdings, Inc., a Delaware corporation (the “Company”) and an institutional investor (the “Investor”) entered into a common stock purchase agreement on each of February 14, 2024 (the “February 2024 Purchase Agreement”), November 8, 2024 (the “November 2024 Purchase Agreement”) and July 11, 2025 (the “July 2025 Purchase Agreement” and, collectively with the February 2024 Purchase Agreement and November 2024 Purchase Agreement, the “Prior Purchase Agreements”), pursuant to which, upon the terms and subject to the conditions and limitations set forth in such Prior Purchase Agreements, the Company may issue and sell to the Investor up to an aggregate of $25.0 million of the Company’s outstanding common stock, par value $0.0001 per share (the “Common Stock”). As of November 26, 2025, the Company has issued and sold (i) 11,689 shares of Common Stock for aggregate proceeds of approximately $4.4 million pursuant to the February Purchase Agreement, (ii) 100,581 shares of Common Stock for aggregate proceeds of approximately $3.1 million pursuant to the November Purchase Agreement and (iii) 12,500,000 shares of Common Stock for aggregate proceeds of approximately $2.90 million pursuant to the July 2025 Purchase Agreement. Accordingly, in order to enable the Company to issue and sell and the Investor to purchase from the Company, an aggregate of $25,000,000 of the Company’s outstanding shares of Common Stock, the Company and the Investor have entered into the new Purchase Agreement described below.

On November 26, 2025, the Company entered into a purchase agreement (the “Purchase Agreement”) with the Investor, pursuant to which the Company may issue and sell to the Investor, from time to time as provided in the Purchase Agreement, and the Investor shall purchase from the Company up to $14,591,939 of the Company’s outstanding shares of Common Stock, subject to the satisfaction of the conditions in the Purchase Agreement. Capitalized terms not otherwise defined shall have the meaning ascribed to them in the Purchase Agreement.

As the Purchase Agreement constitutes a continuation of the equity line program commenced under the Prior Purchase Agreement, the Commitment Shares issued to the Investor pursuant to the Prior Purchase Agreement shall satisfy in full the Company’s obligation to deliver any additional shares of Common Stock to the Investor as consideration for entering into the Purchase Agreement.

At any time from and after the Commencement Date, on any business day on which the closing sale price of the Common Stock is equal to or greater than $0.02, the Company shall have the right, but not the obligation, to direct the Investor, by its delivery of a Fixed Purchase Notice, to purchase a Fixed Purchase Share Amount, not to exceed the applicable Fixed Purchase Maximum Amount (calculated as of the applicable Fixed Purchase Date), at the applicable Fixed Purchase Price therefor on the applicable Fixed Purchase Date in accordance with the Purchase Agreement; provided, however, that the Investor’s committed obligation under any single Fixed Purchase shall not exceed the lower of 10,000 shares of Common Stock or $100,000 (provided that all shares of Common Stock in respect of all prior Fixed Purchases, VWAP Purchases and Additional VWAP Purchases shall have been delivered to the Investor).

In addition, at any time from and after the Commencement Date, on any business day on which the closing sale price of the Common Stock is equal to or greater than $0.02 and such business day is also the Purchase Date for a Fixed Purchase of an amount of shares of Common Stock not less than the applicable Fixed Purchase Maximum Amount, the Company shall also have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of a VWAP Purchase Notice, to purchase the applicable VWAP Purchase Share Amount, not to exceed the applicable VWAP Purchase Maximum Amount, at the applicable VWAP Purchase Price therefor on the applicable VWAP Purchase Date in accordance with this Agreement (each such purchase, a “VWAP Purchase”); provided, however, that the Investor’s aggregate committed obligation under a VWAP Purchase and all Additional VWAP Purchases shall not exceed $10,000,000 in the aggregate for such VWAP Purchase and all such Additional VWAP Purchases on such VWAP Purchase Date, collectively.

