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Lucid Inc., operating as Caliber Imaging & Diagnostics, on Thursday said members of its board of directors invested $16.1 million in the company through the purchase of common stock at 55 cents share.
In addition, all $13.5 million of outstanding principal and interest due under the company's notes was converted into shares of common stock based on the same price per share.
CEO Michael Hone said the recapitalization gives the company financial stability and resources needed to grow its global footprint.
Caliber I.D., which has offices in Henrietta and Boston, also said it terminated its registration under the Securities Exchange Act of 1934 and suspended its duty to file reports. As a result, the company no longer will file quarterly, annual or other reports with the Securities and Exchange Commission.
"In light of the extremely limited trading liquidity of our shares, the high costs of continuing as a public company and the requirements of our investors, and since we have fewer than 300 shareholders, we determined that it was in the best interest of all shareholders for the company to 'go dark,’" Hone said, in a statement.
Founded in 1991, Caliber I.D. develops electro-optical products and instruments for medical applications.
The company’s shares (OTCQB:LCDX) were unchanged at 67 cents.
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