Lucid Diagnostics Inc. announced that it has entered into subscription agreements to issue 5,000 series A-1 convertible preferred stock at a price of $1,000 per share for the gross proceeds of $5,000,000 on October 17, 2023. Each share of Series A-1 Preferred Stock is convertible at the option of the holder, from and after the six-month anniversary of its issuance. The initial conversion price will be $1.2592, subject to adjustment in the event of stock splits, stock dividends, and similar transactions.

In addition, the Series A-1 Preferred Stock will automatically convert into shares of Common Stock, subject to certain beneficial ownership limitations as set forth in the Certificate of Designation and described below, on October 18, 2025.