Lucid Diagnostics Inc. 10-K

Item 5. Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Market for Common Equity Our common stock is traded on the Nasdaq Capital Market under the symbol “LUCD”. Holders As of March 29, 2022, there were 37,432,536 shares of our common stock issued (inclusive of shares of common stock underlying unvested restricted stock awards granted under the Lucid Diagnostics Inc. 2018 Long-Term Incentive Equity Plan). Our shares of common stock are held by an estimated 13 holders of record and we believe our shares of common stock are held by more than beneficial owners. Dividends We have not paid any cash dividends on our common stock to date. Any future decisions regarding dividends will be made by our board of directors. We do not anticipate paying dividends in the foreseeable future but expect to retain earnings to finance the growth of our business. Our board of directors has complete discretion on whether to pay dividends. Even if our board of directors decides to pay dividends, the form, frequency and amount will depend upon our future operations and earnings, capital requirements and surplus, general financial condition, contractual restrictions and other factors the board of directors may deem relevant. Recent Sales of Unregistered Securities and Use of Proceeds Except as previously disclosed in our current reports on Form 8-K and quarterly reports on Form 10-Q, and except as disclosed below, we did not sell any unregistered securities or repurchase any of our securities during the fiscal year ended December 31, 2021. On October 14, 2021, we completed our IPO of our common stock under an effective registration statement on Form S-1 (SEC File No. 333-259721). Cantor and Cannacord Genuity served as joint bookrunning managers of the IPO. In our IPO, we sold a total of 5.0 million shares of our common stock, inclusive of 571,428 shares sold to PAVmed, at a public offering price of $14.00 per share, resulting in gross proceeds of $70.0 million and net proceeds of 64.4, after deducting underwriting fees of $4.9 million and approximately $0.7 million of offering costs incurred by us. None of the fees and expenses of the IPO were paid to any of our directors, officers, 10% stockholders, or affiliates. As of December 31, 2021, of the net proceeds of $64.4 million, approximately $10.7 million has been used, in a manner consistent with the use of proceeds set forth in the prospectus for our IPO, as follows: at total of approximately $3.3 million of repayments of Due To: PAVmed Inc., inclusive of: Management Services Agreement fee (“MSA Fee”) of $2.3 million; operating expenses paid by PAVmed Inc. on-behalf-of the Company of approximately $0.3 million; and the payment of interest expense of the Senior Unsecured Promissory Note dated June 1, 2021; and approximately $0.8 million for the purchase of equipment; and $6.7 million of working capital expenditures. None of the proceeds have been paid to any of our directors, officers, 10% stockholders, or affiliates, other than as described above. Item 6. [Reserved] 66