Lucid Diagnostics raises $5.0M through sale of Series A-1 Convertible Preferred Stock

Lucid Diagnostics Inc.

Sold 5,000 Series A-1 Preferred shares at $1,000/share to accredited investors; gross proceeds of $5.0M closed Oct 18, 2023.
Preferred convertible after 6 months at initial conversion price of $1.2592; mandatory conversion on Oct 18, 2025.
Dividends: 20% of conversion shares on Oct 18, 2024 and Oct 18, 2025; no voting rights; liquidation preference senior to common.
Company filed Certificate of Designation with Delaware and entered into Registration Rights Agreement for resale of underlying common shares.
Series A-1 ranks pari passu with existing Series A Preferred; beneficial ownership limitation of 4.99% (or 9.99% optional).

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

Lucid Diagnostics Inc.: Amended and Restated Certificate of Incorporation authorizes up to 20,000,000 shares of preferred stock and designates up to 5,000 shares as Series A-1 Preferred Stock.

Change: charter amendment

Exact text from the filing

The Amended and Restated Certificate of Incorporation of the Company authorizes the issuance of up to 20,000,000 shares of preferred stock, par value $0.001 per share, and further authorizes the Board of the Company to fix and determine the designation, preferences, conversion rights, or other rights, including voting rights, qualifications, limitations, or restrictions of the preferred stock. The Certificate of Designation designates up to 5,000 of the shares of preferred stock as Series A-1 Preferred Stock.

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Lucid Diagnostics Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-037572

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