HeartBeam closes $25M secondary offering; shifts commercial launch to 2024

HeartBeam, Inc.

Offering of 16.67M shares at $1.50/share closed on May 2, 2023; net proceeds $23.2M.
No material commercial revenue expected in 2023; cash runway extended into late 2024.
Company to focus on FDA 510(k) clearance for HeartBeam AIMIGo 12-lead equivalence; submission planned late 2023.
Strategic shift to delay commercial launch until after 12-lead equivalence clearance, targeting 2024.
Placement agent Public Ventures received warrants for 1.67M shares; $10M of proceeds earmarked for FDA work and limited market releases.

item 1.01 item 8.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HeartBeam, Inc. entered into Placement Agency Agreement with Public Ventures, LLC (effective 2023-04-20).

Action: entry
Agreement: underwriting
Counterparty: Public Ventures, LLC
Effective: 2023-04-20

Exact text from the filing

Placement Agency Agreement dated as of April 20, 2023 between the Company and Public Ventures, LLC (the "Placement Agent")

View on SEC.gov

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

HeartBeam, Inc. entered into Subscription Agreement with the investors signatory thereto (the "Investor") valued at $23.2 million (effective 2023-05-02).

Action: entry
Agreement: equity purchase
Counterparty: the investors signatory thereto (the "Investor")
Value: $23.2 million
Effective: 2023-05-02

Exact text from the filing

A Subscription Agreement, dated as of May 2, 2023 between the investors signatory thereto (the "Investor") and the Company whereby the Investor agrees to buy and the Company agrees to sell to Investor such number of shares of Common Stock set forth on the signature page

View on SEC.gov

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HeartBeam, Inc. filing history →

Source: SEC EDGAR

accession 0001779372-23-000009

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