Lumos Diagnostics (ASX: LDX), a leader in rapid diagnostic technologies, successfully raised AU$5.44 million through an equity capital round, with AU$4.75 million from a placement to existing institutional shareholders and AU$0.69 million from a Share Purchase Plan (SPP) to eligible shareholders. The funds will be used to repurchase Convertible Notes issued to Lind Global Fund II, LP (Lind) and SBC Global Investment Fund (SBC) in January 2023 and to provide working capital for the US commercial launch of FebriDx.
Lumos issued Early Redemption Notices to Lind and SBC, notifying them of the redemption of their outstanding Convertible Notes. Under the Convertible Security Agreements, Lind and SBC have five trading days to request conversion of one third of their outstanding notes into fully paid ordinary shares. Depending on their conversion, the buyback will require between AU$1.25 million to AU$1.87 million of the capital raise proceeds.
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