# EDGAR Filing Document

**Accession Number:** 0001624326
**File Stem:** 0001493152-25-029510
**Filing Date:** 2025-12
**Character Count:** 22410
**Document Hash:** 1be2414788758b8fee25327f61edfccd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-029510.hdr.sgml**: 20251230

**ACCESSION NUMBER**: 0001493152-25-029510

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251230

**ITEM INFORMATION**: Material Modifications to Rights of Security Holders

**ITEM INFORMATION**: Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251230

**DATE AS OF CHANGE**: 20251230

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PAVmed Inc.
- **CENTRAL INDEX KEY:** 0001624326
- **STANDARD INDUSTRIAL CLASSIFICATION:** SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 471214177
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37685
- **FILM NUMBER:** 251611368

**BUSINESS ADDRESS:**
- **STREET 1:** 360 MADISON AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** (212) 949-4319

**MAIL ADDRESS:**
- **STREET 1:** 360 MADISON AVENUE
- **STREET 2:** 25TH FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAXmed Inc.
- **DATE OF NAME CHANGE:** 20141105

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF THE**

**SECURITIES EXCHANGE ACT OF 1934**

Date of Report (Date of earliest event reported): **<u>December 30, 2025</u>**

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| |
|:---|
| **PAVMED INC.** |
| (Exact Name of Registrant as Specified in Charter) |

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| | | |
|:---|:---|:---|
| **Delaware** | **001-37685** | **47-1214177** |
| (State or Other Jurisdiction <br> of Incorporation) | (Commission <br> File Number) | (IRS Employer <br> Identification No.) |

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| | |
|:---|:---|
| **360 Madison Avenue, 25th Floor, New York, New York** | **10017** |
| (Address of Principal Executive Offices) | (Zip Code) |

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Registrant's telephone number, including area code: **<u>(917) 813-1828</u>**

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| |
|:---|
| **N/A** |
| (Former Name or Former Address, if Changed Since Last Report) |

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425).

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12).

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)).

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, Par Value $0.001 Per Share | PAVM | The Nasdaq Stock Market LLC |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 3.03.** **Material Modification to Rights of Security Holders.**

To the extent required by Item 3.03 of Form 8-K, the information contained in Item 5.03 of this Current Report on Form 8-K (this "<u>Current Report</u>") is incorporated by reference herein.

**Item 5.03.** **Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year.**

As previously disclosed, at a special meeting of the Company's stockholders held on December 5, 2025, the Company's stockholders approved a reverse stock split of the Company's outstanding shares of common stock (the "<u>Reverse Split</u>") at a specific ratio, ranging from 1-for-10 to 1-for-30, to be determined by the Company's board of directors (the "<u>Board</u>") in its sole discretion, as well as an associated reduction in the number of shares of common stock the Company is authorized to issue (the "<u>Reduction in Authorized Common Stock</u>") from 250,000,000 shares to 25,000,000 shares.

Following the special meeting, the Board approved a ratio of 1-for-30 for the Reverse Split. On December 30, 2025, in order to effect the Reverse Split and the Reduction in Authorized Common Stock, the Company filed a certificate of amendment to its certificate of incorporation, as amended, pursuant to which the Reverse Split and the Reduction in Authorized Common Stock will become effective on Friday, January 2, 2026, at 12:01 a.m. Eastern Time (the "<u>Effective Time</u>").

***Reasons for the Reverse Split***

The Company is effecting the Reverse Split in order to regain compliance with the continued listing requirements for the Capital Market of The Nasdaq Stock Market LLC ("<u>Nasdaq</u>").

As previously disclosed, on January 23, 2025, the Company received a notification letter from the Nasdaq Listing Qualifications Department stating that, for the prior 30 consecutive business days (through January 22, 2025), the closing bid price of the Company's common stock had been below the minimum of $1 per share required for continued listing on the Nasdaq Capital Market under Nasdaq Listing Rule 5550(a)(2). The initial notification letter stated that the Company would be afforded 180 calendar days (until July 22, 2025) to regain compliance, and that the Company could be eligible for additional time. Although the Company did not regain compliance within the initial 180 calendar day period, upon the expiration of the initial period, Nasdaq determined that the Company was eligible for the additional 180 calendar day period to regain compliance (until January 19, 2026).

