Lucid Diagnostics Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement, Financial Statements and Exhibits
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Item 1.01. Entry Into a Material Definitive Agreement.
On May 30, 2025, Lucid Diagnostics Inc. (the “Company”) entered into a Sales Agreement (the “Agreement”) with Maxim Group LLC, as sales agent (the “Agent”), pursuant to which the Company may offer and sell, from time to time through or to the Agent (the “Offering”), shares of its common stock (the “Shares”).
Under the Agreement, the Agent may sell Shares by any method permitted by law and deemed to be an “at the market offering” as defined in Rule 415 promulgated under Securities Act of 1933, as amended (the “Securities Act”). Under the Sales Agreement, the Company may not issue or sell through the Agent a number or dollar amount of Shares that would exceed (a) the number or dollar amount of shares registered on the registration statement pursuant to which the offering is being made, (b) the number of authorized but unissued shares of common stock, (c) the number or dollar amount of shares of Common Stock permitted to be sold under Form S-3 or (d) the number or dollar amount of shares for which the Company has filed a prospectus supplement. As of the date of this report, such maximum amount is $25,000,000 of Shares, the amount of Shares set forth in the prospectus supplement described below.
The Company will pay the Agent a commission of 3.0% of the aggregate gross sales prices of the Shares. The Company will also reimburse the Agent for fees and disbursements of its legal counsel (i) in an amount not to exceed $60,000 in connection with the execution of the Agreement and (ii) in an amount not to exceed $7,500 per calendar quarter thereafter payable in connection with each representation date with respect to which we are obligated to deliver a certificate to the Agent pursuant to the Agreement for which no waiver is applicable and excluding the date of the Agreement. The Agreement contains customary representations and warranties, covenants and indemnification and contribution obligations, including indemnification and contribution for liabilities under the Securities Act. The Agreement may be terminated by us or by the Agent at any time in our or its sole discretion by giving ten business days’ written notice to the other party, or by the Agent immediately in certain circumstances.
The Company intends to use the net proceeds from the Offering, if any, for working capital and general corporate purposes.
The Shares are being offered and sold pursuant to the Company’s effective shelf registration statement under the Securities Act on Form S-3 (File No. 333-268560), which was declared effective by the Securities and Exchange Commission (the “SEC”) on December 6, 2022, and a prospectus supplement relating to the Shares, dated May 30, 2025, which the Company filed with the SEC pursuant to Rule 424(b)(5) under the Securities Act on May 30, 2025.
The Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference. A copy of the opinion of Graubard Miller relating to the legality of the issuance and sale of the securities in the Offering is attached hereto as Exhibit 5.1. The foregoing description of the Agreement and the Offering does not purport to be complete and is qualified in its entirety by reference to such exhibit.
The Agreement has been included to provide investors and security holders with information regarding its terms. The Agreement is not intended to provide any other factual information about the Company. The representations, warranties and covenants contained in the Agreement were made only for purposes of such agreements and as of specific dates, were solely for the benefit of the parties to such agreements, may in some cases be made solely for the allocation of risk between the parties and may be subject to limitations agreed upon by the contracting parties.
This report shall not constitute an offer to sell or the solicitation of an offer to buy the Shares, nor shall there be any offer, solicitation, or sale of the Shares in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits:
| Exhibit No. | Description | |
| 1.1 | Sales agreement. | |
| 5.1 | Opinion of Graubard Miller. | |
| 23.1 | Consent of Graubard Miller (included in Exhibit 5.1). | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Dated: May 30, 2025 | LUCID DIAGNOSTICS INC. | |
| By: | /s/ Dennis McGrath | |
| Dennis McGrath | ||
| Chief Financial Officer | ||
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