At any time from and after the Commencement Date, in addition to the Fixed Purchases and VWAP Purchases described above, the Company shall also have the right, but not the obligation, to direct the Investor, by its delivery to the Investor of an Additional VWAP Purchase Notice, to purchase the applicable Additional VWAP Purchase Share Amount, not to exceed the applicable Additional VWAP Purchase Maximum Amount, at the applicable Additional VWAP Purchase Price therefor on the applicable Additional VWAP Purchase Date in accordance with the Purchase Agreement (each such purchase, an “Additional VWAP Purchase”); provided, however, that the Investor’s aggregate committed obligation under a VWAP Purchase and all Additional VWAP Purchases on the applicable Additional VWAP Purchase Date, which Additional VWAP Purchase Date shall be the same Trading Day as the applicable VWAP Purchase Date for such VWAP Purchase, shall not exceed $10,000,000 in the aggregate for such VWAP Purchase and all such Additional VWAP Purchases, collectively.

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In no event shall the Company issue or sell to the Investor, any shares of Common Stock under the Purchase Agreement, which, when aggregated with all other shares of Common Stock then beneficially owned by the Investor and its Affiliates (as calculated pursuant to Section 13(d) of the Exchange Act and Rule 13d-3 promulgated thereunder), would result in the beneficial ownership by the Investor of more than 4.99% of the outstanding shares of Common Stock.

Concurrent with the execution of the Purchase Agreement, the Company entered into a registration rights agreement with the Investor (the “Registration Rights Agreement”), pursuant to which the Company agreed to provide the Investor with customary registration rights related to the shares issued under the Registration Rights Agreement.

The foregoing descriptions of the Purchase Agreement and the Registration Rights Agreement do not purport to be complete and are qualified in their entirety by reference to the Purchase Agreement and the Registration Rights Agreement, copies of which are filed as Exhibits 10.1 and 10.2 hereto and incorporated by reference herein.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.		Description
10.1*		Common Stock Purchase Agreement, by and between CERo Therapeutics Holdings, Inc., and an institutional investor, dated as of November 26, 2025
10.2*		Registration Rights Agreement, by and between CERo Therapeutics Holdings, Inc., and an institutional investor, dated as of November 26, 2025.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

* Filed herewith.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	CERO THERAPEUTICS HOLDINGS, INC.
	By:	/s/ Chris Ehrlich
	Name:	Chris Ehrlich
	Title:	Chief Executive Officer

Dated: December 2, 2025

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FAQ

What did CERo Therapeutics (CERO) announce in this 8-K filing?

CERo Therapeutics Holdings, Inc. disclosed that it entered into a new common stock purchase agreement with an institutional investor. Under this agreement, the company may sell up to $14,591,939 of its outstanding common stock to the investor from time to time, subject to the conditions outlined in the agreement.

How much funding has CERo Therapeutics already raised under its prior equity line agreements?

Under earlier common stock purchase agreements, CERo raised approximately $4.4 million from 11,689 shares, about $3.1 million from 100,581 shares, and about $2.90 million from 12,500,000 shares of common stock, as of November 26, 2025.

What are the key limits on each purchase of CERO common stock by the investor?

For Fixed Purchases, any single purchase is capped at the lower of 10,000 shares of common stock or $100,000, assuming all prior shares have been delivered. For VWAP Purchases and related additional VWAP purchases on the same date, the investor’s aggregate committed obligation is limited to $10,000,000 in total.

Is there a minimum share price for CERo Therapeutics to use the equity line?

Yes. The company may direct Fixed Purchases, VWAP Purchases and Additional VWAP Purchases only on business days when the closing sale price of CERo’s common stock is at least $0.02 per share, according to the disclosed terms.

What ownership cap applies to the institutional investor in this CERo equity line?

The agreement states that CERo will not issue shares under the purchase agreement if doing so would cause the investor and its affiliates to beneficially own more than 4.99% of the company’s outstanding common stock, as calculated under Section 13(d) of the Exchange Act.

What is the purpose of the registration rights agreement mentioned by CERo Therapeutics?

Alongside the purchase agreement, CERo entered into a registration rights agreement with the same institutional investor. The company agreed to provide customary registration rights for the shares issued under this arrangement, which is intended to allow those shares to be registered for resale.