By effecting the Reverse Split, the Company expects that the closing bid price of the Common Stock will increase above the $1.00 per share requirement to regain compliance with the minimum bid price requirement. Although no assurances can be provided, the Company further believes that Reverse Split will enable the Company to maintain its Nasdaq listing.

***Effect of the Reverse Split and the Reduction in Authorized Common Stock***

*Effective Time; Symbol; CUSIP Number*

The Reverse Split will become effective at the Effective Time and the common stock will began trading on a split-adjusted basis at the open of business on January 2, 2026. In connection with the Reverse Split, the CUSIP number for the Common Stock will change to 70387R 502. The trading symbol for the Company's common stock, "PAVM," will remain unchanged.

*Split Adjustment; Treatment of Fractional Shares*

At the Effective Time, the total number of shares of Common Stock held by each stockholder of the Company will be converted automatically into the number of shares of Common Stock equal to the number of issued and outstanding shares of Common Stock held by each such stockholder immediately prior to the Reverse Split divided by 30. The Company will issue one whole share of the post-Reverse Split common stock to any stockholder who otherwise would have been entitled to receive a fractional share as a result of the Reverse Split. As a result, no fractional shares will be issued in connection with the Reverse Split and no cash or other consideration will be paid in connection with any fractional shares that would otherwise have resulted from the Reverse Split.

Also at the Effective Time: (i) all options of the Company outstanding immediately prior to the Reverse Split will be adjusted by dividing the number of shares of Common Stock into which such options are exercisable by 30 and multiplying the exercise price thereof by 30, all in accordance with the terms of the plans, agreements or arrangements governing such options and subject to rounding pursuant to such terms; (ii) all the convertible securities of the Company outstanding immediately prior to the Reverse Split, including the Company's Series B and Series C convertible preferred stock and the Company's convertible note, will be adjusted by multiplying the conversion price thereof by 30, in accordance with the terms of the plans, agreements or arrangements governing such convertible securities and subject to rounding pursuant to such terms; and (iii) the number of shares of Common Stock reserved for issuance under the Company's long-term incentive equity plan and employee stock purchase plan, as well as the other amounts expressed in a number of shares set forth in such plans, will be proportionately adjusted.

*Effect on Capitalization*

As a result of the Reduction in Authorized Common Stock, the Company will be authorized to issue 25,000,000 shares of common stock after the Reverse Split. While the Reduction in Authorized Common Stock will reduce the number of shares authorized for issuance on an absolute basis, it will have the effect of increasing the number of shares of common stock authorized for issuance relative to the number of shares outstanding. The Board believes a relative increase in the number of shares of common stock authorized for issuance in these circumstances is in the best interests of the Company and its stockholders.

*Certificated and Non-Certificated Shares*

Stockholders who are holding their shares in electronic form at brokerage firms do not need to take any action, as the effect of the Reverse Split will automatically be reflected in their brokerage accounts.

Stockholders holding paper certificates may send the certificates to the Company's transfer agent and registrar, Continental Stock Transfer & Trust Company ("<u>Continental</u>") at the address set forth below. Continental will issue a new stock certificate reflecting the Reverse Split to each requesting stockholder. Continental can be contacted at:

Continental Stock Transfer & Trust Company

Reorganization Department

1 State Street, 30th Floor

New York, NY 10004-1561

(917) 262-2378

***Additional Information***

The above description of the Charter Amendment and the Reverse Split is qualified in its entirety by reference to the Charter Amendment, a copy of which is attached to this Current Report as Exhibit 3.1 and is incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure.**

The disclosure set forth under Item 2.02 is incorporated herein by reference.

The information furnished under Items 2.02 and 7.01, including the exhibit related thereto, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any disclosure document of the Company, except as shall be expressly set forth by specific reference in such document.

**Item 9.01. Financial Statements and Exhibits.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Exhibits:

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| | |
|:---|:---|
| Exhibit No. | Description |
| 3.1 | [Certificate of Amendment.](ex3-1.htm) |
| 99.1 | [Press release.](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

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**Forward-Looking Statements**

This Current Report, including Exhibit 99.1 attached hereto, contains certain forward-looking statements that involve substantial risks and uncertainties. When used herein, the terms "anticipates," "expects," "estimates," "believes," "will" and similar expressions, as they relate to us or our management, are intended to identify such forward-looking statements.

