Lucid Diagnostics Completes Convertible Debt Refinancing to Strengthen Balance Sheet and Extend Cash Runway Past Key Near-Term Milestones
Lucid Diagnostics has completed a convertible debt refinancing transaction that strengthens its financial position. The company issued five-year convertible notes worth $21.95 million to long-term equity shareholders. After retiring $3.61 million of existing convertible debt, the transaction yielded $18.34 million in net cash proceeds. This increases Lucid's pro forma cash to approximately $33 million as of Q3 end, extending its cash runway past key reimbursement milestones. The new convertible debt is structured to keep shares out of the market.
Lucid Diagnostics ha completato una transazione di rifinanziamento del debito convertibile che rafforza la sua posizione finanziaria. L'azienda ha emesso note convertibili quinquennali del valore di 21,95 milioni di dollari per azionisti a lungo termine. Dopo aver estinto 3,61 milioni di dollari di debito convertibile esistente, l'operazione ha generato 18,34 milioni di dollari di introiti netti in contante. Ciò aumenta il cash pro forma di Lucid a circa 33 milioni di dollari alla fine del terzo trimestre, estendendo la sua disponibilità di liquidità oltre i principali traguardi di rimborso. Il nuovo debito convertibile è strutturato per mantenere le azioni fuori dal mercato.
Lucid Diagnostics ha completado una transacción de refinanciamiento de deuda convertible que refuerza su posición financiera. La compañía emitió notas convertibles a cinco años por un valor de 21,95 millones de dólares para accionistas de capital a largo plazo. Después de retirar 3,61 millones de dólares de deuda convertible existente, la transacción generó 18,34 millones de dólares en ingresos netos en efectivo. Esto aumenta el efectivo pro forma de Lucid a aproximadamente 33 millones de dólares al final del tercer trimestre, extendiendo su liquidez más allá de los hitos clave de reembolso. La nueva deuda convertible está estructurada para mantener las acciones fuera del mercado.
Lucid Diagnostics는 재정 상태를 강화하는 전환사채 재융자 거래를 완료했습니다. 회사는 장기 주주를 위해 2195만 달러의 5년 만기 전환사채를 발행했습니다. 기존 전환사채 361만 달러를 상환한 후, 거래는 1834만 달러의 순 현금 수익을 가져왔습니다. 이는 3분기 말 기준으로 Lucid의 가짜 현금을 약 3300만 달러로 증가시키며 주요 상환 마일스톤을 지나 지속 가능한 현금 흐름을 연장합니다. 새로운 전환사채는 주식을 시장에 내놓지 않도록 구조화되어 있습니다.
Lucid Diagnostics a finalisé une opération de refinancement de dette convertible qui renforce sa position financière. L'entreprise a émis des billets convertibles de cinq ans d'une valeur de 21,95 millions de dollars pour des actionnaires de long terme. Après avoir remboursé 3,61 millions de dollars de dettes convertibles existantes, l'opération a généré 18,34 millions de dollars de recettes nettes en espèces. Cela porte la trésorerie pro forma de Lucid à environ 33 millions de dollars à la fin du troisième trimestre, prolongeant ainsi son fonds de roulement au-delà des étapes clés de remboursement. La nouvelle dette convertible est structurée pour maintenir les actions hors du marché.
Lucid Diagnostics hat eine Refinanzierungstransaktion für Wandelanleihen abgeschlossen, die ihre finanzielle Position stärkt. Das Unternehmen hat fünfjährige Wandelanleihen im Wert von 21,95 Millionen Dollar an langfristige Aktionäre ausgegeben. Nach der Rückzahlung von 3,61 Millionen Dollar bestehender Wandelanleihen erbrachte die Transaktion 18,34 Millionen Dollar an Netto-Cash-Proceeds. Dies erhöht Lucids pro forma Cash auf etwa 33 Millionen Dollar zum Ende des dritten Quartals und verlängert die Liquidität über wichtige Rückzahlungsmeilensteine hinaus. Die neuen Wandelanleihen sind so strukturiert, dass sie die Aktien vom Markt fernhalten.
- Secured $18.34 million in net cash proceeds from refinancing
- Increased pro forma cash position to approximately $33 million
- Extended cash runway past key reimbursement milestones
- New debt structure designed to minimize market impact on shares
- Increased total debt obligation to $21.95 million
- Potential future dilution risk from convertible notes
Insights
This refinancing significantly improves Lucid Diagnostics' financial position, extending their operational runway with
The terms of the new five-year convertible notes, designed to keep shares out of the market, indicate a strategic approach to minimize potential stock price pressure. For a small-cap company with a
New convertible debt financing with existing long-term equity shareholders yields
"We believe that this debt refinancing, which is a strong vote of confidence in Lucid's technology and commercial potential by long-term Lucid shareholders, enhances shareholder value in two critical ways," said Lishan Aklog, M.D., Chairman and Chief Executive Officer of Lucid. "The net proceeds increase our pro forma cash as of the end of the third quarter to approximately
For key terms and conditions, please see the Company's Current Report filed on Form 8-K on November 12, 2024.
About Lucid Diagnostics
Lucid Diagnostics Inc. is a commercial-stage, cancer prevention medical diagnostics company, and subsidiary of PAVmed Inc. (Nasdaq: PAVM). Lucid is focused on the millions of patients with gastroesophageal reflux disease (GERD), also known as chronic heartburn, who are at risk of developing esophageal precancer and cancer. Lucid's EsoGuard® Esophageal DNA Test, performed on samples collected in a brief, noninvasive office procedure with its EsoCheck® Esophageal Cell Collection Device, represent the first and only commercially available tools designed with the goal of preventing cancer and cancer deaths through widespread, early detection of esophageal precancer in at-risk patients.
For more information, please visit www.luciddx.com and for more information about its parent company PAVmed, please visit www.pavmed.com.
Forward-Looking Statements
This press release includes forward-looking statements that involve risk and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of Lucid's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of Lucid's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from Lucid's clinical and preclinical studies; whether and when Lucid's products are cleared by regulatory authorities; market acceptance of Lucid's products once cleared and commercialized; Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, Lucid continues to monitor the COVID-19 pandemic and the pandemic's impact on Lucid's businesses. These factors are difficult or impossible to predict accurately and many of them are beyond Lucid's control. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect Lucid's future operations, see Part I, Item 1A, "Risk Factors," in Lucid's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by Lucid Diagnostics after its most recent Annual Report. Lucid disclaims any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.
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SOURCE Lucid Diagnostics
FAQ
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