[8-K] Lucid Diagnostics Inc. Reports Material Event

Rhea-AI Filing Summary

Lucid Diagnostics entered into an underwriting agreement to sell common stock to the public at $1.00 per share, with the underwriters purchasing shares from the company at $0.9425 per share, representing a $0.0575 underwriting discount. The company granted the underwriters a 30-day option to buy up to 3,750,000 additional shares at the public offering price less the underwriting discount. Lucid agreed to reimburse certain underwriting expenses, including legal fees, up to $100,000, and to indemnify the underwriters for specified liabilities under the Securities Act.

The filing cites an underlying registration statement originally filed on November 25, 2022 and declared effective December 6, 2022, and notes a preliminary prospectus supplement dated September 9, 2025 filed that same day; a final prospectus supplement will be filed under Rule 424. The Underwriting Agreement is subject to customary closing conditions, representations, warranties and covenants.

Insights

Securities Analyst

TL;DR: Lucid priced a dilutive underwritten offering at $1.00 per share with a 30-day overallotment option and customary underwriting terms.

The agreement establishes immediate capital access through a public offering priced at $1.00 per share, with the underwriters acquiring Firm Shares at $0.9425, implying a per-share underwriting discount of $0.0575. The 30-day option to purchase up to 3,750,000 additional shares enables potential upsizing. The company will reimburse up to $100,000 of underwriter expenses and provides standard indemnities and closing conditions. These are conventional mechanics for an underwritten equity raise; the filing does not disclose the total number of Firm Shares, net proceeds, or use of proceeds, limiting assessment of net dilution and balance sheet impact.

Corporate Governance Expert

TL;DR: The agreement contains customary representations, indemnities and expense reimbursements; governance implications hinge on undisclosed share counts and use of proceeds.

From a governance perspective, the filing documents standard underwriting protections for the underwriters, including indemnification relating to the Securities Act and customary covenants from the company. Lucid also agreed to reimburse reasonable legal and other underwriting expenses up to a $100,000 cap. The report references a prior effective registration statement and a preliminary prospectus supplement filed September 9, 2025; the final prospectus supplement will be filed under Rule 424. Material governance questions remain unanswered here because the filing omits the number of Firm Shares and the intended allocation of proceeds.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): September 10, 2025

LUCID DIAGNOSTICS INC.

(Exact Name of Registrant as Specified in Charter)

Delaware		001-40901		82-5488042
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

360 Madison Avenue, 25th Floor, New York, New York		10017
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (917) 813-1828

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, Par Value $0.001 Per Share		LUCD		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry Into a Material Definitive Agreement.

On September 10, 2025, Lucid Diagnostics Inc. (the “Company”) entered into an underwriting agreement (the “Underwriting Agreement”) with Canaccord Genuity LLC and BTIG, LLC, as representatives (the “Representatives”) of the underwriters named therein (the “Underwriters”), for an underwritten offering to the public of shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a public offering price of $1.00 per share (the “Offering”).

Pursuant to the Underwriting Agreement, the Company agreed to sell, and the Underwriters agreed to purchase, 25,000,000 shares of Common Stock (the “Firm Shares”) at a price of $0.9425 per share, representing an underwriting discount of $0.0575 per share. In addition, the Company granted the Underwriters a 30-day option to purchase up to an additional 3,750,000 shares of Common Stock (the “Option Shares,” and together with the Firm Shares, the “Shares”) at the public offering price less the underwriting discount. The Company also agreed to reimburse the Underwriters for certain expenses incurred in connection with the Offering, including its reasonable fees and expenses of legal counsel, up to $100,000. The Underwriting Agreement is subject to customary closing conditions and contains customary representations, warranties and covenants of the Company. In addition, the Company agreed to indemnify the Underwriters against certain liabilities, including for certain liabilities under the Securities Act of 1933, as amended (the “Securities Act”).

Canaccord Genuity LLC and BTIG LLC are acting as joint bookrunners of the Offering.

The gross proceeds of the Offering, before deducting the underwriting discount and the expenses of the Offering, will be $25,000,000 (or $28,750,000 if the Underwriters exercise their option in full). The sale of the Firm Shares is expected to close on or about September 11, 2025, subject to the customary closing conditions contained in the Underwriting Agreement.

The Offering was made pursuant to the Company’s existing shelf registration statement on Form S-3 (Registration No. 333-268560), which was filed with the Securities and Exchange Commission (“SEC”) on November 25, 2022 and declared effective by the SEC on December 6, 2022, a preliminary prospectus supplement thereto, dated September 9, 2025, filed with the SEC on September 9, 2025, and a final prospectus supplement thereto, which will be filed with the SEC in accordance with Rule 424 under the Securities Act.

The Underwriting Agreement is attached hereto as Exhibit 1.1 and is incorporated herein by reference. A copy of the opinion of Graubard Miller relating to the legality of the issuance and sale of the securities in the Offering is attached hereto as Exhibit 5.1. The foregoing description of the Offering by the Company and the documentation related thereto does not purport to be complete and is qualified in its entirety by reference to such exhibits, which are incorporated herein by reference.

The Underwriting Agreement has been included to provide investors and security holders with information regarding its terms. The agreement is not intended to provide any other factual information about the Company. The representations, warranties and covenants contained in the Underwriting Agreement were made only for purposes of such agreement and as of specific dates, were solely for the benefit of the parties to such agreement, may in some cases be made solely for the allocation of risk between the parties and may be subject to limitations agreed upon by the contracting parties.

Item 7.01. Regulation FD Disclosure.

On September 9, 2025, the Company issued a press release announcing the Offering. On September 10, 2025, the Company issued a second press release announcing that it had priced the Offering. The press releases are attached to this Current Report as Exhibits 99.1 and 99.2 and are incorporated herein by reference.

The information furnished under this Item 7.01, including the exhibits related thereto, shall not be deemed “filed” for purpose of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

Exhibit No.		Description
1.1		Underwriting Agreement.
5.1		Opinion of Graubard Miller.
23.1		Consent of Graubard Miller (including as part of Exhibit 5.1).
99.1		Press release announcing the commencement of the Offering.
99.2		Press release announcing the pricing of the Offering.
104		Cover Page Interactive Data File (embedded within the Inline XBRL document).

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SIGNATURE

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.

Dated: September 10, 2025	LUCID DIAGNOSTICS INC.
	By:	/s/ Dennis McGrath
		Dennis McGrath
		Chief Financial Officer

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FAQ

What price did Lucid Diagnostics (LUCD) set for the public offering?

The public offering price is $1.00 per share.

At what price are the underwriters purchasing shares from LUCD?

The underwriters will purchase Firm Shares at $0.9425 per share, a discount of $0.0575 per share.

Does the offering include an overallotment option?

Yes. The company granted a 30-day option to the underwriters to purchase up to 3,750,000 additional shares.

Will Lucid reimburse any underwriting expenses and if so, how much?

Yes. Lucid agreed to reimburse the underwriters' reasonable fees and expenses of legal counsel and certain expenses up to $100,000.

Is there a prospectus or registration statement referenced in the filing?

The filing references a registration statement filed on November 25, 2022 and declared effective on December 6, 2022, and a preliminary prospectus supplement dated and filed on September 9, 2025; a final prospectus supplement will be filed under Rule 424.