PAVmed shareholders as of January 15, 2024 will participate in distribution
of approximately 3.3 million shares of Lucid common stock
NEW
YORK, Dec. 11, 2023 /PRNewswire/ -- PAVmed
Inc. (Nasdaq: PAVM, PAVMZ) ("PAVmed" or the
"Company"), a diversified commercial-stage medical technology
company, operating in the medical device, diagnostics, and digital
health sectors today provided additional details on the previously
announced dividend of common stock of its majority-owned
subsidiary, Lucid Diagnostics Inc. (Nasdaq: LUCD) for PAVmed
shareholders.
On December 4, 2023, the Company
announced that the PAVmed Board of Directors had declared a
dividend of approximately 3.3 million shares of Lucid common stock
with a record date of January 15,
2024. PAVmed has approximately 8.1 million shares
outstanding following the reverse stock split announced on the same
day. Each PAVmed shareholder as of the January 15, 2024 record date will receive a stock
dividend of approximately 41 shares of Lucid common stock for every
100 shares of PAVmed common stock they own as of such date.
PAVmed expects the distribution to be made within 30 days of the
January 15, 2024 record
date.
About PAVmed and its Subsidiaries
PAVmed Inc. is a diversified commercial-stage medical technology
company operating in the medical device, diagnostics, and digital
health sectors. Its majority-owned subsidiary, Lucid
Diagnostics, is a commercial-stage cancer prevention medical
diagnostics company that markets the
EsoGuard® Esophageal DNA Test and
EsoCheck® Esophageal Cell Collection Device—the
first and only commercial tools for widespread early detection of
esophageal precancer to mitigate the risks of esophageal cancer
deaths. Its other majority-owned subsidiary, Veris Health
Inc., is a digital health company focused on enhanced personalized
cancer care through remote patient monitoring using implantable
biologic sensors with wireless communication along with a custom
suite of connected external devices. Veris is concurrently
developing an implantable physiological monitor, designed to be
implanted alongside a chemotherapy port, which will interface with
the Veris Cancer Care Platform.
For more information about PAVmed, please
visit pavmed.com.
Forward-Looking Statements
This press release includes forward-looking statements that
involve risks and uncertainties. Forward-looking statements are any
statements that are not historical facts. Such forward-looking
statements, which are based upon the current beliefs and
expectations of PAVmed's and Lucid's management, are subject to
risks and uncertainties, which could cause actual results to differ
from the forward-looking statements. Risks and uncertainties that
may cause such differences include, among other things, volatility
in the price of PAVmed's and Lucid's common stock; PAVmed's Series
Z warrants; general economic and market conditions; the
uncertainties inherent in research and development, including the
cost and time required to advance PAVmed's and Lucid's products to
regulatory submission; whether regulatory authorities will be
satisfied with the design of and results from PAVmed's and Lucid's
clinical and preclinical studies; whether and when PAVmed's and
Lucid's products are cleared by regulatory authorities; market
acceptance of PAVmed's and Lucid's products once cleared and
commercialized; PAVmed's and Lucid's ability to raise additional
funding as needed; and other competitive developments. In addition,
new risks and uncertainties may arise from time to time and are
difficult to predict. For a further list and description of these
and other important risks and uncertainties that may affect
PAVmed's and Lucid's future operations, see Part I, Item 1A, "Risk
Factors," in PAVmed's and Lucid's most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission, as the
same may be updated in Part II, Item 1A, "Risk Factors" in any
Quarterly Report on Form 10-Q filed by PAVmed or Lucid after its
most recent Annual Report. PAVmed and Lucid disclaim any intention
or obligation to publicly update or revise any forward-looking
statement to reflect any change in its expectations or in events,
conditions, or circumstances on which those expectations may be
based, or that may affect the likelihood that actual results will
differ from those contained in the forward-looking statements.
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SOURCE PAVmed Inc.