Lucid Diagnostics Inc. has entered into subscription agreements with accredited investors to sell 15,000 shares of newly designated Series C Convertible Preferred Stock. The transaction, which closed on October 21, 2026, generated gross proceeds of approximately $15.0 million for the company.
The Series C Preferred Stock carries a par value of $0.001 per share and was sold at a price of $1,000 per share. The issuance of these shares required the filing of a Certificate of Designations with the Secretary of State of Delaware, which outlines the specific rights and limitations of the preferred stock.
Key terms of the Series C Preferred Stock include a conversion feature with an initial price of $0.3519 per share of common stock. Holders are entitled to annual dividends at a rate of 20%, payable quarterly in common stock valued at the initial conversion price. The preferred stock ranks senior to the company’s common stock and any other non-senior capital stock.
Additionally, the company has agreed to certain restrictive covenants regarding indebtedness and the issuance of common stock at prices below the current conversion price. The Series C Preferred Stock will convert into common stock upon the consummation of fundamental transactions or at specific dates following the twenty-four month anniversary of issuance, provided certain market price thresholds are met.
The company also executed a registration rights agreement with the investors, agreeing to file a registration statement covering the resale of shares of common stock issuable upon conversion of the preferred stock.
