HeartCore Enterprises, Inc. (HTCR): M&A transaction — HeartCore corrects Sigmaways acquisition warrant from 1.9M to 737,500 shares

HeartCore Enterprises, Inc.

Acquired 51% of Sigmaways for 2M shares, $1M cash, plus a warrant corrected to 737,500 shares (down from 1.9M).
Amended warrant exercisable until Feb 12, 2025 at $1.17/share, with 9.99% equity blocker.
Prakash Sadasivam appointed Chief Strategy Officer and Board member with $96,000 annual salary and equity grants.
Company deposited $2M into dedicated account to expand Sigmaways business.
Outstanding shares post-closing: 19,649,886; correction reduces potential dilution.

item 3.02 item 1.01 item 2.01 item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Appointed

Prakash Sadasivam

Chief Strategy Officer

HTCR · HeartCore Enterprises, Inc.

Effective: 2023-02-01
Filed: February 10, 2023, 6:59 PM ET

On February 1, 2023, Mr. Sadasivam was appointed to serve as the Company’s Chief Strategy Officer.

Appointed

Prakash Sadasivam

Member of the Board of Directors

HTCR · HeartCore Enterprises, Inc.

Effective: 2023-02-01
Filed: February 10, 2023, 6:59 PM ET

In addition, on February 1, 2023, 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, to fill the vacancy created by the increase in the size of the Board.

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

On February 1, 2023, 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

In addition, on February 1, 2023, 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, to fill the vacancy created by the increase in the size 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 Sigmaways, Inc. and Prakash Sadasivam (closed 2023-02-01).

Action: acquisition
Counterparty: Sigmaways, Inc. and Prakash Sadasivam
Closing: 2023-02-01

Exact text from the filing

On February 1, 2023, the acquisition of 51% of Sigmaways’ outstanding shares by the Company (the “Acquisition”) closed.

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 valued at $1,000,000 (effective 2023-02-01).

Action: amendment
Agreement: equity purchase
Counterparty: Sigmaways, Inc. and Prakash Sadasivam
Value: $1,000,000
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

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HeartCore Enterprises, Inc. filing history →

Source: SEC EDGAR

accession 0001493152-23-004170

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