HeartBeam, Inc. (NASDAQ: BEAT), a developing-stage digital healthcare company with proprietary ECG telemedicine technology to bring new capabilities to cardiovascular disease, today announced the price of its initial public offering of 2,750 000 units, each consisting of (i) one common share and (ii) a warrant to purchase one common share, at a public offering price per unit of $ 6.00. The warrants have an exercise price of $ 6.00 per share and may be exercised for a period of five years after the date of issue. All units are 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 shares and / or warrants to purchase up to 412,500. of its ordinary shares, at the IPO price, less discounts and subscription fees.
As part of the offer, the common shares of the Company 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 âBEATâ and âBEATWâ respectively. The ordinary shares and the warrants will be issued separately in this offering and may be transferred separately upon issuance. The offer is scheduled to close on November 15, 2021, subject to customary closing conditions.
The gross proceeds of the offering for HeartBeam, before deducting subscription discounts and commissions and offering fees, are expected to be $ 16.5 million. HeartBeam plans to use the net proceeds of the offering to fund: its initial product, the ER product, including obtaining FDA 510 (k) clearance and commercial launch; engineering and regulatory work for its telehealth product, to obtain FDA 510 (k) clearance for the telehealth product and to market the product; and working capital and general corporate purposes.
The Benchmark Company, LLC is acting as the sole book manager for the offering.
A registration statement relating to these securities has been declared effective by the United States Securities and Exchange Commission. This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of such securities in any state or jurisdiction in which such an offer, solicitation or sale would be illegal. prior to registration or qualification under the securities laws of any such state or jurisdiction.
The offer 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 sending an email [emailÂ protected].
About HeartBeam, Inc.
HeartBeam, Inc. (NASDAQ: BEAT) is a developing digital healthcare company with proprietary ECG telemedicine technology that will redefine how high-risk cardiovascular patients are diagnosed in an outpatient setting at all times. and everywhere. Its revolutionary solution uses a reusable 3D vector ECG recording device the size of a credit card and cloud-based software that can help a doctor diagnose a wide range of cardiovascular diseases. HeartBeam initially focuses on a huge unmet need for help diagnosing heart attacks in patients outside of a medical setting. No single-lead ECG technology can deliver this value to patients and their physicians. This underserved market is several times larger than the market for cardiac arrhythmia detection based on the prevalence of coronary artery disease patients at high risk of heart attack. For more information, visit www.heartbeam.com.
All statements contained in this press release that are not based on historical fact are “forward-looking statements”. Although management has based all forward-looking statements included in this press release on its current expectations, the information on which those expectations were based may change. Forward-looking statements involve inherent risks and uncertainties that could cause actual results to differ materially from those of forward-looking statements, due to various factors, including the risks and uncertainties described in the risk factors and in the report. Management and Analysis of the Conditions and Results of Operations in 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 take these risks and uncertainties into account when evaluating our forward-looking statements. We caution readers not to place undue reliance on these forward-looking statements, which speak only as of the date of their publication. Except as otherwise provided by federal securities laws, we disclaim any obligation or commitment to publicly release any update or revision to any forward-looking statement contained herein (or elsewhere) to reflect any change in our expectations in this regard or any change in the events, conditions or circumstances on which such statement is based.
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