JFrog stock rises as Cantor Fitzgerald maintains Overweight rating after strong Q2
HeartSciences Inc. (NASDAQ:HSCS) announced Monday that its board of directors approved an amendment to the company’s 2023 Equity Incentive Plan. The proposed amendment would increase the maximum number of shares issuable under the plan to 1,000,000 shares of common stock, pending approval by shareholders at the next annual meeting.
On July 9, the board’s compensation committee granted restricted stock unit (RSU) awards to executive officers. Andrew Simpson, chief executive officer and chairman, was awarded 68,750 RSUs, and Mark Hilz, chief operating officer, secretary, and director, received 56,250 RSUs. These RSUs will vest immediately upon either U.S. Food and Drug Administration clearance of the company’s MyoVista Device (including its AI algorithm) or the MyoVista Insights platform with its first AI algorithm, or upon a change of control as defined in their employment agreements.
The committee also approved stock option awards to executive officers: 275,000 options to Andrew Simpson, 225,000 options to Mark Hilz, and 25,000 options to Danielle Watson, chief financial officer and treasurer. The options have an exercise price of $4.37 per share and will vest over three years, with one-third vesting on July 9, 2026, and the remainder in eight equal quarterly installments. Currently trading at $4.16, the stock has shown significant volatility, with InvestingPro analysis revealing a 27.5% price return over the past six months. Subscribers can access 13 additional ProTips and comprehensive financial metrics. Vesting would accelerate under the same conditions as the RSUs.
Non-employee directors Brian Szymczak, Bruce Brent, and David R. Wells were each awarded 25,000 stock options at the same exercise price. One-fourth of these options will vest on October 9, 2025, with the remainder vesting in three equal installments at three-month intervals.
The company also provided an update on its Regulation A offering. As of July 11, HeartSciences had received $1.7 million in gross proceeds, resulting in the issuance of 487,701 units. Holders of 229,665 shares of Series D Preferred Stock converted their shares into an equal number of common shares. Additionally, HeartSciences exchanged $855,000 of an unsecured promissory note for 233,229 shares of common stock, reducing the note’s principal. Following these actions, the company reported 1,555,049 shares of common stock outstanding as of July 11. With a current market capitalization of approximately $4.5 million, HeartSciences trades below its InvestingPro Fair Value, though investors should note the company’s negative return on assets of -103.2% over the last twelve months.
All information is based on a press release statement contained in a recent SEC filing.
In other recent news, HeartSciences Inc. has made notable changes to its corporate structure and bylaws. The company filed a Certificate of Designations to designate 4,285,714 shares of preferred stock as Series D Convertible Preferred Stock, a move linked to its plan to raise up to $15 million. Each unit in this offering includes one share of Series D Convertible Preferred Stock and a warrant to purchase common stock. Additionally, HeartSciences amended its bylaws to introduce a jury trial waiver for internal claims and set a 3% ownership threshold for shareholders to maintain derivative proceedings. The company also received an extension from Nasdaq to regain compliance with the Nasdaq Listing Rule 5550(b)(1), which requires a minimum of $2.5 million in stockholders’ equity. HeartSciences has until September 15, 2025, to meet these requirements, failing which it could face delisting. The company is actively working to meet Nasdaq’s requirements, although there is no guarantee of success. These developments reflect HeartSciences’ strategic efforts to restructure its equity and maintain its Nasdaq listing.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.