Heart Test Labs amends warrants to allow cashless exercise at $1.00 per share for 10 days

HeartSciences Inc.

Exercise price temporarily reduced from $4.25 to $1.00 for Feb 3-16, 2023.
Maximum of 1,669,971 shares can be issued under Bridge Warrants during the limited period.
Holders may elect cashless exercise receiving one-third of shares otherwise issuable.
Anti-dilution adjustment provisions removed except for stock splits/dividends.
The amendment also waives restrictions on issuing securities under the SPA.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

HeartSciences Inc. amended Amendment No. 2 to the Bridge Warrants with the lead investor under the SPA valued at Amendment to Bridge Warrants reducing exercise price to $1.00 for limited period (Feb 3-16, 2023), a (effective 2023-02-03).

Action: amendment
Agreement: equity purchase
Counterparty: the lead investor under the SPA
Value: Amendment to Bridge Warrants reducing exercise price to $1.00 for limited period (Feb 3-16, 2023), a
Effective: 2023-02-03

Exact text from the filing

On February 3, 2023, Heart Test Laboratories, Inc. (the “Company”) entered into Amendment No. 2 (the “Amendment”) to the warrants to purchase shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), issued in the Company’s private placement of securities pursuant to that certain Securities Purchase Agreement dated as of December 22, 2021 (the “SPA,” and such warrants issued thereunder, as previously amended on September 8, 2022, the “Bridge Warrants”).

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HeartSciences Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-001791

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