PAVmed subsidiary raises $15 million in Series C preferred stock sale
Lucid Diagnostics Inc., a subsidiary of PAVmed Inc., completed a private placement of 15,000 shares of Series C Convertible Preferred Stock on October 21, 2026. The transaction generated gross proceeds of $15.0 million for the subsidiary. PAVmed Inc., a Delaware corporation listed on The Nasdaq Stock Market LLC under the ticker symbol PAVM, filed a Form 8-K with the U.S. Securities and Exchange Commission on October 22, 2026, to report the entry into the material definitive agreement.
Lucid Diagnostics Inc., a subsidiary of PAVmed Inc., completed a private placement of 15,000 shares of Series C Convertible Preferred Stock on October 21, 2026. The transaction generated gross proceeds of $15.0 million for the subsidiary. PAVmed Inc., a Delaware corporation listed on The Nasdaq Stock Market LLC under the ticker symbol PAVM, filed a Form 8-K with the U.S. Securities and Exchange Commission on October 22, 2026, to report the entry into the material definitive agreement.
The subscription agreements were executed with certain accredited investors. Each share of the newly designated Series C Convertible Preferred Stock carried a par value of $0.001 and was sold at a purchase price of $1,000 per share. The closing of the offering transactions occurred on the same day as the effective date of the agreements. The Series C Preferred Stock is convertible into shares of Lucid Diagnostics common stock, subject to the terms established in the offering.
On the closing date, Lucid Diagnostics filed a Certificate of Designations of Preferences, Rights and Limitations with the Secretary of State of Delaware. This document formalized the board of directors' resolutions designating the 15,000 shares of Series C Preferred Stock and fixing their specific terms. The filing was required to establish the legal rights and limitations associated with the new class of stock.
In conjunction with the stock sale, Lucid Diagnostics and the investors executed a registration rights agreement. Under this agreement, Lucid Diagnostics agreed to file a registration statement with the Securities and Exchange Commission to cover the resale of the common stock issuable upon conversion of the Series C Preferred Stock. This provision allows investors to sell their shares in the secondary market without violating federal securities laws.
The Form 8-K filed by PAVmed Inc. incorporates by reference the detailed descriptions found in a separate Current Report on Form 8-K filed by Lucid Diagnostics on October 22, 2026. The parent company's filing also incorporates information regarding material modifications to the rights of security holders from that subsidiary filing. The exhibit list for PAVmed's report includes the form of the registration rights agreement, which is incorporated by reference from the subsidiary's documentation.
Dennis McGrath, President and Chief Financial Officer of PAVmed Inc., signed the report on behalf of the company. The principal executive offices for PAVmed Inc. are located at 360 Madison Avenue, 25th Floor, New York, New York 10017. The company's Commission File Number is 001-37685, and its IRS Employer Identification Number is 47-1214177. The report states that no other former names or addresses apply since the last report.