Business
PAVmed Announces Dividend of Lucid Diagnostics Common Stock and Reverse Stock Split
PAVmed shareholders as of January 15, 2024 will participate in distribution of approximately 3.3 million shares of Lucid common stock 1-for-15 reverse stock
About this update from Pavmed Inc.
[{"type":"text","content":"PAVmed shareholders as of January 15, 2024 will participate in distribution of approximately 3.3 million shares of Lucid common stock \n1-for-15 reverse stock split to be effective as of market open on December 7, 2023\nNEW YORK, Dec. 4, 2023 /PRNewswire/ -- PAVmed Inc. (Nasdaq: PAVM, PAVMZ) (\"PAVmed\" or the \"Company\"), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors today announced a dividend of approximately 3.3 million shares of common stock of its majority-owned subsidiary, Lucid Diagnostics Inc. (Nasdaq: LUCD), which equals the number of shares PAVmed will receive in the contemporaneous partial settlement of outstanding intercompany debt owed to PAVmed by Lucid. PAVmed shareholders as of January 15, 2024, will participate in the dividend distribution. PAVmed also announced that it will conduct a 1-for-15 reverse stock split of its own common stock. \n\n \n \n \n \n \n \n\n \nLucid Common Stock Dividend\nThe PAVmed Board of Directors has declared a dividend of approximately 3.3 million shares of Lucid common stock with a record date of January 15, 2024. All holders of PAVmed capital stock as of such date will participate in the dividend on a pro rata basis.\nContemporaneous with the dividend, Lucid will issue to PAVmed an equivalent number of shares of Lucid common stock as payment for the portion of intercompany debt owed to PAVmed that Lucid incurred during fiscal year 2022. As a result, the number of shares of Lucid common stock held by PAVmed will remain unchanged following the distribution.\n\"This distribution is emblematic of our strong commitment to maximizing value for our shareholders,\" said Lishan Aklog, M.D., PAVmed's Chairman and Chief Executive Officer. \"We believe, in light of market conditions for both PAVmed and Lucid, that it is in our shareholders' best interests to allow them to directly hold a portion of Lucid shares in which they have or would have a beneficial interest through PAVmed. I am particularly pleased that we were able to structure the distribution in conjunction with the repayment of intercompany debt such that PAVmed's ownership of Lucid shares remains unchanged. We will continue to closely monitor market conditions as we consider other such opportunities to deliver value for our shareholders in the fut...