Lucid Diagnostics Inc. (NASDAQ: LUCD) shares lost ground Wednesday. The New York-based company, a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (NASDAQ: PAVM), today announced the pricing of its underwritten public offering of 25,000,000 shares of its common stock at a public offering price of $1.00 per share. In addition, the company has granted the underwriters a 30-day option to purchase up to an additional 3,750,000 shares of common stock at the public offering price, less underwriting discounts and commissions.
The gross proceeds from the offering, before deducting underwriting discounts and commissions and other estimated offering expenses, are expected to be approximately $25.0 million, excluding any proceeds from the exercise of the underwriters' option to purchase additional shares. The company intends to use the net proceeds from this offering for working capital and general corporate purposes.
The offering is expected to close on or about September 11, subject to customary closing conditions.
Canaccord Genuity LLC and BTIG, LLC are acting as the joint bookrunners of the offering and Maxim Group LLC is acting as co-manager of the offering.
LUCD shares gave back 20 cents, or 16.3%, to $1.06, while those for parent PAVM sank 0.4 cents, or 1%, to 43 cents.
