Lucid Diagnostics Inc. announced that it has entered into subscription agreements with certain accredited investors to issue approximately 11,634 shares of the company?s newly designated Series B-1 Convertible Preferred Stock, par value $0.001 per share at a purchase price of $1,000 per share for the gross proceeds of $11,634,000 on May 1, 2024. The transaction is also led by one of the company?s long-time institutional investors. Each share of Series B-1 Preferred Stock is convertible at the option of the holder, from and after the six-month anniversary of its issuance, subject to the beneficial ownership and primary market limitations described below, into such number of shares of the company?s common stock, par value $0.001 per share at the initial conversion price of $0.7228 subject to the beneficial ownership and primary market limitations on May 6, 2026 or upon the consummation of certain fundamental transactions.

The offer and sale of the shares of Series B-1 Preferred Stock, and the shares of Common Stock issuable upon conversion of, and in payment of dividends on, the shares of Series B-1 Preferred Stock, are exempt from the registration requirements of the Securities Act of 1933, as amended pursuant to Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated thereunder.