8-K
filed February 6, 2023, 6:59 PM ET
ticker HTCR
CIK 0001892322
M&A
confidence high
sentiment positive
materiality 0.85
HeartCore Enterprises, Inc. (HTCR): M&A transaction — HeartCore acquires 51% of Sigmaways for 2M shares, $1M cash and warrant; appoints CEO Sadasivam as CSO and Board member
HeartCore Enterprises, Inc.
- Acquired 229,500 shares (51%) of Sigmaways from Prakash Sadasivam; consideration includes 2,000,000 HeartCore common shares, $1,000,000 cash, and a warrant for 1,900,000 shares at $1.17/share.
- Warrant exercisable until February 12, 2025, with a 9.99% beneficial ownership blocker.
- HeartCore to deposit $2,000,000 into a dedicated account post-closing to expand Sigmaways' business, with board approval required for project funds over $50,000.
- Prakash Sadasivam appointed Chief Strategy Officer and Board member (expanding Board to eight); employment agreement: $96,000 annual salary plus annual equity grants equal to 30% of base salary.
- Financial statements and pro forma for the acquisition to be filed by amendment within 71 days.
Key facts
Extracted from this filing and checked against the source text.
Executive change
SEC 8-K Item 5.02
confidence 0.95
Prakash Sadasivam was appointed as Chief Strategy Officer at HeartCore Enterprises, Inc..
- Action
- appointed
- Role
- Chief Strategy Officer
Exact text from the filing
Mr. Sadasivam was appointed to serve as the Company's Chief Strategy Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 0.95
Prakash Sadasivam was appointed as Member of the Board of Directors at HeartCore Enterprises, Inc..
- Action
- appointed
- Role
- Member of the Board of Directors
Exact text from the filing
the Board expanded the size of the Board from seven persons to eight persons, and named Mr. Sadasivam to serve as a member of the Board
View on SEC.gov
M&A Transactions
SEC 8-K Item 2.01/5.01
confidence 0.9
HeartCore Enterprises, Inc. completed an acquisition involving Prakash Sadasivam for $1,000,000 (closed 2023-02-01).
- Action
- acquisition
- Counterparty
- Prakash Sadasivam
- Consideration
- $1,000,000
- Closing
- 2023-02-01
Exact text from the filing
things, the Company agreed, in exchange for the Sigmaways shares, to (i) issue to Mr. Sadasivam 2,000,000 shares of the Company’s common stock, (ii) pay to Mr. Sadasivam $1,000,000 (the “Cash Purchase Price”); and (iii) issue to Mr. Sadasivam a common stock purchase warrant (the “Warrant”) to acquire 1,900,000 shares of the Company’s common stock. In
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
HeartCore Enterprises, Inc. amended Amendment No. 2 with Sigmaways, Inc. and Prakash Sadasivam (effective 2023-02-01).
- Action
- amendment
- Agreement
- equity purchase
- Counterparty
- Sigmaways, Inc. and Prakash Sadasivam
- Effective
- 2023-02-01
Exact text from the filing
On February 1, 2023, the Company, Sigmaways and Mr. Sadasivam entered into Amendment No. 2 (“Amendment No. 2”) to the Sigmaways Agreement.
View on SEC.gov
This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice.
See methodology for how this pipeline works.