Bullish indicating open at $55-$60, IPO prices at $37
HeartBeam, Inc. (NASDAQ:BEAT), a medical technology company currently valued at $42.26 million, held its annual meeting of stockholders on Friday, July 11, 2025, conducted virtually via live webcast, according to a statement based on a recent SEC filing. The company’s stock, trading at $1.33, has faced significant headwinds, declining 57% over the past year despite analysts setting price targets between $2 and $8.
At the close of business on the record date of May 12, 2025, there were 33,809,707 shares of common stock outstanding and eligible to vote. The meeting achieved a quorum, with 18,702,366 votes represented either in person or by proxy, amounting to approximately 55.32% of the outstanding shares. According to InvestingPro data, the company maintains a strong liquidity position with more cash than debt on its balance sheet.
Stockholders elected nine directors to serve a one-year term. The elected directors and their respective votes in favor were: Richard Ferrari (BIT:RACE) (6,796,276), Branislav Vajdic, PhD (6,971,395), George A. de Urioste (6,748,429), Marga Ortigas-Wedekind (5,153,730), Willem Elfrink (6,867,987), Mark Strome (5,499,488), Kenneth Nelson (6,996,326), Michael Jaff (6,992,884), and Robert Eno (6,995,306). The number of votes against each nominee ranged from 36,889 to 1,878,916, with abstentions ranging from 86,191 to 92,699. Each nominee also had 11,579,760 broker non-votes.
Stockholders also approved the ratification of CBIZ (NYSE:CBZ) CPAs P.C. as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. The proposal received 18,388,997 votes for, 55,859 against, and 257,510 abstentions, with no broker non-votes.
Additionally, the meeting approved an amendment to the 2022 Equity Incentive Plan, increasing the number of authorized shares from 8,900,000 to 11,900,000. This proposal received 4,375,827 votes for, 2,717,474 against, 29,305 abstentions, and 11,579,760 broker non-votes.
HeartBeam is incorporated in Delaware and is classified under surgical and medical instruments and apparatus. Its common stock and warrants trade on NASDAQ under the symbols BEAT and BEATW, respectively. InvestingPro analysis reveals 8 additional key insights about HeartBeam’s financial health and market position, available in the comprehensive Pro Research Report, which transforms complex Wall Street data into actionable intelligence for smarter investing decisions.
All information is based on a press release statement and the company’s recent SEC filing.
In other recent news, HeartBeam Inc. reported a first-quarter 2025 earnings per share of -$0.18, which fell short of analysts’ expectations of -$0.16. Despite this earnings miss, the company has made significant strides in product development, highlighted by the foundational FDA 510(k) clearance for its cable-free ECG device. Benchmark analysts maintained their Speculative Buy rating with an $8.00 price target, citing optimism about HeartBeam’s commercial prospects and strategic initiatives. The company is gearing up for a pilot commercial launch later this year, with a full-scale launch anticipated in 2026. HeartBeam has also entered into a collaboration with AccurKardia to integrate its AccurECG™ algorithm into HeartBeam’s device, enhancing its diagnostic capabilities. Additionally, discussions with the FDA regarding a 12-lead synthesis software clearance and an ischemia indication are underway, marking significant regulatory progress. HeartBeam raised $11.5 million through a public stock offering to support its commercial readiness efforts, which are projected to cost between $1.5 million and $3.5 million in 2025. These developments position HeartBeam favorably for future growth in the competitive cardiac care market.
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