JWCA advises LUMIRADX on its $56.5 million private convertible financing
MARCH 2022 | read press release
Transaction Background
LumiraDx Limited (“LMDX” or the “company”) successfully raised $56.5mm in a private convertible financing to strengthen its balance sheet as it continues to launch its point of care diagnostic platform
LumiraDx’s objectives included
Raising growth capital as a recent de-SPAC with limited borrow and trading liquidity
Minimizing market and stock price risk
Partnering with a syndicate of investors for long-term growth
The company engaged J. Wood Capital Advisors, LLC (“JWCA”) to assist in the structuring, negotiation, documentation, and execution of this transaction
JWCA provided analysis to the company on deal structuring and related items, including:
Convertible structuring
Change of control and make-whole mechanics
Documentation
JWCA provided advice, support, and analysis throughout the execution process
JWCA acted as placement agent, and led the marketing, pricing negotiations, and allocation of the security
Results
LumiraDx was able to raise $56.5mm without any stock price risk, despite limited borrow and trading liquidity
The investment will provide the company with capital for general corporate purposes as it continues to launch its point of care diagnostic platform