PAVmed announces 1-for-15 reverse stock split

PAVmed (PAVM) announced a dividend of approximately 3.3M shares of common stock of its majority-owned subsidiary, Lucid Diagnostics (LUCD), which equals the number of shares PAVmed will receive in the contemporaneous partial settlement of outstanding intercompany debt owed to PAVmed by Lucid. PAVmed shareholders as of January 15, 2024, will participate in the dividend distribution. PAVmed also announced that it will conduct a 1-for-15 reverse stock split of its own common stock. The PAVmed Board of Directors has declared a dividend of approximately 3.3M shares of Lucid common stock with a record date of January 15, 2024. All holders of PAVmed capital stock as of such date will participate in the dividend on a pro rata basis. Contemporaneous with the dividend, Lucid will issue to PAVmed an equivalent number of shares of Lucid common stock as payment for the portion of intercompany debt owed to PAVmed that Lucid incurred during fiscal year 2022. As a result, the number of shares of Lucid common stock held by PAVmed will remain unchanged following the distribution.