Lucid Diagnostics to sell 13.94M shares at $1.10 in registered direct offering

Lucid Diagnostics (LUCD), a subsidiary of PAVmed (PAVM), announced that it has entered into subscription agreements with certain accredited investors to sell 13,939,331 shares of common stock at a purchase price of $1.10 per share in a registered direct offering. The gross proceeds to the company from this offering are expected to be approximately $15.3M, before deducting the approximately $0.8M in placement agent’s fees and other offering expenses payable by the company. Canaccord Genuity is acting as the sole placement agent for this offering. The closing of the offering is expected to occur on or about March 5, subject to the satisfaction of customary closing conditions. The company intends to use the net proceeds from this offering for working capital and other general corporate purposes.