- Lucid Diagnostics (LUCD, Financial) announces a public stock offering to raise approximately $15 million.
- 12.5 million shares priced at $1.20 each, with a 45-day underwriter option for an additional 1.875 million shares.
- The proceeds will be used for working capital and general corporate purposes.
Lucid Diagnostics Inc. (LUCD), a subsidiary of PAVmed Inc. focusing on cancer prevention through medical diagnostics, has set the price for its underwritten public offering. The company will offer 12.5 million shares of common stock at $1.20 per share, which is expected to generate approximately $15 million in gross proceeds. These proceeds are calculated before deducting underwriting discounts, commissions, and other expenses.
Additionally, Lucid Diagnostics has provided underwriters a 45-day option to purchase up to an additional 1.875 million shares at the same $1.20 offering price. This option is designed to potentially increase capital if fully exercised by the underwriters. The offering is anticipated to close on or around April 11, 2025, pending standard closing conditions.
Canaccord Genuity LLC will serve as the sole bookrunner, with Maxim Group LLC assisting as co-manager. The funds raised from this offering are slated for working capital and general corporate purposes, although the specific strategic initiatives remain unspecified. This move highlights the company's broader aim to bolster its financial footing amid market conditions that may present certain challenges for the cancer diagnostics sector.
This public offering is being filed under a shelf registration statement on Form S-3, which became effective on December 6, 2022. Investors and interested parties may access the prospectus supplement related to the offering via the Securities and Exchange Commission's website.
