HeartSciences adds Fortitude merger proxy disclosures; advisor pegs Fortitude equity at $206M-$428M

HeartSciences Inc.

Houlihan Capital guideline public company analysis implies Fortitude equity value of $206.0M-$428.2M, reflecting $0 debt and ~$12.2M cash as of May 31, 2026.
Seven shareholder demand letters claimed the Oct 19, 2026 proxy omitted material information on the June 23, 2026 merger; HeartSciences denies merit but supplemented disclosures.
Special meeting stays virtual on Nov 19, 2026 at 10:00 a.m. ET; the new disclosures do not change timing of the shareholder vote.
Peer set: American Bitcoin, CleanSpark, BitFuFu, Abits, Riot, MARA, Phoenix Group; Riot's ~68.4x 2027F EV/EBITDA was excluded as not meaningful.
Jan 6, 2026 LOI with Fortitude carried 60-day exclusivity plus a 15-day extension; Fortitude picks the combined company's board and management.

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