HeartBeam Announces Pricing of $16.5 Million Initial Public Offering
November 10 2021 - 10:10PM
Business Wire
HeartBeam, Inc. (NASDAQ: BEAT), a developmental stage
digital healthcare company with a proprietary ECG telemedicine
technology to bring new capabilities to cardiovascular disease,
today announced the pricing of its initial public offering of
2,750,000 units, each consisting of (i) one share of common stock
and (ii) one warrant to purchase a share of common stock, at a
public offering price per unit of $6.00. The warrants have an
exercise price of $6.00 per share and are exercisable for a period
of five years after the issuance date. All units are being offered
by HeartBeam, Inc. In addition, HeartBeam, Inc. has granted the
underwriters a 30-day option to purchase an additional 412,500
shares of its common stock and/or warrants to purchase up to an
additional 412,500 of its common stock, at the initial public
offering price, less the underwriting discounts and
commissions.
In connection with the offering, the Company's common stock and
the warrants included in the units have been approved for listing
on the Nasdaq Capital Market. The shares and warrants included in
the units are expected to begin trading on the Nasdaq Capital
Market on November 11, 2021, under the ticker symbols “BEAT” and
“BEATW” respectively. The common stock and warrants will be issued
separately in this offering, and may be transferred separately
immediately upon issuance. The offering is expected to close on
November 15, 2021, subject to customary closing conditions.
The gross proceeds to HeartBeam from the offering, before
deducting the underwriting discounts and commissions and offering
expenses, are expected to be $16.5 million. HeartBeam expects to
use the net proceeds from the offering to fund: its initial
product, the ER product, including the achievement of FDA 510(k)
clearance and commercial launch; engineering and regulatory work
for its telehealth product, to achieve FDA 510(k) clearance of the
telehealth product and to commercialize the product; and working
capital and general corporate purposes.
The Benchmark Company, LLC is acting as sole book-running
manager for the offering.
A registration statement relating to these securities was
declared effective by the U.S. Securities and Exchange Commission.
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.
The offering will be made only by means of a prospectus. 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, 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.
About HeartBeam, Inc.
HeartBeam, Inc. (NASDAQ: BEAT) is a development stage digital
healthcare company with proprietary ECG telemedicine technology
that will redefine the way high risk cardiovascular patients are
diagnosed in an ambulatory setting at any time and any place. Its
breakthrough solution employs a reusable, credit card sized, 3D
vector ECG recording device and cloud-based software capable of
assisting a physician in diagnosing a wide range of cardiovascular
disease. HeartBeam is initially focusing on a huge unmet need of
helping diagnose heart attacks in patients outside of a medical
institution. No single lead ECG technology can offer this value to
patients and their physicians. This underserved market is several
times larger than the cardiac arrhythmia detection market based on
the prevalence of patients with coronary artery disease at high
risk of heart attack. For more information visit
www.heartbeam.com.
Forward-Looking Statements
All statements in this release that are not based on historical
fact are “forward-looking statements.” While management has based
any forward-looking statements included in this release on its
current expectations, the information on which such expectations
were based may change. Forward-looking statements involve inherent
risks and uncertainties which could cause actual results to differ
materially from those in the forward-looking statements, as a
result of various factors including those risks and uncertainties
described in the Risk Factors and in Management’s Discussion and
Analysis of Financial Condition and Results of Operations sections
of our recently filed Registration Statement on Form S-1, which can
be found on the SEC’s website at www.sec.gov. We urge you to
consider those risks and uncertainties in evaluating our
forward-looking statements. We caution readers not to place undue
reliance upon any such forward-looking statements, which speak only
as of the date made. Except as otherwise required by the federal
securities laws, we disclaim any obligation or undertaking to
publicly release any updates or revisions to any forward-looking
statement contained herein (or elsewhere) to reflect any change in
our expectations with regard thereto or any change in events,
conditions or circumstances on which any such statement is
based.
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version on businesswire.com: https://www.businesswire.com/news/home/20211110006524/en/
Media and Investor Relations Contact: Chris Tyson
Executive Vice President MZ North America Direct: 949-491-8235
BEAT@mzgroup.us www.mzgroup.us
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