Pavmed Inc. current report, 18 December 2020

Business Context and Reporting Period

This Form 8-K filing by Pavmed Inc. (PAVM) reports a material definitive agreement and other events occurring on December 18, 2020. The Company, an emerging growth company incorporated in Delaware, announced a proposed private placement offering of its common stock.

Key Financial Metrics

  • Offering Size: 5,062,500 shares of common stock.
  • Purchase Price: $1.60 per share.
  • Gross Proceeds: $8,100,000.
  • Estimated Net Proceeds: Approximately $7,433,000 (after deducting placement agent fees and estimated expenses).
  • Placement Agent Fees: 7% of aggregate gross proceeds.
  • Expense Reimbursement Cap: Up to $15,000 for out-of-pocket accountable expenses.

Note: This filing does not provide data on revenue, profit, cash flow, margins, or existing debt levels.

Material Changes

The primary material change is the execution of a Placement Agency Agreement with Maxim Group LLC and Lake Street Capital Markets LLC, alongside Subscription Agreements with investors. This represents a new capital raise event rather than a change in operating performance metrics compared to a prior period.

Outlook, Risks, and Unusual Items

  • Closing Date: The offering is expected to close on or about December 22, 2020, subject to customary closing conditions.
  • Regulatory Basis: The offering is made pursuant to an existing shelf registration statement on Form S-3 (Registration No. 333-248709), declared effective on September 17, 2020.
  • Indemnification: The Company agreed to indemnify both the Placement Agents and the Investors against certain liabilities under the Securities Act of 1933.
  • Unusual Items: None reported beyond the standard terms of the private placement.

Investor Verification Checklist

  • Verify the actual closing of the offering on or about December 22, 2020.
  • Confirm the final net proceeds received after all expenses are finalized.
  • Review the attached Press Release (Exhibit 99.1) for additional context on the use of proceeds.
  • Check subsequent filings for any updates regarding the utilization of the raised capital.