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HeartSciences Inc. (NASDAQ:HSCS) announced Wednesday that it has regained compliance with the minimum stockholders’ equity requirement for continued listing on The Nasdaq Capital Market. The company received formal notice from the Listing Qualifications Department of The Nasdaq Stock Market LLC on Tuesday.
According to the company’s statement in a Securities and Exchange Commission filing, HeartSciences had previously received a letter from Nasdaq on March 21, 2025, indicating that it was not in compliance with Nasdaq Listing Rule 5550(b)(1). This rule requires listed companies to maintain a minimum of $2.5 million in stockholders’ equity. At that time, HeartSciences did not meet the alternative requirements for market value of listed securities or net income from continuing operations.
Following the notice in March, HeartSciences submitted a plan to Nasdaq to regain and sustain compliance with the equity requirement. Nasdaq granted the company an extension to meet the standard.
As of Tuesday, Nasdaq staff determined that HeartSciences now meets the minimum stockholders’ equity requirement, and the matter is considered closed.
The company’s common stock and warrants continue to trade on The Nasdaq Stock Market LLC under the symbols HSCS and HSCSW, respectively.
This information is based on a statement provided in a press release and the company’s filing with the Securities and Exchange Commission.
In other recent news, HeartSciences Inc. reported raising $5.2 million through its ongoing Regulation A offering. The company has issued 1,484,440 units in this offering, with each unit comprising one share of Series D Preferred Stock and a warrant to purchase common stock. Additionally, HeartSciences expanded its Equity Distribution Agreement with Maxim Group to allow for the sale of up to $25 million in common stock through "at the market" offerings. The agreement includes a commission structure where Maxim Group receives 4.0% for sales up to $11,036,310 and 3.0% for sales beyond that amount.
Furthermore, HeartSciences’ board approved an amendment to the 2023 Equity Incentive Plan, increasing the maximum number of shares issuable to 1,000,000, pending shareholder approval. The board also granted restricted stock unit awards to key executives, which will vest upon specific regulatory or corporate milestones. In another development, the company amended its bylaws to include a jury trial waiver for internal claims and established a 3% ownership threshold for shareholders to initiate derivative proceedings. These updates align with recent changes to the Texas Business Organizations Code.
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