Phoenix Biotech Sponsor LLC has converted 4,596,250 shares of Class A common stock, representing 67.9%, of Phoenix Biotech Acquisition Corp., into an equal number of Class B common stock held by the company, with the issuance being exempted from registration. A special meeting scheduled for July 5, 2023, has been postponed to July 7, 2023, to engage with stockholders and request redemption reversal. The company announced that for each one-month extension, $0.03 per public share that is not redeemed at the special meeting will be deposited into the trust account, totaling up to $0.18 per share.