PAVmed 1-for-15 reverse split Dec 7; declares Lucid dividend of ~3.3M shares

PAVmed Inc.

Reverse split at 1-for-15 effective Dec 7, 2023; authorized common reduced from 250M to 50M shares.
Dividend of ~3.3M Lucid Diagnostics (LUCD) shares to PAVmed holders of record Jan 15, 2024; distribution within 30 days.
Series Z warrants maturity extended by 12 months to April 30, 2025; exercise price and shares adjusted proportionately.
Reverse split aims to regain Nasdaq minimum $1 bid price compliance; company had until Dec 26, 2023.
Accredited investor holding convertible notes waived as-converted participation in Lucid dividend.

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 0.95

PAVmed Inc.: Filing of a Certificate of Amendment to the Amended and Restated Certificate of Incorporation to effect a 1-for-15 reverse stock split, reducing the authorized common shares from 250,000,000 to 50,000,000 (effective 2023-12-07).

Change: charter amendment
Effective: 2023-12-07

Exact text from the filing

On December 5, 2023, the Company filed a Certificate of Amendment to its Amended and Restated Certificate of Incorporation (the “ Charter Amendment ”) with the Secretary of State of the State of Delaware, pursuant to which, effective at 12:01 a.m. Eastern Time on December 7, 2023, the Reverse Split will be effected.

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PAVmed Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-043666

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