Heart Test Labs enters $15M equity purchase agreement with Lincoln Park Capital

HeartSciences Inc.

Company may sell up to $15M of common stock to Lincoln Park over 36 months at its discretion.
Issued 100,000 shares as initial commitment; additional 62,500 shares due upon $2M proceeds.
Daily purchase limits: up to 50,000 shares normally, rising to 200,000 if stock above $2.50.
Lincoln Park barred from shorting; proceeds used for working capital and general corporate purposes.

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. entered into purchase agreement with Lincoln Park Capital Fund, LLC valued at up to $15.0 million (effective 2023-03-10).

Action: entry
Agreement: equity purchase
Counterparty: Lincoln Park Capital Fund, LLC
Value: up to $15.0 million
Effective: 2023-03-10

Exact text from the filing

On March 10, 2023, Heart Test Laboratories, Inc. (the "Company") entered into a purchase agreement and a registration rights agreement with an institutional investor, Lincoln Park Capital Fund, LLC ("Lincoln Park"), an Illinois limited liability company, providing for the purchase of up to $15.0 million worth of the Company's common stock, par value $0.001 per share, over the thirty-six month term of the purchase agreement.

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HeartSciences Inc. filing history →

Source: SEC EDGAR

accession 0000950170-23-007467

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