Lucid Diagnostics Inc. announced it has raised approximately $15.0 million in gross proceeds through a private placement of newly designated Series C Convertible Preferred Stock. The offering, which closed on October 21, 2026, involved the sale of 15,000 shares to accredited investors at a price of $1,000 per share.
Key Details
- Financing: The company sold 15,000 shares of Series C Convertible Preferred Stock, generating gross proceeds of $15.0 million.
- Terms: The preferred stock has an initial conversion price of $0.3519 per common share and carries a 20% annual dividend, payable quarterly in shares of common stock. It also includes a liquidation preference equal to the greater of 300% of the stated value or its as-converted value.
- Investor Rights: Holders of the Series C stock have the right to designate one member to the company's board of directors as long as 25% of the original shares remain outstanding.
- Impact on Existing Debt: The issuance triggered an anti-dilution provision, reducing the conversion price of the company's existing 12.0% senior secured convertible notes due 2029 to match the new conversion price of $0.3519.