"Material modification to rights of holders" is not a phrase that usually comes with a 43% bid.
$LUCD +43.45% after the close. Today's 8-K from Lucid Diagnostics checks Item 3.02, unregistered sales of equity. It also checks Item 3.03, a material modification to holders' rights, and Item 5.03, a charter or bylaws amendment. That last category also covers reverse splits.
Our feed shows which boxes were checked. It does not show the terms: no share count, no price, no ratio.
The after-hours tape is skipping that gap. A 43% move proves people bid. The exhibit tells you what they bid into. New equity was sold outside a registered offering, and existing holders' rights changed. Both happened at a $119M company with 169M shares of float.
Our feed still doesn't say what Item 5.03 actually amends: a split ratio, an effective date, or something else entirely.