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Lucas GC (NASDAQ: LGCL) launches $20M at-the-market Class A share program

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

Lucas GC Limited has entered into an at-the-market offering program with Maxim Group LLC, allowing it to issue and sell Class A ordinary shares with an aggregate offering price of up to US$20.0 million. Sales will be made from time to time through Maxim as sales agent or principal under an effective Form F-3 shelf registration and a related prospectus supplement.

The company will pay Maxim a 3.0% fee on gross sales proceeds and reimburse specified expenses, including up to $30,000 for initial counsel fees and up to $5,000 per fiscal quarter thereafter. Lucas GC is not obligated to sell any shares and the program ends when all shares are sold or the agreement is terminated. Net proceeds from any sales are intended for general corporate purposes such as working capital, capital expenditures, and potential acquisitions or strategic investments.

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Insights

Lucas GC sets up a flexible $20M equity funding line via ATM.

Lucas GC Limited established an at-the-market share issuance program of up to US$20.0 million in Class A ordinary shares with Maxim Group acting as agent. Shares can be sold over time on Nasdaq or other markets under an existing effective shelf registration.

The company will pay a 3.0% placement fee on gross proceeds and reimburse specified legal and ongoing quarterly expenses, modest costs for access to incremental equity capital. Lucas GC is not required to sell any shares, so actual dilution depends on how much of the capacity it uses.

Management indicates net proceeds will support general corporate purposes, including working capital, capital expenditures and potential acquisitions or strategic investments. Future disclosures in company filings may outline actual issuance levels and specific uses once sales occur under this program.

ATM program size US$20.0 million Maximum aggregate offering price for Class A ordinary shares
Placement fee 3.0% of gross sales proceeds Commission payable to Maxim Group LLC on ATM sales
Initial counsel fee cap $30,000 Maximum reimbursement for Agent’s counsel from first sale proceeds
Ongoing quarterly expenses $5,000 per fiscal quarter Quarterly reimbursement cap for Maxim beginning June 30, 2026
Shelf registration form Form F-3 No. 333-286651 Effective registration statement used for ATM offering
Sales agreement date June 3, 2026 Date Lucas GC entered the At the Market Offering Agreement
at-the-market offering financial
"entered into an At the Market Offering Agreement (the “Sales Agreement”) with Maxim Group LLC"
An at-the-market offering is a method companies use to sell new shares of stock directly into the open market over time, rather than all at once. This allows them to raise money gradually, similar to selling small pieces of a product instead of a large batch. For investors, it means the company can access funding more flexibly, but it may also increase the supply of shares and influence the stock’s price.
Form F-3 regulatory
"pursuant to the Company’s registration statement on Form F-3, as amended (No. 333-286651)"
Form F-3 is a U.S. securities filing that lets eligible foreign companies pre-register and then quickly sell shares or other securities to raise money, because they already meet ongoing reporting and size tests. For investors it signals that the company is up-to-date with regulatory disclosure and has an efficient way to issue new securities — similar to a pre-approved credit line — which can mean faster capital raises but also potential dilution of existing holdings.
prospectus supplement regulatory
"and prospectus supplement related to the Offering Program filed with the Commission"
A prospectus supplement is an additional document provided alongside a company's main offering details, offering updated or extra information about a specific financial product being sold. It helps investors understand the latest terms, risks, and details of the investment, similar to how an update or revision clarifies or expands on original instructions, ensuring they have current and complete information before making a decision.
indemnification and contribution legal
"has also provided the Agent with customary indemnification and contribution rights"
general corporate purposes financial
"use the net proceeds from any issuances through the Offering Program for general corporate purposes"
"General corporate purposes" refer to the broad range of activities and expenses a company can use its funds for to support its overall operations and growth. This can include things like paying bills, investing in new projects, or strengthening its financial position. For investors, understanding this term helps clarify how a company plans to use its resources to sustain and expand its business over time.
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of June 2026

 

Commission File Number: 001-41658

 

 

 

Lucas GC Limited

(Exact name of registrant as specified in its charter)

 

 

 

Room 1109, 11/F, Tower A

Star Plaza, No. 8 Wangjing Street

Chaoyang District

Beijing 100102, China

 

 

 

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

 

Form 20-F ☒   Form 40-F ☐

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

 

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

 

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant’s “home country”), or under the rules of the home country exchange on which the registrant’s securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant’s security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 

 

 

 

 

 

INCORPORATION BY REFERENCE

 

This current report on Form 6-K (this “Report”) is hereby incorporated by reference in the registration statements of Lucas GC Limited on Form F-3 (No. 333-286651) and Form S-8 (No. 333-283728), to the extent not superseded by documents or reports subsequently filed or furnished.

