Lucira Health Shares Fall After Announcing Debt Facility Of $80M

Lucira Health Inc LHDX has entered into a debt facility of up to $80 million with Hercules Capital and Silicon Valley Bank. 

• Under the term loan, Lucira received the first tranche of $30 million at closing. The Company will receive the second tranche of $20 million upon achieving certain milestones between September 1, 2022, and March 31, 2023. 
• The third tranche of $15 million will be available before June 15, 2023, also contingent on certain milestones, while the fourth tranche of $15 million may be available before March 15, 2024, as determined by Hercules and SVB.
• The financing will be used to broaden commercial activities and bolster capital reserves, Lucira President and CEO Erik Engelson. 
• Price Action: LHDX shares are trading 1.01% lower at $4.90 during the market session on the last check Tuesday.