PAVmed (NASDAQ:PAVM) Closes on Sale of Lucid Diagnostics’ Senior Secured Convertible Notes

On November 22, 2024, PAVmed Inc. completed the sale of $21.95 million in principal amount of Lucid Diagnostics Inc.’s Senior Secured Convertible Notes, known as the “Lucid 2024 Convertible Notes,” in a private placement to accredited investors. Lucid Diagnostics, a subsidiary of PAVmed, closed the sale in accordance with the terms of the Securities Purchase Agreement, dated November 12, 2024, between Lucid and the 2024 Note Investors.

Alongside the sale, Lucid and/or its subsidiaries entered into several agreements, including a Registration Rights Agreement, a Guaranty, and a Security and Pledge Agreement. A portion of the proceeds from the sale were utilized to repay Lucid’s prior Senior Convertible Note, the Lucid 2023 Convertible Note, issued under a Securities Purchase Agreement dated March 13, 2023. Following this transaction, Lucid achieved gross proceeds of $21.95 million and net proceeds of $18.3 million after the full repayment of the Lucid 2023 Convertible Note.

For detailed information on the transaction and related agreements, interested parties can refer to Lucid’s Current Reports on Form 8-K filed on November 12, 18, and 29, 2024. The descriptions of the 2024 Convertible Notes, the 2024 SPA, Registration Rights Agreement, Guaranty, and Pledge Agreement are included in Exhibits 4.1, 10.1, 10.2, 10.3, and 10.4, respectively, in the Current Report on Form 8-K.

These agreements aim to provide investors and security holders with insight into their terms and should not be regarded as sources of additional factual information about PAVmed or Lucid. The representations, warranties, and covenants contained in these agreements are specific to the agreements’ purposes, were made as of specific dates for the parties’ benefit, and might have agreed-upon limitations.

Additionally, the information provided under Items 2.03 and 3.03 of the Form 8-K, regarding the creation of a direct financial obligation or an off-balance sheet arrangement, and material modifications to rights of security holders, is incorporated by reference from Item 1.01.

The signatures and concluding details of the filing were executed by Dennis McGrath, President, and Chief Financial Officer of PAVmed Inc., on November 29, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read PAVmed’s 8K filing here.

PAVmed Company Profile

PAVmed Inc focuses on acquiring, developing, and commercializing novel products that target unmet needs in the United States. The company's lead products include CarpX, a patented, single-use, disposable, and minimally invasive surgical device for use in the treatment of carpal tunnel syndrome; EsoCheck Esophageal Cell Collection Device, which consists of diagnostic test that serves as a testing tool for preventing esophageal adenocarcinoma deaths, through early detection of esophageal precancer in at-risk gastroesophageal reflux disease, including chronic heartburn and acid reflux or simply reflux in patients; and EsoGuard, a bisulfite-converted next-generation sequencing DNA assay performed on surface esophageal cells collected with EsoCheck.