Heart Test Laboratories, Inc. Announces Pricing of $6.375 Million Initial Public Offering and Nasdaq Listing
June 15 2022 - 9:50AM
Heart Test Laboratories, Inc. (NASDAQ: HSCS; HSCSW)
(“HeartSciences” or the “Company”), a medical technology company
focused on applying innovative AI-based technology to an ECG (also
known as an EKG) to expand and improve an ECG’s clinical
usefulness, today announced the pricing of its initial public
offering of 1,500,000 units, each consisting of one share of common
stock (the “Common Stock”) and a warrant (the “Warrants”) to
purchase one share of Common Stock, at a public offering price of
$4.25 per unit for aggregate gross proceeds of approximately $6.375
million, prior to deducting underwriting discounts, commissions,
and other offering expenses. Each unit will immediately separate
into one share of Common Stock and one Warrant. Each Warrant
permits the holder to purchase one share of Common Stock at an
exercise price of $4.25 per share, exercisable until the fifth
anniversary of the issuance date.
In addition, the Company has granted the
underwriters a 30-day option to purchase up to an additional
225,000 shares of Common Stock and/or Warrants to purchase up to
225,000 shares of Common Stock, in any combination thereof, at the
initial public offering price, less underwriting discounts and
commissions to cover over-allotments, if any. The offering is
expected to close on June 17, 2022, subject to customary closing
conditions.
In connection with the offering, HeartSciences
has received approval to list its Common Stock and Warrants on the
Nasdaq Capital Market, with its Common Stock trading under the
symbol “HSCS” and the Warrants trading under the symbol “HSCSW”,
with trading expected to begin on June 15, 2022.
The gross proceeds to HeartSciences from the
offering, before deducting underwriting discounts and commissions
and offering expenses, are expected to be $6.375 million.
HeartSciences expects to use the net proceeds from the offering
primarily to fund FDA clearance for the MyoVista device, including
completion of the pivotal clinical validation study, and for
working capital and general corporate purposes.
The Benchmark Company, LLC is acting as sole
book-running manager for the offering.
A registration statement on Form S-1, as amended
(File No. 333-265024), was filed with the Securities and Exchange
Commission (“SEC”) and was declared effective by the SEC on June
14, 2022. The offering will be made only by means of a prospectus
forming a part of the registration statement. A copy of the final
prospectus relating to this offering, when available, will be filed
with the SEC and may also be obtained from The Benchmark Company,
LLC, Attn: Prospectus Department, 150 E. 58th Street, 17th floor,
New York, NY 10155 or by calling 212-312-6700 or by emailing
prospectus@benchmarkcompany.com.
This press release shall not constitute an offer
to sell or the solicitation of an offer to buy nor shall there be
any sale of these securities in any state or jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or jurisdiction.
About Heart Test Laboratories, Inc.
Heart Test Laboratories, Inc. (d/b/a HeartSciences) is medical
technology company focused on applying innovative AI-based
technology to an ECG (also known as an EKG) to expand and improve
an ECG’s clinical usefulness. The Company’s objective is to make an
ECG a far more valuable cardiac screening tool, particularly in
frontline or point-of-care clinical settings. HeartSciences’ first
product candidate for FDA clearance, the MyoVista wavECG, or the
MyoVista, is a resting 12-lead ECG that is also designed to provide
diagnostic information related to cardiac dysfunction which has
traditionally only been available through the use of cardiac
imaging. The MyoVista also provides conventional ECG information in
the same test. The business model, which involves the use of the
MyoVista device and consumables for each test, is expected to be
“razor-razorblade” as the electrodes used with the MyoVista are
proprietary to HeartSciences, and new electrodes are required for
every test performed. Additional information about the Company is
available at www.heartsciences.com.
Important Cautions Regarding Forward Looking
Statements
This press release contains certain "forward-looking statements"
within the meaning of federal securities laws. All statements,
other than statements of historical facts, included herein are
"forward-looking statements" including, among other things,
statements about HeartSciences’ beliefs and expectations. The
expectations reflected in these forward-looking statements involve
significant assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. Investors should not place
undue reliance on these forward-looking statements, which speak
only as of the date of this press release. Potential risks and
uncertainties include, but are not limited to, risks discussed in
HeartSciences’ filings with the U.S. Securities and Exchange
Commission at www.sec.gov. Other than as required under the
securities laws, the Company does not assume a duty to update these
forward-looking statements.
Contact:
Crescendo Communications, LLCEmail:
HSCS@crescendo-ir.com Tel: (212) 671-1021
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