Lucid completes $700,000 of $900,000 convertible debt, stock financing

7% debt payable on demand after Nov. 20, converts to equity securities

By Devika Patel

Knoxville, Tenn., July 8 – Lucid, Inc. negotiated a private placement of about $900,000 of convertible debt and common stock in March, according to an 8-K filed Tuesday with the Securities and Exchange Commission. It has already raised $700,000, with about $200,000 raised on July 2.

The 7% convertible debt will be payable on demand after Nov. 20. Once the company completes a financing of at least $6 million, the principal and interest of the debt will be automatically converted into identical equity securities as those sold in the financing.

The private medical device and information technology company is based in Rochester, N.Y.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.