Forward-looking statements in this Current Report, including Exhibit 99.1 attached hereto, involve known and unknown risks, uncertainties and other factors which could cause our actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based upon management's best estimates based upon current conditions and the most recent results of operations. These risks, uncertainties and other factors include, but are not limited to, those set forth herein and in the other documents filed by the Company with the Securities and Exchange Commission, each of which could adversely affect our business and the accuracy of the forward-looking statements contained herein. The Company's ability to maintain its listing on Nasdaq and its actual results, performance or achievements may differ materially from those expressed or implied by such forward-looking statements.

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Dated: December 30, 2025 | PAVMED INC. | PAVMED INC. |
|  | By: | */s/ Dennis McGrath* |
|  |  | Dennis McGrath |
|  |  | President and Chief Financial Officer |

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## Exhibit 3.1

**Exhibit 3.1**

**CERTIFICATE OF AMENDMENT**

**OF**

**CERTIFICATE OF INCORPORATION**

**OF**

**PAVMED INC.**

**Pursuant to Section 242 of the**

**General Corporation Law of Delaware**

The undersigned Chairman of the Board and Chief Executive Officer of PAVmed Inc. (the "<u>Corporation</u>") does hereby certify:

FIRST: The name of the Corporation is PAVmed Inc.

SECOND: Upon the filing and effectiveness (the "<u>Effective Time</u>") pursuant to the General Corporation Law of the State of Delaware (the "<u>DGCL</u>") of this Certificate of Amendment of Certificate of Incorporation of the Corporation, each thirty (30) shares of the Corporation's Common Stock, par value $0.001 per share, issued and outstanding immediately prior to the Effective Time shall automatically be combined into one (1) validly issued, fully paid and non-assessable share of Common Stock without any further action by the Corporation or the holder thereof, subject to the treatment of fractional share interests as described below (the "<u>Reverse Split</u>"). No fractional shares shall be issued at the Effective Time and, in lieu thereof, each stockholder who otherwise would have been entitled to receive a fractional share as a result of the Reverse Split shall instead be entitled to receive one additional whole share. Each certificate that immediately prior to the Effective Time represented shares of Common Stock ("<u>Old Certificates</u>"), shall thereafter represent that number of shares of Common Stock into which the shares of Common Stock represented by the Old Certificate shall have been combined, subject to the elimination of fractional share interests as described above.

THIRD: Upon the Effective Time, the Certificate of Incorporation of the Corporation is hereby amended by deleting the first paragraph of Article FOURTH in its entirety and by substituting the following new first paragraph of Article FOURTH in lieu thereof:

"FOURTH: The total number of shares of all classes of capital stock which the Corporation shall have authority to issue is 45,000,000 of which 25,000,000 shares shall be Common Stock of the par value of $.001 per share and 20,000,000 shares shall be Preferred Stock of the par value of $.001 per share."

FOURTH: This Certificate of Amendment of Certificate of Incorporation of the Corporation shall become effective as of January 2, 2026 at 12:01 a.m.

FIFTH: The foregoing amendment to the Corporation's certificate of incorporation was duly adopted in accordance with the provisions of Sections 242 of the Delaware General Corporation Law.

IN WITNESS WHEREOF, the undersigned has signed this certificate of amendment on this 30<sup>th</sup> day of December, 2025.

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| | |
|:---|:---|
|  | */s/ Lishan Aklog, M.D.* |
| Name: | Lishan Aklog, M.D. |
| Title: | Chairman of the Board and Chief Executive Officer |

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## Exhibit 99.1

**Exhibit 99.1**

**PAVmed Announces Reverse Stock Split**

**NEW YORK, December 30, 2025 -** <u>PAVmed Inc.</u> (NASDAQ: PAVM) ("PAVmed" or the "Company"), a diversified commercial-stage medical technology company, operating in the medical device, diagnostics, and digital health sectors, today announced it will conduct a 1-for-30 reverse stock split of its common stock (the "Common Stock"). The reverse stock split will become effective on January 2, 2026, at 12:01 a.m. Eastern Time. The Company's Common Stock will continue to trade on the Nasdaq Capital Market ("Nasdaq") under the symbol "PAVM" and will begin trading on a split-adjusted basis at the opening of the market on January 2, 2026. The reverse stock split is intended to bring the Company into compliance with the $1.00 minimum bid price requirement for maintaining the listing of its Common Stock on Nasdaq.

