---
schema_version: "secwatch.filing_event.v1"
accession: "0001213900-26-116964"
form_type: "8-K"
ticker: "HSCS"
cik: "0001468492"
company_name: "HeartSciences Inc."
filed_at: "2026-11-06T22:00:54+00:00"
generated_at: "2026-11-06T22:02:06.351954+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001213900-26-116964
- form_type: 8-K
- ticker: HSCS
- cik: 0001468492
- company_name: HeartSciences Inc.
- filed_at: 2026-11-06T22:00:54+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 8.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1468492/000121390026116964/0001213900-26-116964-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1468492/000121390026116964/ea0311293-8k_heart.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001213900-26-116964
- JSON: https://secwatch.observer/filing/0001213900-26-116964.json
- Plain text: https://secwatch.observer/filing/0001213900-26-116964.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.