HeartCore updates on $9M warrant sale; cash received, revenue deferred until client IPO in Fall 2024

HeartCore Enterprises, Inc.

Gross $9M from sale of Go IPO warrant to Japanese financial institution; $5M received Q1 2024, $4M in April.
Referral fee of $3.36M paid to So Management Inc.; net proceeds of $5.64M.
Revenue not recognized until client goes public (expected Fall 2024); $9M classified as debt on balance sheet.
Three new Go IPO client wins YTD 2024 with ~$1.7M in initial fees and warrants of 2%–3%.
CEO cites robust pipeline and positive IPO market outlook.

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