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LumiraDx to Publicly Offer 40M Shares

NEW YORK – LumiraDx announced on Tuesday that it has commenced an underwritten public offering of 40 million common shares. 

The London-based firm also intends to grant the underwriters a 30-day option to buy up to an additional 6 million common shares at the public offering price, it said in a statement. Goldman Sachs, Evercore ISI, SVB Securities, and Raymond James are acting as joint bookrunning managers for the proposed offering.

LumiraDx said it expects to use the funds from the offering, along with its existing cash and cash equivalents, primarily for general corporate purposes, such as working capital for research and development, business development, and sales and marketing activities. 

In early morning trading on Tuesday, shares of the company were down about 10 percent to $2.22 on the Nasdaq.