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