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LMDX - LumiraDx under pressure on 40M in stock offering
LumiraDx Limited
LumiraDx ( NASDAQ: LMDX ) plunged 10% in premarket after it commenced an underwritten public offering of 40M shares; underwriters granted 30-day option to purchase up to an additional 6M shares.
Offer size, terms have not yet been decided.
Net proceeds along with its existing cash and equivalents to be used for general corporate purposes, including working capital in respect to R&D, business development, and sales and marketing activities as well as ordinary course capital expenditures.