Item 2. Unregistered Sales of Equity Securities
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
See the disclosure in “Liquidity and Capital Resources - Committed Equity Facility - March 28, 2022” under Item
2 above and in the Current Report on Form 8-K filed by us with the SEC on April 1, 2022, each of which is incorporated herein by reference,
for a description of the committed equity facility with Cantor and the shares issuable to Cantor thereunder.
In
addition, effective as of August 25, 2022, we issued 82,618 shares of our common stock to an entity designated by RDx, in satisfaction
of a $250,000 installment payment due under the asset purchase agreement dated February 25, 2022, between LucidDx Labs (our wholly-owned
subsidiary) and RDx, and unrelated third-party. See the Current Report on Form 8-K filed by us with the SEC on March 3, 2022, which is
incorporated herein by reference, for a fuller description of the asset purchase agreement with RDx and the installment payments thereunder.
On
October 14, 2021, we completed our initial public offering (“IPO”) of our common stock under an effective registration statement
on Form S-1 (SEC File No. 333-259721). As of September 30, 2022, of the net proceeds of $64.4 million, approximately $39.3 million has
been used, in a manner consistent with the use of proceeds set forth in the prospectus for our IPO, as follows: approximately $5.3 million
of net repayments due to PAVmed; approximately $4.7 million for the purchase of our laboratory equipment, software, and its operating
expenses; and $29.3 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.
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