The reverse stock split was approved by the Company's stockholders at the Company's special meeting of stockholders held on December 5, 2025, with the specific ratio to be determined at the discretion of the Company's board of directors within approved parameters. The ratio of 1-for-30 was approved by the board on December 8, 2025. As of the effective time of the reverse stock split, the authorized shares of Common Stock will be reduced from 250,000,000 to 25,000,000 (which reduction was approved, subject to completion of the reverse stock split, by the Company's stockholders at the same special meeting).

As a result of the reverse stock split, the number of shares of Common Stock available for issuance under the Company's equity incentive plan and employee stock purchase plan immediately prior to the reverse stock split will be proportionately reduced. In addition, the exercise prices of and number of shares subject to the Company's outstanding stock options, and the conversion prices of the Company's outstanding convertible securities, including its convertible debt and preferred stock, will likewise be proportionately adjusted in accordance with their respective terms.

No fractional shares of Common Stock will be issued in connection with the reverse stock split. Stockholders that would hold a fractional share of Common Stock as a result of the reverse stock split will have such fractional shares of Common Stock rounded up to the nearest whole share of Common Stock.

The new CUSIP number for the Common Stock following the reverse stock split is 70387R 502.

**About PAVmed and its Subsidiaries**

PAVmed Inc. is a diversified commercial-stage medical technology company operating in the medical device, diagnostics, and digital health sectors. Its subsidiary, Lucid Diagnostics Inc. (NASDAQ: LUCD), is a commercial-stage cancer prevention medical diagnostics company that markets the EsoGuard<sup>®</sup> Esophageal DNA Test and EsoCheck<sup>®</sup> Esophageal Cell Collection Device—the first and only commercial tools for widespread early detection of esophageal precancer to mitigate the risks of esophageal cancer deaths. Its other subsidiary, Veris Health Inc., is a digital health company focused on enhanced personalized cancer care through remote patient monitoring using implantable biologic sensors with wireless communication along with a custom suite of connected external devices. Veris is concurrently developing an implantable physiological monitor, designed to be implanted alongside a chemotherapy port, which will interface with the Veris Cancer Care Platform.

For more and for more information about PAVmed, please visit <u>pavmed.com</u>.

For more information about Lucid Diagnostics, please visit <u>luciddx.com</u>.

For more information about Veris Health, please visit <u>verishealth.com</u>.

**Forward-Looking Statements**

This press release includes forward-looking statements that involve risks and uncertainties. Forward-looking statements are any statements that are not historical facts. Such forward-looking statements, which are based upon the current beliefs and expectations of PAVmed's and Lucid's management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. Risks and uncertainties that may cause such differences include, among other things, volatility in the price of PAVmed's and Lucid's common stock; general economic and market conditions; the uncertainties inherent in research and development, including the cost and time required to advance PAVmed's and Lucid's products to regulatory submission; whether regulatory authorities will be satisfied with the design of and results from PAVmed's and Lucid's clinical and preclinical studies; whether and when PAVmed's and Lucid's products are cleared by regulatory authorities; market acceptance of PAVmed's and Lucid's products once cleared and commercialized; PAVmed's and Lucid's ability to raise additional funding as needed; and other competitive developments. In addition, new risks and uncertainties may arise from time to time and are difficult to predict. For a further list and description of these and other important risks and uncertainties that may affect PAVmed's and Lucid's future operations, see Part I, Item 1A, "Risk Factors," in PAVmed's and Lucid's most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission, as the same may be updated in Part II, Item 1A, "Risk Factors" in any Quarterly Report on Form 10-Q filed by PAVmed or Lucid after its most recent Annual Report. PAVmed and Lucid disclaim any intention or obligation to publicly update or revise any forward-looking statement to reflect any change in its expectations or in events, conditions, or circumstances on which those expectations may be based, or that may affect the likelihood that actual results will differ from those contained in the forward-looking statements.

**Investor and Media Contact**

Matt Riley<br> PAVmed and Lucid Diagnostics<br> mjr@pavmed.com