 

 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

 

On June 3, 2026, Lucas GC Limited (the “Company”) entered into an At the Market Offering Agreement (the “Sales Agreement”) with Maxim Group LLC (the “Agent”) with respect to an at-the-market offering program (the “Offering Program”) under which the Company may offer and sell, from time to time at its sole discretion, Class A ordinary shares, par value US$0.0002 per share of the Company (the “Class A Ordinary Shares”), having an aggregate offering price of up to US$20.0 million (the “Shares”) through or to the Agent, as the sales agent or principal. The issuance and sale, if any, of the Shares by the Company under the Sales Agreement will be made pursuant to the Company’s registration statement on Form F-3, as amended (No. 333-286651), which was declared effective by the Securities and Exchange Commission on September 15, 2025, and prospectus supplement related to the Offering Program filed with the Commission on June 4, 2026.

 

Subject to the terms and conditions of the Sales Agreement, the Agent may sell the Shares by any method permitted by law deemed to be an “at the market” offering as defined in Rule 415 of the Securities Act of 1933, as amended, including, without limitation, sales made through The Nasdaq Capital Market or on any other existing trading market for the Class A Ordinary Shares. The Agent will use commercially reasonable efforts to sell the Shares from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company will pay the Agent a placement fee in an amount equal to three percent (3.0%) of the gross sales proceeds of any Shares sold through the Agent under the Sales Agreement (inclusive of all the transaction fees imposed by any clearing firm, execution broker or governmental or self-regulatory organization in respect to the sale of the Shares pursuant to the Sales Agreement) and has also agreed to reimburse the Agent for certain specified expenses, including (i) up to $30,000 in connection with the fees and expenses of the Agent’s counsel (excluding periodic due diligence fees), which shall be paid out of the gross proceeds from the first sale under the Offering Program, (ii) up to $5,000 per fiscal quarter, payable at the end of each fiscal quarter beginning on June 30, 2026, inclusive of any incidental expenses incurred thereof, and (iii) in connection with the filing of a new registration statement, prospectus, or prospectus supplement, or an amendment to the Sales Agreement. The Company has made certain customary representations, warranties and covenants concerning the Company and its Class A Ordinary Shares in the Sales Agreement and has also provided the Agent with customary indemnification and contribution rights.

 

The Company is not obligated to make any sales of Class A Ordinary Shares under the Sales Agreement. The offering of Shares pursuant to the Sales Agreement will terminate upon the earlier of (i) the sale of all Shares subject to the Sales Agreement or (ii) termination of the Sales Agreement in accordance with its terms.

 

The foregoing description of the Sales Agreement is qualified in its entirety by reference to the full text of the Sales Agreement, which is filed as Exhibit 1.1 to this Report and incorporated herein by reference.

 

The Company intends to use the net proceeds from any issuances through the Offering Program for general corporate purposes, which may include additions to working capital, financing of capital expenditures, future acquisitions and strategic investment opportunities, although it has no current plans, commitments or agreements with respect to any such expenditures, acquisitions or investment opportunities as of the date hereof.

 

This Report shall not constitute an offer to sell or the solicitation of an offer to buy the securities discussed herein, nor shall there be any offer, solicitation, or sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

 

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
1.1   At the Market Offering Agreement dated June 3, 2026, by and between Lucas GC Limited and Maxim Group LLC
5.1   Opinion of Appleby

 

 

 

  

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

Date: June 4, 2026

 

  Lucas GC Limited
   
  By: /s/ Howard Lee
  Name:  Howard Lee
  Title: Chief Executive Officer and Chairman of the Board of Directors

 

 

 

FAQ

What equity financing did Lucas GC Limited (LGCL) establish in this 6-K?

Lucas GC Limited set up an at-the-market share offering program for up to US$20.0 million. Under this agreement, it may sell Class A ordinary shares from time to time through Maxim Group LLC as sales agent or principal, using an effective Form F-3 shelf registration.

How will Maxim Group LLC be compensated in Lucas GC’s at-the-market program?

Maxim Group LLC will receive a 3.0% fee on gross sales proceeds. Lucas GC will also reimburse up to $30,000 for initial counsel fees from the first sale’s proceeds and up to $5,000 per fiscal quarter for ongoing expenses, plus certain costs tied to future registration filings.

Is Lucas GC Limited obligated to sell all US$20.0 million of shares under the program?

No, Lucas GC is not obligated to sell any specific amount of shares. The company may choose to sell Class A ordinary shares at its sole discretion. The program ends when all designated shares are sold or when the Sales Agreement is terminated according to its terms.

How does Lucas GC intend to use proceeds from the at-the-market share sales?

Lucas GC intends to use net proceeds for general corporate purposes. These may include working capital, financing capital expenditures, and potential future acquisitions or strategic investment opportunities, although the company states it has no current plans or commitments for such transactions as of the report date.

What registration statements cover Lucas GC’s at-the-market offering program?

The offering is made under Lucas GC’s Form F-3 shelf registration No. 333-286651. A related prospectus supplement for the at-the-market program was filed, and this Form 6-K is incorporated by reference into that Form F-3 and the company’s Form S-8 No. 333-283728.

Filing Exhibits & Attachments

3 documents